Yahoo Finance Tim Cook's five-year run as Apple's CEO
Wall Street is in a wait-and-see mode. Stocks (^DJI, ^GSPC, ^IXIC) were mostly lower in early trading as investors remain cautious ahead of Fed Chair Janet Yellen’s speech later this week.
Pfizer (PFE) shares remain in the spotlight. The US drug maker that bought cancer drug firm Medivation (MDVN) just a couple of days ago is now buying part of AstraZeneca’s (AZN) antibiotics business. The deal could be valued at more than $1.5 billion.
FitBit (FIT) shares got a healthy pop ahead of the open after a US trade judge ruled late Tuesday that the maker of wearable fitness trackers did not steal trade secrets from rival Jawbone. However, a final decision on the verdict will happen by the end of the year.
Express (EXPR) shares fell to a 52-week low in early trading. The retailer cut its earnings outlook for the year after delivering a miss on both its top and bottom lines for its fiscal second quarter. Revenue fell nearly 6% from a year ago as sales in existing stores came in much weaker than analysts expected. The company said the results reflected challenging store traffic.
Intuit (INTU) shares fell in early trading. The maker of TurboTax software provided a weak outlook for its current quarter, even though earnings and revenue for its fiscal fourth quarter came in above expectations.
Tesla’s better batteries
Tesla (TSLA) unveiled improved batteries that will extend the range of its vehicles. Tesla’s Model S Sedan will now go 315 miles on a single charge, up from about 200. The car — with a speed option called “Ludicrous mode” — will go from zero to 60 miles an hour in just 2.5 seconds. Tesla boss Elon Musk claims that makes it the fastest car in the world.
Banks bet on blockchain
Four big banks are reportedly teaming up to develop a system to use digital currency to clear and settle financial transactions. The system will use the same so-called blockchain technology behind Bitcoin. The banks are Switzerland’s UBS (UBS), Deutsche Bank (DB), Santander (SAN) and BNY Mellon (BK). Blockchain technology can make payments faster, cheaper and easier to audit.
Tim Cook’s anniversary
On this date in 2011 Cook took over as Apple’s (AAPL) CE0 from the gravely sick Steve Jobs. While Apple is still the largest company by market value, many worry the company’s best days are in the rear view mirror. Since Cook took, over Apple’s stock has doubled.
