11.95 +0.01 (0.08%)
Pre-Market: 7:23AM EST
|Bid||0.00 x 3100|
|Ask||12.45 x 3200|
|Day's Range||11.86 - 12.11|
|52 Week Range||7.16 - 12.54|
|Beta (3Y Monthly)||1.84|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jan. 28, 2020 - Feb. 3, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||13.86|
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Donald Trump’s effort to tout U.S. economic growth will clash with his trade war on Wednesday when he visits an Apple Inc. factory in Texas, where Tim Cook will probably plead in-person to keep Macs and iPhones free from tariffs.Trump’s visit to the Austin factory, where Apple contractor Flex Ltd. assembles some of the company’s laptops, is intended to highlight the growth in U.S. manufacturing jobs since his inauguration. Trump has made U.S. economic growth the centerpiece of his campaign for re-election in 2020.But the stop will also highlight the impact of Trump’s trade war with Beijing. The administration is currently considering whether to exempt Apple goods from a 15% tariff that took effect Sept. 1, covering about $110 billion in Chinese imports including the Apple Watch, AirPods and parts for the iPhone.Cook, Apple’s CEO, has cultivated a personal relationship with both Trump and his daughter, Ivanka, who is a White House senior adviser. He’s dined twice with Trump at his Bedminster, New Jersey, golf resort, attended a state dinner for French President Emmanuel Macron and even traveled with Ivanka Trump to visit schools in Idaho. But that rapport will be tested if Trump can’t reach what he calls a “phase-one” trade deal with Chinese President Xi Jinping that would roll back U.S. tariffs.A round of tariffs set to take effect in December would be even more painful for Apple, including a 15% levy on the iPhone itself.Apple TariffsTrump and Cook plan to tour the Austin facility together -- a factory that White House spokesman Judd Deere said was “made possible through the president’s pro-growth and pro-business economic policies.” Treasury Secretary Steven Mnuchin and top White House economic adviser Larry Kudlow, two key figures on trade, will accompany Trump, as will senior advisers Jared Kushner and Ivanka Trump.“We’re building the Mac Pro — Apple’s most powerful computer ever — right here in Austin because we believe in the power of American innovation,” Cook said in a statement distributed by the White House.The White House hasn’t said whether Trump plans to discuss Apple’s request for tariff waivers with Cook, and Apple declined to comment beyond previous statements.In its appeal for a waiver, Apple claims it cannot identify a manufacturing location outside China able to meet U.S. demand for the products or components that would be subject to tariffs.Apple previously received tariff waivers on 10 of 15 requested items in September. Soon afterward, the company announced it would assemble its new Mac Pro in Austin, Texas, rather than China. Apple said at the time that the decision was “made possible” by the exclusions, which included components for the Mac Pro.Cook’s LeverageThe sequence of events showed that Cook has some leverage on Trump. The president said in August that Cook personally appealed to him by arguing that tariffs would help Apple’s foreign competition.“I have a lot of respect for Tim Cook. And Tim was talking to me about tariffs. And, you know, one of the things — and he made a good case — is that Samsung is their number-one competitor, and Samsung is not paying tariffs because they’re based in South Korea,” Trump told reporters in August.Trump laid out his economic argument for re-election last week in a speech at the Economic Club of New York, highlighting his tax cuts and deregulation as key catalysts for economic growth. The U.S. added about 443,000 manufacturing jobs since January 2017, the month Trump took office, though factories have shed about 41,000 positions in the last two months.Apple had planned to move Mac Pro assembly to China after a number of problems plagued the Austin facility, including trouble retaining skilled labor. The factory produced a previous version of the computer starting in 2013.While Cook has said his company supports 2.4 million jobs in the U.S., only a small fraction are for final assembly. Earlier this decade, the company assembled a small amount of iMacs at a facility in Elk Grove, California but it currently does not assemble any product in the U.S. outside of Texas. Apple has offices in San Diego, San Francisco, New York, Austin, Denver, Seattle, Florida, and Boston.The company announced in Dec. 2018 plans to invest $1 billion in its existing Austin campus so that it could employ as many as 15,000 workers, according to the White House.\--With assistance from Mark Gurman and Mark Niquette.To contact the reporter on this story: Jordan Fabian in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Alex Wayne at email@example.com, Joshua GalluFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Enphase Energy (ENPH) signs a strategic supply deal with Sunrun for supplying its IQ7 microinverters to the later. The microinverters will get installed in Sunrun's residential solar projects.
Innovative data extraction from legacy and new machines to help drive production efficiencies, process automation and predictive analytics across Flex sites
Flex (FLEX) Q2 revenues battered by sluggish demand from China, soft demand from networking customers, and weakness in semiconductor capital equipment.
Flex (FLEX) delivered earnings and revenue surprises of 3.33% and -2.83%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Flex (FLEX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Flex (FLEX) today announced it was the recipient of six Cisco 2019 Supplier Appreciation Awards, including Supply Chain Operations’ Supplier of the Year. Cisco unveiled the award winners at its 28th Annual Supplier Appreciation Event at the Santa Clara Convention Center in California.
Resilinc, the leading provider of cognitive supply chain monitoring and mitigation solutions, and Flex (FLEX), the global design and manufacturing company, today announced a partnership that will deliver Resilinc’s next-generation supply chain monitoring, analytics and collaboration applications to Flex. As part of this agreement, the global manufacturer’s digital supply chain called Flex PulseTM will have unprecedented access to Resilinc’s advanced AI-based solution, Eventwatch, which derives supply chain disruption intelligence from over 40 million news streams across 50 languages. This will further strengthen Flex’s responsive supply chain services and deliver flexibility and resiliency for its customers.
