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You’ll Never See The World The Same Way Again
The mini version of Apple’s (NASDAQ:AAPL) iPhone 12 lineup represented just 5% of overall sales for the new phones in the first half of last month, according to new Counterpoint research data.
Demand for smaller screens has dwindled over the past two years. Devices under six inches have shrunk to a roughly 10% market share of global smartphone shipments.
Last week, JPMorgan analyst William Yang said weak demand for the smallest iPhone 12 and the 12 mini could lead to a Q2 production halt for the mini.
High demand for the larger iPhone 12 models drove Apple to a new revenue record in FQ1 with iPhone sales smashing analyst expectations.
Shares of GameStop (NYSE:GME) are easing again in premarket trading, down 6%, as the stock looks set to face some push and pull with bulls looking to hold the $60 level.
The round numbers have been important psychological “hold the line” levels for the bulls on Reddit’s WallStreetBets board after the stock sold off from its closing peak of $347.51 on Jan. 27.
GME closed at $90 on Feb. 2, $225 on Feb. 1 and $325 on Jan. 29. It closed right at $60 yesterday.
The stock is now down more than 80% for the month.
Other Reddit names are also falling before the bell, but premarket action has often reversed course during regular trading hours.
AMC (NYSE:AMC) is down 4.7%, Koss (NASDAQ:KOSS) is off 5%, Express (NYSE:EXPR) is down 1%, BlackBerry (NYSE:BB) is losing 1.5% and Bed Bath & Beyond (NASDAQ:BBBY) is off 1%.
A Malaysian version of WallStreetBets, called Bursabets, has recently seen its plan to squeeze the country’s most-shorted stock, Top Glove Corp., collapse.
Reddit said yesterday that it has raised a further $250M in Series E funding that doubled its valuation to $6B.
It is also planning to double the number of employees this year.
“We decided that now was the right opportunity to make strategic investments in Reddit including video, advertising, consumer products, and expanding into international markets,” the company said.
And Robinhood (RBNHD) has been sued by the parents of a 20-year-old trader who took his own life after mistakenly believing he was down $730K.
Alex Kearns was buying and selling put options and received a request for a deposit of $178K on sold options assigned before expiration. He was not informed the options he had bought and held would have covered his balance when exercised and could not connect to someone from Robinhood, Bloomberg reports, citing the complaint.
Roku (NASDAQ:ROKU) is up 9.7% and have touched a new record high on volume that has already surpassed daily average shares.
That’s its biggest intraday gain since November.
Some 6.2M shares have traded hands today, vs. a recent daily average of just under 5M for the daily sessions – and it’s pacing at double average volume.
There’s no particular news around the stock, though there could be some “dip” buying after shares fell 1.2% yesterday and amid some fairly rangebound trading over the past week.
It recently saw its price target boosted to $500/share.
