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Investopedia
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Apple (AAPL) reported fiscal fourth-quarter results after the bell Thursday that beat analysts' revenue expectations but missed on profit.
The iPhone maker delivered record September-period revenue of $94.93 billion, up 6% year-over-year and above the $94.58 billion consensus estimate of analysts polled by Visible Alpha.
Net income was $14.74 billion, or 97 cents per share, below expectations of $22.49 billion, or $1.48 per share. After stripping out a one-time income tax charge of $10.2 billion to reflect the impact of the reversal of the European General Court’s State Aid decision, adjusted EPS came in at $1.46.
Apple produced $46.22 billion in iPhone revenue, above expectations of $45.32 billion. However, the iPhone 16’s September 20 release date came with less than two weeks to go in the quarter, meaning the bulk of that came from iPhone 15 and older models.
The results come as the company is rolling out Apple Intelligence features, including a free iOS update for the iPhone 16 and other devices released Monday.
A clearer picture of iPhone 16 sales will come next quarter, with the bullish case being an "AI-driven super cycle," analysts at Wedbush wrote. The firm estimates that about 300 million iPhones globally have not been upgraded.
Shares of Apple fell more than 1% in extended trading. They had been 17% higher this year through Thursday's close.
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The Economy Is Going Great, Except For One Huge Problem
Amid A Recent Spate Of Data Showing...
Investopedia
3 hrs
10
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Amid a recent spate of data showing the economy humming along smoothly, one sector has consistently stayed out of whack and it’s a big one: housing.On Thursday, a report from the Bureau of Economic Analysis showed rising housing costs have helped core inflation run higher than the Federal Reserve’s target 2% annual rate. A drop-off in homebuilding in the third quarter was a drag on the economy’s overall growth rate, according to a report from the bureau on the Gross Domestic Product Wednesday. Earlier in the month, data showed homebuilding languished and sales of existing houses skidded to their lowest in more than a decade in September.The beleaguered housing market is a stark contrast to other important pillars of the economy, which are running relatively smoothly: the job market is holding on to an extended winning streak, consumers are spending freely, and inflation is falling.
At the heart of the problem is the fact that high prices and high mortgage rates have pushed the cost of buying a house out of reach for people with typical incomes who previously could afford the payments. A mortgage payment on the typical newly bought home would take up 42% of a household's median income in August, up from 29% in January 2020, according to a housing affordability monitor created by the Federal Reserve Bank of Atlanta.
Housing problems are wreaking havoc on the overall economy, hurting family budgets and preventing people from moving to take advantage of job opportunities, among other ripple effects.
The housing market has been collateral damage in the Federal Reserve’s war on inflation.“When the Fed raises interest rates, it hits the housing industry hardest because It's the most interest rate sensitive sector,” Bill Adams, chief economist at Comerica Bank, said in an interview with Investopedia.Mortgage rates hit record lows during the pandemic, as the Fed held its influential benchmark interest rate near zero to boost the economy. But when the Fed raised rates rapidly in 2022 to combat inflation, mortgage rates surged. By October 2023, the average rate offered for a 30-year mortgage hit a two-decade high of 7.79%, up from the record low of 2.65% in January 2021, according to Freddie Mac.
The whiplash virtually paralyzed the housing market, as homeowners who secured ultra-low rates during the pandemic hesitated to sell their homes and exchange them for new mortgages at higher rates.As a result of that “lock-in” effect, there are far fewer homes on the market than before the pandemic, according to the National Association of Realtors. And homebuilders haven’t been keeping up with the demand for new homes, partly because local zoning regulations restrict the construction of new houses where they’re most in demand. And on top of that, demand for bigger homes surged during the pandemic as workers adjusted to the new telecommuting lifestyle.“You've had this huge step change in the amount of living space that Americans want since the pandemic because so many more Americans work from home now or work from home on some days,” Adams said. “Demand for living space in the United States is just permanently higher than it was pre-pandemic. It’s the flip side of all those empty offices in big city downtowns.”All those forces have combined to keep prices repeatedly hitting record highs even though many buyers have been priced out of the market.
One part of that equation—mortgage rates—could improve in the near future.
