Bloomberg Intelligence analysts delve into Apple's iPhone sales decline in China, Tesla's earnings preview, UPS profitability, and S&P Global US Composite PMI data analysis. Insightful discussions on market trends, company strategies, and economic indicators make for an engaging listen.
Apple's iPhone sales declining in China highlights market challenges.
Concerns about TikTok divestiture due to data access and propaganda issues.
Deep dives
US Congress introduces bill to force potential divestiture of TikTok
US Congress has introduced a bill aiming to force the divestiture of TikTok from ByteDance within 270 days due to data access and propaganda concerns. ByteDance is expected to challenge this in court. If divestiture doesn't happen, TikTok may face a ban from app stores and web hosting.
Concerns leading to the potential TikTok divestiture in US
The concerns motivating Congress include worries about China's access to user data collected by TikTok, as ByteDance is a Chinese company. There are also propaganda concerns regarding the influence of China on the messages conveyed through TikTok.
ByteDance's response and potential legal actions against the TikTok divestiture bill
ByteDance has signaled its intent to challenge Congress's action in court and may pursue litigation to contest the divestiture requirement. It is anticipated that a lawsuit will be filed to challenge the bill.
Likelihood of TikTok being banned in the US
With Congress passing the bill, the likelihood of passing legislation to force a TikTok divestiture is high. If ByteDance's legal challenge fails and China doesn't permit divestiture, there is a substantial chance that TikTok may cease to be available to users in the US within the next year.
Mandeep Singh, Bloomberg Intelligence Senior Tech Industry Analyst, joins the program to discuss Apple's iPhone sales falling in China. Garrett Nelson, Vice President and Senior Equity Analyst at CFRA Research, previews Tesla earnings after the closing bell. Lee Klaskow, Bloomberg Intelligence Senior Transport, Logistics and Shipping Analyst, discusses UPS earnings. Chris Williamson, Chief Business Economist, at S&P Global Market Intelligence, talks about S&P Global US Composite PMI data. Matthew Schettenhelm, Bloomberg Intelligence Media Litigation Analyst, discusses the latest on TikTok.