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Apple (NASDAQ:AAPL) -1.3% after-hours on news it is temporarily closing some Los Angeles-area stores, as COVID-19 cases jump in the region.
At least 12 stores will be shut starting today and tomorrow, including those at Grove, Sherman Oaks and Beverly Center, as the holiday season approaches its peak.
The company made a similar move in June, shutting 32 stores as coronavirus cases increased following the easing of lockdowns in May.
Apple has not yet announced closures in other hard hit regions in California, including the San Francisco Bay Area.
Apple needs more subscription growth to justify the stock’s current elevated price, Stone Fox Capital writes in an analysis published recently on Seeking Alpha.
Microsoft (NASDAQ:MSFT) was hacked as part of a suspected Russian campaign that has hit multiple U.S. government agencies by taking advantage of the widespread use of software from SolarWinds (NYSE:SWI).
“We can confirm that we detected malicious SolarWinds binaries in our environment, which we isolated and removed,” Microsoft spokesman Frank Shaw said on Twitter. “We have not found evidence of access to production services or customer data. Our investigations, which are ongoing, have found absolutely no indications that our systems were used to attack others.”
SolarWinds previously revealed that 18,000 of its customers had downloaded a compromised Orion software update which allowed hackers to spy unnoticed on businesses and agencies for almost nine months. The FBI has meanwhile scheduled a classified briefing today for members of Congress.
So far the hackers are known to have monitored email or data across business networks within the U.S. Departments of Defense, State, Treasury, Energy, Homeland Security and Commerce, as well as the National Nuclear Security Administration, though the malware didn’t affect national security functions.
“As much as anything, this attack provides a moment of reckoning. It requires that we look with clear eyes at the growing threats we face and commit to more effective and collaborative leadership by the government and the tech sector in the United States to spearhead a strong and coordinated global cybersecurity response,” Microsoft President Brad Smith wrote in a blog post.
Trading Places Research outlines a long list of potential victims for the hack.
Goldman doesn’t see Bitcoin’s rally cannibalizing gold
Goldman Sachs is the latest to weigh into the gold vs. Bitcoin (BTC-USD) debate after JPMorgan argued that the rise of cryptocurrencies in mainstream finance is coming at the expense of bullion.
“Gold’s recent underperformance versus real rates and the dollar has left some investors concerned that Bitcoin is replacing gold as the inflation hedge of choice,” the bank said in a research note. While there has been some substitution, “we do not see Bitcoin’s rising popularity as an existential threat to gold’s status as the currency of last resort.”
Institutions and wealthy investors avoid cryptocurrencies due to “transparency issues, while speculative retail investment causes Bitcoin to act as an excessively risky asset. We do not see evidence that Bitcoin’s rally is cannibalizing gold’s bull market and believe the two can coexist.”
ETFs: GLD, IAU, PHYS, SGOL, UGLDF, BAR, UGL, GLDM, AAAU, GLDI, DGP, OUNZ, GLL, DGLD, DZZ, DGL, DGZ, IAUF, UBG, QGLDX
Gold’s up 24% YTD, but has since drifted after setting a record above $2,075/ounce in August. Bitcoin has had a wild month, challenging $24,000 yesterday after passing the $20,000 milestone for the first time on Wednesday.
Shares of Semiconductor Manufacturing International (OTCQX:SMICY) slumped 5.2% in Hong Kong after Reuters reported that China’s biggest chipmaker, along with 80 other companies, will be added to the U.S. Commerce Department’s Entity List.
The designation will deny SMIC access to U.S. technology from software to circuitry, on top of less severe curbs imposed in September, when the U.S. placed it on an export restrictions list for supplying the military.
Bigger picture: SMIC, which is a supplier to Qualcomm (NASDAQ:QCOM) and Broadcom (NASDAQ:AVGO), lies at the heart of China’s ambition to build a high caliber chipmaking industry and wean itself off of American technology. Beijing is also planning to provide broad support for so-called third-generation semiconductors in its next five-year plan to boost domestic self-sufficiency.
BlackBerry reaffirms full year revenue guidance of $950M, shares -4%
BlackBerry (NYSE:BB) reaffirms full year revenue outlook of $950M vs. a consensus of $946.17M.
“We expect licensing revenue will finish the fiscal year a little stronger than previously indicated. We expect revenue for BTS to continue to grow sequentially in the fourth quarter and as we talked about as to return to its normal runway early next fiscal year” says John Chen, CEO.
Shares -4% premarket.