Flex will hold a conference call to discuss its second quarter fiscal year 2020 results on Thursday, October 24, 2019 at 2:00 p.m. Pacific Time .
Flex today announced that Lynn Torrel has been named chief supply chain and procurement officer, responsible for direct and indirect materials, transportation and logistics, business operations, materials management, and strategic supply chain management.
(Bloomberg) -- Apple Inc. said the next version of its high-end Mac Pro desktop computer will be assembled in Texas after the company received tariff waivers on key components.The new model will be produced in the same factory in Austin operated by Flex Ltd. that has produced the previous Mac Pro since 2013, Apple said in a statement Monday. Manufacturing of the new model was “made possible” after the U.S. government approved on Friday Apple’s request for a waiver on 25% tariffs on 10 key components imported from China. The company was granted exclusions on several parts, including processors, power components and the computer’s casing.While some key components will be made in China and exported to the U.S. for final assembly, Cupertino, California-based Apple said the new version includes 2.5 times the value of American-made parts as the previous model. The new Pro will include components made by more than 12 U.S. companies in states such as New York, Vermont and Arizona for distribution to U.S. customers, Apple said. The company didn’t specify whether this includes Mac Pros being sold outside the U.S.In a statement, Apple Chief Executive Officer Tim Cook thanked “the administration for their support enabling this opportunity.”Texas Governor Greg Abbott said his state’s “economy is thriving as the tech and manufacturing sectors continue to expand. I am grateful for Apple’s commitment to creating jobs in Texas.”Cook has met frequently with U.S. government officials, including President Donald Trump, in an effort to ease the impact of the U.S.-China trade war on Apple’s business. Over the summer there were reports that Apple would move production of the Mac Pro to China to escape a widening list of tariffs on Chinese-made goods.Trump had previously signaled that relief from tariffs on the Mac Pro would be rejected, saying in a July 26 tweet that “Apple will not be given Tariff waiver, or relief, for Mac Pro parts that are made in China. Make them in the USA, no Tariffs!” However, the president later told reporters “we’ll work it out.”While Apple did receive tariff relief for the 10 Mac Pro components, it has five other requests pending and hasn’t been spared from all duties. Products such as the Apple Watch, AirPods and iMac computers were hit by 15% tariffs earlier this month, while the iPhone, iPad and other major Apple products are set to be impacted later in December. Apple has maintained that its products are primarily designed in the U.S. and has grown its local investment since the trade war began brewing.The new Mac Pro’s production will begin soon, Apple said, without specifying a launch timeline. The revamped model was announced in June at the company’s annual conference for developers and starts at $6,000. Compared with the previous version, the new model is far more customizable and integrates with a new high-resolution external monitor.\--With assistance from Mark Niquette.To contact the reporter on this story: Mark Gurman in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Tom Giles at email@example.com, Molly Schuetz, Robin AjelloFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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(Bloomberg) -- Hon Hai Precision Industry Co., the biggest assembler of iPhones, reported better-than-projected earnings after snagging additional business from Chinese smartphone giant Huawei Technologies Co.The company reported a 2.5% decline in net income to NT$17.1 billion, compared with the average analyst estimate of NT$16.3 billion. Revenue for the April-June period reached NT$1.16 trillion, according to Bloomberg calculations from previous monthly sales data provided by the company, a record for the second quarter.Hon Hai, the biggest piece of billionaire Terry Gou’s Foxconn Technology Group, has struggled to find new sources of growth after smartphone demand began to tail off in 2018. But in the June quarter, its Hong Kong-listed subsidiary FIH Mobile Ltd. cut costs and likely won orders from rival Flex Ltd., which shunned business from Huawei in response to U.S. sanctions. While investors expect U.S. President Donald Trump’s sanctions to eventually wallop Huawei’s business, the impact of those curbs should be fully felt only in the second half of the year.Flex’s orders from Huawei had gone to FIH, and that would benefit the company’s sales momentum in the second half, analyst Arthur Liao at Fubon Securities wrote in a July 23 note.To contact the reporter on this story: Debby Wu in Taipei at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Huawei Technologies said it was seeking compensation from its contract manufacturer Flex Ltd for illegally withholding some 400 million yuan (£46.64 million or $57 million) worth of its goods in the wake of a U.S. trade ban on the Chinese firm. In the letter, Huawei says Flex's Chinese unit "disregarded Chinese law" by refusing to return production equipment, raw materials and half-made products belonging to Huawei worth around 400 million yuan at its Zhuhai factory "for nearly two months" after Washington banned Huawei in May, the source said. The Huawei-Flex situation marks the latest fallout from Washington's trade sanctions against Huawei that has caused much disruption and confusion in the global tech supply chain.
Flex Ltd, a contract manufacturer for Huawei [HWT.UL]that is locked in a dispute with the Chinese tech giant over about $100 million (£82.32 million) worth of assets, said the market situation was affecting some of its jobs in the Asian nation. Chinese financial magazine Caixin reported late on Sunday that some 10,000 Flex jobs in China were expected to be cut as two major factories in Changsha and Zhuhai had stopped work due to its row with Huawei. While declining to comment on the report, a Flex spokesman said "after careful review of the market situation and customer need, we are offering impacted employees job opportunities within Flex Zhuhai Industrial Park and other Flex locations".