Apple reopening more than half of China stores after coronavirus closures – Bloomberg
After an extended store closure, Apple (NASDAQ:AAPL) is steadily reopening doors in China, Bloomberg reports.
Some 29 of 42 locations are opening back up after a closure significant enough that Apple said it would prevent hitting its current-quarter revenue target.
Most of the reopened locations are operating on shorter hours (some fewer than eight hours a day, vs. a normal 12). But websites for specific stores indicate a return to normal operating hours as soon as the end of the week.
Telefónica will use Microsoft as its strategic cloud partner.
Microsoft will use Telefónica’s infrastructure for low latency, security, and assured bandwidth to mutual customers for new use cases in 5G and edge computing.
Microsoft will offer up all of its cloud services from the new data center. Telefónica has deployed Microsoft 365 to its global workforce.
Nomura bearish on Nvidia amid coronavirus outbreak
Nomura downgrades Nvidia (NASDAQ:NVDA) from Neutral to Reduce, saying investors may have underestimated the coronavirus risk that could impact electronics end-market demand through 2020.
The firm sees end markets involving consumer purchases as having the most potential downside from the virus.
Nomura has a $230 price target on Nvidia, a 16% downside.
Nvidia shares are up 0.3% pre-market to $274.03. The company has a Bullish average Sell Side rating.
Roku +3% as Needham cites benefit from virus
Roku (NASDAQ:ROKU) is up 3% premarket after Needham says it may be one of the stocks that could benefit from the sweeping effects of COVID-19.
If the coronavirus were to spread through the U.S. in a “more meaningful” way, and “more folks in the U.S. decide to avoid going out to dinner or the theatre or concerts,” that would boost hours viewed and available ad units above projections, analyst Laura Martin writes.
And that suggests Roku as a defensive investment.
She has a Buy rating and $200 price target, implying 71% upside.
Sell-side analysts are Bullish on average, while Seeking Alpha authors are Neutral. The stock has a Quant Rating of Neutral.
Needham cuts Apple estimates on virus impact
Needham cuts its Q2, Q3, and FY estimates for Apple (NASDAQ:AAPL) due to the coronavirus-related impact on the supply chain.
The Q2 and Q3 EPS estimates drop to $2.47 and $2.44, respectively, from $2.99 to $2.76.
The firm’s FY revenue outlook falls from $282.92B to $268.76B.
Analyst Laura Martin cites the geographical spread of the virus, noting that the disruptions continuing past June 1 risks delaying the fall iPhone release.
Needham maintains a Buy rating and $350 price target on Apple. The company has a Bullish average Sell Side rating.
