Apple (NASDAQ:AAPL) is changing its management team, with Luca Maestri stepping down as chief financial officer from the beginning of the 2025.
Long-standing CFO Maestri, who joined Apple as corporate controller in 2013, “enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times,” Apple said in a statement.
Vice President of Financial Planning and Analysis Kevan Parekh would succeed Maestri as CFO and join the executive team.
Maestri, however, will continue to lead the Corporate Services teams and report to Apple CEO Tim Cook.
During his tenure as finance chief, Apple more than doubled annual sales and net income and expanded its gross margin.
Apple stock is up more than 800% since Maestri became CFO, but fell around 1% in after hours trading on the news.
Apple also announced on Monday that its next launch event will take place on Sept. 9, where it will likely unveil a series of new iPhones and updates to other devices and apps, as it attempts to reverse a global sales slowdown, particularly in China.
U.S. stock futures traded in tight ranges Tuesday, stabilizing after a volatile period ahead of this week’s eagerly-awaited results from chipmaking giant Nvidia (NASDAQ:NVDA).
By 03:45 ET (07:45 GMT), the Dow futures contract was just 5 points, or 0.1%, higher, S&P 500 futures climbed 2 points, or 0.1%, and Nasdaq 100 futures rose by 11 points, or 0.1%.
The benchmark Wall Street indices had a brutal start to this month, but investors have since grown more optimistic, particularly after Federal Reserve Chair Jerome Powell signaled on Friday that interest rate cuts are on their way.
The blue chip Dow Jones Industrial Average notched a fresh intraday and closing record-high on Monday, resulting in gains of 9.4% so far in 2024. The S&P 500 has advanced nearly 18%, while the technology-heavy Nasdaq Composite has gained just over 18%.
These gains could be tested when earnings from AI darling Nvidia emerge on Wednesday, with these results likely to be a key inflection point for market sentiment heading into what is historically a volatile time of the year.
Investors will also look to the quarterly results from retailer Nordstrom (NYSE:JWN) after the closing bell for clues of the health of consumers.
Skydance Media looks set to gain control of Paramount Global (NASDAQ:PARA) after all, after media executive Edgar Bronfman Jr withdrew from the race for control of the media conglomerate.
Last week, a group, led by Bronfman, bid $6 billion to take control of Paramount, seeking to buy its controlling shareholder, National Amusements.
However, it now appears that Bronfman was unable to come up with the financing package that was required for his bid, after a few of his key partners dropped out late in the process.
His offer had threatened to derail an $8.4 billion agreement reached in July by Skydance and Paramount, which is home to its namesake film studio, the CBS broadcast network and cable networks such as Nickelodeon and Comedy Central.
In a statement, Bronfman said his bidding group had informed Paramount’s special committee on Monday evening of its decision to drop out of the process.
Bronfman’s dropping out now presents no more hurdles for the Skydance-Paramount merger, which will see a consortium consisting of Skydance, RedBird Capital and KKR investing more than $8 billion in Paramount, and acquiring media heiress Shari Redstone’s minority stake in the firm, held through National Amusements.
China’s industrial profits grew faster in July, data showed Tuesday, offering hope for a recovery in the world’s second-largest economy, which has been suffering the effects of a years-long property crisis.
Profits in July jumped 4.1% from a year earlier following a 3.6% rise in June, National Bureau of Statistics data showed on Tuesday.
For the January-July period, profits expanded slightly faster at 3.6% compared with 3.5% in the first half.
That said, domestic consumption demand remains weak, as shown by the disappointing second-quarter results from the likes of JD (NASDAQ:JD).com and Alibaba (NYSE:BABA), as well as more recently online retailer PDD Holdings (NASDAQ:PDD).
The shares of Temu parent company PDD Holdings saw their largest one-day loss since listing on the Nasdaq, tumbling over 28% on Monday.
Crude prices edged lower Tuesday, pausing for breath after recent strong gains with traders seeking more cues on production disruptions in Libya and a wider war in the Middle East.
By 03:45 ET, the U.S. crude futures (WTI) dropped 0.3% to $77.19 a barrel, while the Brent contract fell 0.2% to $80.17 a barrel.
Both benchmarks have gained some 7% over the past three sessions, rebounding from their lowest levels since early January, driven by expectations of U.S. interest rate cuts that could boost fuel demand, potential closures of Libyan oilfields and concerns over a wider Middle East conflict potentially disrupting supply from the key producing region.
The likely U.S. rate cut and raised geopolitical risks in the Middle East are ongoing themes, but the political infighting in Libya, which could stop the country’s key export, is a new factor for crude traders to digest.
“This is important for the oil market as Libya produces between 1.1- 1.2m b/d,” said analysts at ING, in a note. “How significant it is for prices will depend on the duration of the stoppage. A prolonged outage will leave the market in a deeper deficit.”
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