The Federal Reserve cut the fed funds rate from a two-decade high in September and plans further rate cuts in the coming months as inflation simmers down to its target of a 2% annual rate. While mortgage rates don’t always move in tandem with the fed funds rate, they are influenced by it. Forecasters at Fannie Mae expect mortgage rates to drop to the mid-5% range by the end of next year, compared to 6.72% as of last week.“2024 was a really tough year for the housing market,” Adams said. “2025 should be a better year because the Fed is cutting.”However, that outlook could be shifted depending on which party wins Tuesday's general election. Both presidential candidates have touted plans to ease the housing shortage, with Vice President Kamala Harris promising to build 3 million affordable homes and former president Donald Trump pledging to free up homes by deporting immigrants.
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Instablog9ja
4 hrs
10
Mild drama unfolded at the Federal High Court in Abuja on Friday morning, November 1, when several teenagers arraigned by the Nigeria Police fainted, reportedly due to hunger.
The defendants, primarily teenagers, are being charged with 10 counts of t£rrorism, an attempt to overthrow the government, and alleged mutiny for their participation in the #EndBadGovernance protest that occurred from August 1st to 10th.
One of the defense lawyers, Marshall Abubakar, disclosed that the defendants were charged in two batches of 76 and 49.
However, few minutes after the first batch was called, the defendants were mounting the dock when some of them suddenly collapsed, causing confusion in court, a development that made the judge to suspend proceedings.
“A couple of them fainted inside the courtroom because of maltreatment, they haven’t eaten for some days,” a source told SaharaReporters.
The detention of the teenagers was ordered by Justice Emeka Nwite, who granted an ex-parte application by the police to keep them in custody for 60 days to conclude their ‘investigation’ against the protesters.
SaharaReporters learnt that 13 of them were brought to court from IRT cells while others were brought from cells scattered around other Abuja divisions.
NB: We can’t post the VIDEO due to IG community guidelines. However, you can click the link in our bio to watch the video.
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Investopedia 5 hrs 13
Shares in Robinhood Markets (HOOD) plunged Thursday after the online brokerage missed Wall Street’s quarterly revenue expectations due to a customer promotion program.
The company, which posted third-quarter revenue of $637 million, below the $653.1 million consensus estimate of analysts polled by Visible Alpha, said revenues were reduced by $27 million in the period "due to matches paid to customers on transfers and deposits."
Robinhood shares were down 17% at around $23.50 in late trading Thursday. Despite the decline, the stock has gained 85% since the start of the year, boosted by a recovery in retail trading volumes and the recent announcement of new products at its HOOD Summit 2024 event.
Below, we break down Robinhood’s chart and use technical analysis to identify important post-earnings price levels to watch out for.
Since breaking out above the top trendline of an ascending triangle earlier this month, Robinhood shares continued tracking higher ahead of the company’s quarterly report.
However, that recent bullish price momentum came to a halt Thursday, with the stock giving back three weeks of gains.
Let’s point out three key support levels that investors may be watching and forecast a chart-based upside price target to monitor if the stock makes a recovery.
Firstly, it’s worth keeping an eye on the $24 level, a location on the chart where the shares could attract buying interest near the ascending triangle’s top trendline. This area, which has provided resistance on several occasional between June and September, may now flip into a key support region.
The bulls’ failure to defend this area could see the shares fall to around $22, where the price may encounter support from a horizontal line connecting a range of similar trading levels on the chart from late May to early October.
A more bearish move could trigger a move down to the $20.50 area. Investors may look for entry points near a trendline at this level linking the March peak with a series of price action between May and September.
If Robinhood shares make a recovery, investors can forecast a potential bullish price target using the measuring principle, a technique that analyzes prior price moves to project future moves.
In this case, we calculate the depth of ascending triangle near its widest section and add that amount to the pattern’s breakout point. For instance, we add $7.50 to $24, which projects a target of $31.50, an area where investors may decide to lock in profits.
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Read more on Investopedia
Healthwatch
5 hrs
15
It's an unfortunate reality: all medicines can cause side effects. While there are a few tried-and-true ways to deal with drug side effects, here's a less common option to consider: adding a second medication.
