Apple's App Store in Europe

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Apple's App Store in Europe

The App Store, a staple of success for Apple (Nasdaq: AAPL), might soon go through a big change in Europe.

Details: Bloomberg reported on Tuesday that Apple might allow users in Europe to install apps on alternative or third-party app stores on its iPhones and iPads. This would allow users to bypass Apple’s App Store in Europe. The report said that software engineers with Apple are now working on ways to open elements of Apple’s platforms in Europe.

Background: Last month, the Digital Markets Act went into effect. The new legislation goes after big tech companies by requiring them to open their services and platforms to other companies. That means that developers in Europe can now avoid the restrictions on Apple’s App Store, including a high commission on payments, by joining a third-party app store that would be available on Apple devices.

What’s next: This new law in Europe won’t be enforceable until spring 2024. The restrictions against Apple could change before then, but the company is still preparing.

Stock Price: Shares of Apple are down 20% this year as the technology sector keeps suffering.

Final Thoughts: Apple has long been seen as the gatekeeper of the app world, but this new legislation could change Apple. This is bad for the company and its investors. But the bright spot is that other companies involved in app creation will benefit, including shareholders of those companies.


Notable Earnings Today: Lennar (NYSE: LEN), Weber (NYSE: WEBR), Rev Group (NYSE: REVG), RCI Hospitality Holdings (Nasdaq: RICK), Scorpio Tankers (NYSE: STNG), Group (Nasdaq: TCOM), CleanSpark (Nasdaq: CLSK), Nordson (Nasdaq: NDSN), Planet Labs (NYSE: PL).

Notable IPOs Today:  Erayak Power Solution Group Inc. Class A Ordinary Shares (Nasdaq: RAYA).

Notable Equity Crowdfunding Campaigns Ending Today: Markid (SeedInvest), Smart IOPS (StartEngine).

Notable Economic Events Today: Import Price Index / Export Price Index (8:30 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), FOMC Statement (2:00 p.m. ET), Fed Interest Rate Decision (2:00 p.m. ET).

Bitcoin Rises Due to Good Inflaton News

Photo by Kanchanara / Unsplash

The price of Bitcoin increased by over 3% on Tuesday to its highest value in more than a month.

What Gives: Bitcoin benefited from better-than-expected inflation numbers. The Consumer Price Index (CPI) grew by only 0.1% in November, which means that inflation may be dropping.

Background: High inflation and higher interest rates have been horrible for Bitcoin and other riskier assets in 2022.

Final Thoughts: The implosion of FTX has weighed down on Bitcoin since November, but even the arrest of FTX’s founder didn’t hurt Bitcoin’s price on Tuesday.

Aspen Group Surges With Good Financial Results

Shares of Aspen Group (Nasdaq: ASPU) jumped 12.04% in after-hours trading on Tuesday after the education technology company posted good financial earnings results.

Financials: Aspen Group reported a loss of 9 cents per share, which was below estimates. But revenue hit a record $17.1 million, which was better than expected.

Final Thoughts: The company attributed its success to better margins from its reduced spending and its restructuring plans in the prior quarter. Aspen Group is down 85% this year.

Trends to Watch

More People Furious at Elon: Tesla Investors Voice Concern Over Elon Musk’s Focus on Twitter (The Wall Street Journal)

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