Apple’s Mini Problem
By Tue, Jun 22, 2021
Hey Scoopers,
After posting losses for a few days last week, the Dow Jones index logged its best day since March. — More on that in the “Overall Market” section.
Beyond the overall market, a biotech company is boosting its factories to produce 50% more vaccines in the following months. Meanwhile, China’s cryptocurrency regulations raised concerns over a crypto exchange’s stock. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, It seems Apple company has a Mini problem. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: The stock market ended in the positive on Monday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: After dropping under $31K per coin on the weekend, Bitcoin‘s price decreased to $31K per coin.
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Attempting to Recover
The stock market ended in high notes on Monday.
After steep losses last week as the Federal Reserve reported at least two interest rate spikes in the subsequent years, the markets reversed direction this week. The Dow Jones index posted its best day since March to add nearly 600 points. Moreover, the 30-Year Treasury yield narrowed to the smallest margin since August.
Increasing Production
So, what happened?
Shares of Moderna (Ticker: MRNA) were up by more than 4% on Monday. Yesterday, the company announced it is increasing the manufacturing capabilities in the U.S. plants. According to Moderna, the increase would help the company correspond to the rising demand for its COVID-19 vaccines. During the following months, the company expects a 50% boost in production volume. Although vaccination in the U.S. is going pretty well, many countries still need doses which means a new revenue opportunity for Moderna.
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Coinbase’s Darkest Hours
So what happened?
Shares of Coinbase (Ticker: COIN) were down by almost 3% on Monday. After China’s central bank announced it would crack down even more on cryptocurrencies, investors were concerned about the possible impact on the crypto exchange. China would not allow customers, the country’s banks, and payment processing companies to send and receive cryptocurrencies. Not surprisingly, these actions impact Coinbase’s valuation in the short-term.
Apple’s Mini Problem
So what happened?
After widespread reports that Apple’s (Ticker: AAPL) iPhone 12 Mini experienced a worse-than-expected sale performance, the tech giant decided to end the production earlier than expected. Apple would focus on selling its remaining inventory of Minis without producing any additional units. However, the company’s website still offers the device in six different colors, with the same $699 price tag as before. Although Apple ceased the iPhone 12 Mini production, market watchers still expect the company to unveil an iPhone 13 Mini later in 2021. If the smaller divide doesn’t break through again, Apple could discontinue the model in 2022.
If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.
About the Author
Felipe Nebesnyj is an Economics student who is passionate about the stock market and investing in the market. Originally from Brazil, he is working and studying in the U.S. and started learning about and researching the stock market at 16. Before joining Stock Card, Felipe worked on multiple stock market research projects that gave him the necessary knowledge and confidence to put into his stock market analyst career at Stock Card. Last but not least, he is an excellent violinist and enjoys video games.