That's the approach taken with valbenazine (Ingrezza), a drug approved for a condition called tardive dyskinesia that's caused by certain medicines, most of which are for mental health. Let's dive into what TD is, how this drug is advertised, and what else to consider if a medicine you take causes TD.
What is tardive dyskinesia?
Tardive dyskinesia (TD) is a condition marked by involuntary movements of the face or limbs, such as rapid eye blinking, grimacing, or pushing out the tongue. TD is caused by long-term use of certain drugs, many of which treat psychosis.
TD may be irreversible. Early recognition is key to improvement and preventing symptoms from getting worse. If you take antipsychotic medicines or other drugs that can cause TD, tell your prescribing health care provider right away about any worrisome symptoms.
A sidewalk sale, a cookout in the park, and a pitch
One ad for Ingrezza starts with a young man working with customers at a sidewalk sale. Though his mental health is much better, he says, now he's suffering with TD, a condition "that can be caused by some mental health meds." A spotlight shines on his hands as he fumbles and drops an instant camera he's selling. He seems embarrassed and his customers look perplexed.
Next we see a young woman at a cookout in a park. The mysterious spotlight is trained on her face as she blinks and grimaces involuntarily. Her voiceover explains that she feels like her involuntary movements are "always in the spotlight."
Later these two happily interact with others, their movement problems much improved. A voiceover tells us Ingrezza is the #1 treatment for adults with TD. The dose — "always one pill, once a day" — can improve unwanted movements in seven out of 10 people. And people taking Ingrezza can stay on most mental health meds.
That's the pitch. The downsides come next.
What are the side effects of this drug to control a side effect?
As required by the FDA, the ad lists common and serious side effects of Ingrezza, including
That's right, one possible side effect is abnormal movements — a symptom this drug is supposed to treat!
What the ad gets right
The ad
What else should you know?
Unfortunately, the ad skims over — or entirely skips — some important details. Below are a few examples.
Which medicines cause TD?
We never learn which medicines can cause TD (especially when used long-term), which seems vital to know. Many, but not all, are used to help treat certain mental health disorders, such as schizophrenia or bipolar disorder. Here are some of the most common.
Mental health medicines:
Other types of medicines:
Also, the ad never explains that TD may be irreversible regardless of treatment. Because improvement is most likely if caught early, it's important for people taking these medicines to check in with their health provider if they notice TD symptoms described above — especially if symptoms are growing worse.
What about effectiveness and cost?
Seven in 10 people reported that their symptoms improved, according to the ad. How much improvement? That wasn't shared. But here's what I found in a key study:
What happens after six weeks? A few small follow-up studies suggest that some people who continue taking Ingrezza may improve further over time.
And the cost? That's also never mentioned in the ad. It's about $8,700 a month. No details on the financial assistance program, or who qualifies for free treatment, are provided.
Are there other ways to manage TD?
Well, yes. But the ad doesn't mention those either. Three approaches to discuss with your healthcare provider are:
If you have TD, you and your health care provider can consider several options:
The bottom line
The idea of treating a drug's side effect with another drug may not be appealing. Certainly, it makes sense to try other options first.
But sometimes there are no better options. It's always worth asking whether a treatment is worse than the disease. But TD is one situation in which all options — including a drug treatment for another drug's side effects — are well worth considering.
Source: Harvard Health Publishing
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Instablog9ja
8 hrs
10
The Federal Government has issued a nine-month ultimatum to individuals that are keeping dollars outside the banking system.
The minister of Finance and Coordinating Minister of the Economy, Wale Edun disclosed this while briefing journalists at the end of the National Economic Council, NEC, presided over by the Vice President, Senator Kashim Shettima, at the Council Chamber, Presidential Villa, Abuja.
According to him, “One element of the cost increase is the foreign exchange rate, and that is demand and supply. There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
Therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money. There will be no penalty, there will be no taxes, there will be no questions.
They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.
The details of that, the guidelines of that, will be released, first of all, the announcement by the Ministry of Finance and the guidelines later will follow very quickly by Central Bank.
That is an opportunity, not just for people who would normally like to comply, to be compliant with the laws and normal business practice, but of course, it gives us an opportunity to bring those dollars from where they are doing nothing to where they are within the financial system, they add to our reserves, and of course can help with the exchange rate”.
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