Apple's Leadership Change

And, Ethereum product outflows surge.

August 27, 2024

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Today is Tuesday, August 27, 2024.

The Early Bird Index today is 73.12.

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Apple's Leadership Change

Apple (Nasdaq: AAPL) is losing its chief financial officer, with the stock reacting by ticking down 0.30% in after-hours trading on Monday.

Details: CFO Luca Maestri will step down in January. Kevan Parekh, Apple’s vice president of financial planning and analysis, will become the new CFO.

Quote: “Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple.” - CEO Tim Cook.

Background: Remember Apple’s record-breaking stock buyback in May? You can thank Maestri for that wonderful move to boost the stock price, plus other smart financial decisions throughout the years.

Stock Price: In the decade since Maestri became CFO, Apple’s stock is up over 800%.

Early Bird’s Nest Egg Gains: Apple's business model has evolved beyond just device sales to focus more on services and recurring revenue. A new CFO could help drive this transition by allocating capital toward growing high-margin services.

  • The new CFO could develop financial metrics and disclosures that reflect the services business.

  • A new CFO could influence Apple's strategy by advocating for more aggressive M&A to enter new markets.

Final Thoughts: Also on Monday, Apple confirmed a special event for September 9 where the company will likely debut its latest iPhones.

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Notables

Notable Earnings Today: Nordstrom (NYSE: JWN), SentinelOne (NYSE: S), PVH (NYSE: PVH), Box (NYSE: BOX), ScanSource (Nasdaq: SCSC), nCino (Nasdaq: NCNO), Ambarella (Nasdaq: AMBA), Hain Celestial (Nasdaq: HAIN), Semtech (Nasdaq: SMTC), Allot (Nasdaq: ALLT), American Woodmark (Nasdaq: AMWD), Bank of Montreal (NYSE: BMO), CNFinance Holdings (NYSE: CNF), JOYY (Nasdaq: YY), Ooma (NYSE: OOMA), REX American Resources (NYSE: REX), Super Hi International (Nasdaq: HDL), VNET Group (Nasdaq: VNET).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: S&P Case-Shiller Home Price Index (9:00 a.m. ET), CB Consumer Confidence (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m.).

Ethereum Product Outflows Surge

The price of Ethereum fell 2% on Monday as Ethereum trading volumes dropped and outflows increased.

Details: Cryptocurrency investment products saw a lot of inflows in the past week, except for Ethereum. Last week, Ethereum ETFs (exchange-traded funds) reported $44.5 million in outflows as investors dropped out.

Final Thoughts: Ethereum is up about 13% in 2024.

Trinity Jumps Due to Increased Outlook

Trinity Biotech (Nasdaq: TRIB) surged 44.33% (wow!) in after-hours trading on Monday after increasing its sales outlook for its TrinScreen HIV product.

Final Thoughts: The stock was down 7% this year before this announcement.

Skydance Wins: Edgar Bronfman Drops Paramount Bid (The Hollywood Reporter)

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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.