Nov 26th, 2023 – Portfolio holding Apple (AAPL)(0.6 units @ 183.96) shares dropped by 1% Friday, as iPhone sales during China’s 2023 Singles Day fell 4% from the previous year. Singles’ Day is a major global online shopping event, comparable to Black Friday and Cyber Monday in the U.S. Apple trailed behind local competitors Huawei and Xiaomi, with the latter experiencing a 66% sales increase. iPhones contribute nearly 50% to Apple’s total revenue. Investors closely monitor iPhone sales, and the global smartphone market rebounded in October, driven by releases like Huawei’s Mate 60 and Apple’s iPhone 15, marking the highest sales since January 2022.
Deere & Co. (DE) saw a 3% decline this week as the farm equipment manufacturer’s guidance fell short of estimates. Deere & Co, also known as John Deere , is an American corporation listed on the New York Stock Exchange that manufactures agricultural machinery. In the fiscal 2023 third quarter, Deere reported an EPS of $8.26, surpassing forecasts, while revenue slightly decreased to $15.41 billion. Sales declined in both the Production and Precision Agriculture unit (6%) and Small Agriculture & Turf division (13%), attributed to volume drops offset by higher prices. Deere shares have lost approximately 15% in 2023.
Coinbase Global (COIN) shares surged as Bitcoin (BTCUSD) reached a 2023 high, seemingly benefiting from legal troubles faced by the world’s largest crypto exchange, Binance. This crypto exchange recently pled guilty to federal money laundering charges, agreeing to pay $4.3 billion in penalties, and as we know its founder, Changpeng Zhao (CZ), pledged to step down. Analysts speculate that Coinbase could gain further advantages, including potential U.S. regulatory approval for a Bitcoin exchange-traded fund (ETF). Despite Bitcoin briefly exceeding $38,000, it maintained positive momentum, propelling Coinbase Global shares to their highest level since April 2022.
Author: Diego Russo