Apple Breaks Buyback Record 📈

Plus, Coinbase's "elevated expenses."

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Today is Friday, May 3, 2024.

The Early Bird Index today is 68.36.

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Apple Breaks Buyback Record 📈

Apple (Nasdaq: AAPL) shrugged off iPhone concerns and climbed 6.03% in after-hours trading on Thursday after reporting good financial results.

Financials: Apple reported earnings of $1.53 per share in the past quarter and revenue of $90.8 billion; both were better than expected.

Details: Sales for the iPhone decreased year-over-year. The company’s business in China also slipped a bit during the quarter.

Powering the Story: Apple unveiled a $110 billion buyback (the largest ever in the United States) to help raise the stock price. The company also bumped up the dividend.

Stock Price: 2024 has not been kind to Apple. The stock was down 6% before these results.

Final Thoughts: There are still plenty of questions for Apple, including how it plans to recover its slumping iPhone sales and its strategy for AI. We’ll find out more in June during its big conference.

Missed out on Ring and Nest? Don’t let RYSE slip away!

Ring 一 Acquired by Amazon for $1.2B

Nest 一 Acquired by Google for $3.2B

If you missed out on these spectacular early investments in the Smart Home space, here’s your chance to grab hold of the next one.

RYSE is a tech firm poised to dominate the Smart Shades market (growing at an astonishing 55% annually), and their public offering of shares priced at just $1.50 has opened. 

They have generated over 20X growth in share price for early shareholders, with significant upside remaining as they just launched in over 100 Best Buy stores.

Retail distribution was the main driver behind the acquisitions of both Ring and Nest, and their exclusive deal with Best Buy puts them in pole position to dominate this burgeoning industry.


Notable Earnings Today: Cheniere Energy (NYSE: LNG), Hershey Foods (NYSE: HSY), XPO (NYSE: XPO), Newmark Group (Nasdaq: NMRK), Fluor (NYSE: FLR), Cboe Global Markets (BATS: CBOE), Plains All American (Nasdaq: PAA), Fubo (NYSE: FUBO), Adient (NYSE: ADNT), American Axle (NYSE: AXL), Brookfield Renewable Partners (NYSE: BEP), CBRE Group (NYSE: CBRE), Chart Industries (NYSE: GTLS), Corebridge Financial (NYSE: CRBG), Essent Group (NYSE: ESNT), Green Plains (Nasdaq: GPRE), Interface (Nasdaq: TILE), Koppers Holdings (NYSE: KOP), Magna International (NYSE: MGA), Owens & Minor (NYSE: OMI), Protolabs (NYSE: PRLB), Rapid Micro Biosystems (Nasdaq: RPID), Trimble (Nasdaq: TRMB), Uniti Group (Nasdaq: UNIT).

Notable IPOs Today: Themes Silver Miners ETF (Nasdaq: AGMI).

Notable Equity Crowdfunding Campaigns Ending Today: ZenniHome (Wefunder).

Notable Economic Events Today: Unemployment Rate (8:30 a.m. ET), Average Hourly Earnings (8:30 a.m. ET), Nonfarm Payrolls (8:30 a.m. ET), Labor Force Participation Rate (8:30 a.m. ET), S&P Global Services PMI (9:45 a.m. ET), S&P Global Composite PMI (9:45 a.m. ET), ISM Non-Manufacturing PMI / Prices / Employment (10:00 a.m. ET).

Coinbase's "Elevated Expenses"

Despite better-than-expected financial results on Thursday, the cryptocurrency platform Coinbase Global (Nasdaq: COIN) fell by 2.25% in after-hours trading.

Financials: Coinbase reported earnings of $4.40 per share in the past quarter and revenue of $1.6 billion; both were better than expected.

Details: Coinbase had a record high in trading volumes thanks to the Bitcoin boom in the past quarter.

Powering the Story: The current quarter could be a problem. Coinbase expects to spend as much as $890 million in the current quarter due to “elevated expenses associated with higher trading volumes.”

Final Thoughts: The stock is up 45% this year thanks to rising crypto interest. Will the good times continue if crypto lags?

Block’s Higher Earnings Outlook

Shares of the fintech company Block (NYSE: SQ) jumped 7.80% in after-hours trading after reporting strong financial results.

Financials: Block reported earnings of 85 cents per share in the past quarter and revenue of $5.96 billion; both were better than expected.

Powering the Story: Block expects gross profit to grow 16% to 17% in the current quarter.

Final Thoughts: Block, down 2% in 2024 before these results, aims to turn things around.

Average Investors Calling the Shots: Crypto Market Sell-Off Was Driven by Retail Investors, JPMorgan Says (CoinDesk)

Blockbuster Deal: Sony, Apollo Make $26 Billion All-Cash Offer for Paramount (Wall Street Journal)

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.