America’s Apple 🍎

Tale of the Tape

Good evening, everyone.

The major indices finished green as the S&P 500 closed at its highest level since September 4. Are we heading back to highs? Time will tell.

Communication services were the standout sector, $XLC +1.78%. Financials fell -1.36% with energy not too far behind. 

Citibank dropped 7% while JP Morgan sent traders home after testing positive for COVID. 

Banks have seen better days.

America’s Apple released a plethora of products but no iPhone. $AAPL finished flat. 

Here are the closing prints:

S&P 5003,401+0.52%
Russell 20001,538+0.08%
Dow Jones27,995+0.01%

Stocktwits After Hours

Today on After Hours:

– Does Apple Innovate Anymore?
– Steve Cohen Fulfills Childhood Dream 
– The Nikola SAGA Cont.

🔊 Listen here: Spotify | Apple

🍎 America’s Apple

The $2T company unveiled its latest and greatest today.

Here’s what we got:

Apple Watch Series 6
Apple Watch SE
Updated iPad
Updated iPad Air
Apple One 

No new iPhone, which disappoints. But maybe we’ll get one before the end of the year. 

Tim Cook kicked off the virtual event from the company’s beautiful HQ in California. Here’s Apple Newsroom with more.

Earnings Round-Up

Adobe reported Q3 earnings after the close. The company saw digital media revenue increase 19% YoY. $ADBE was up 2% after hours.

Here are the numbers:

EPS: $2.57 vs 2.31 est.
Revenue: $3.23B +14% YoY

Adobe President and CEO Adobe Shantanu Narayen shared this in the press release

Adobe delivered the best Q3 in our history in a challenging macroeconomic environment, demonstrating the global demand for our innovative solutions. We are confident that our leadership in the creative, document, and customer experience management categories will drive continued momentum in 2020 and beyond.

Fedex also reported earnings after the bell. The company crushed it. 

Here is Fedex’s CFO Alan Graf:

While business demand improved in the first quarter, continued uncertainties cloud our ability to forecast full-year earnings. However, we expect to continue to benefit from our strong position in the U.S. and international package and freight markets, yield improvement opportunities, and cost management initiatives.

And here are the numbers:

EPS: $4.87 vs $2.72 est.
Revenue: $19.3B +13.5% YoY

$FDX was up 4% after hours. See IBD with more.

Congrats, Cohen 👏

Billionaire Steve Cohen settled his deal to buy the New York Mets on Monday. 

After 9 months of negotiation, the Wall Street tycoon finalized an agreement to buy the team. Cohen commented: 

I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets.

Stevie, a lifelong Mets fan and owner of Point72, gives Mets fans hope of leveling the playing field against the New York Yankees. 

Despite Cohen’s past allegations of insider trading, we’re excited about the deal. He’s a local boy. 

In case you missed it, here’s a Vanity Fair piece from 2011 detailing the legendary and perhaps misunderstood Steve Cohen. 

Snowflake IPO

Snowflake will make its public debut tomorrow under the ticker, $SNOW. 

It’ll be a snow day 🙂

Berkshire Hathaway and Salesforce Ventures both purchased $250M worth of stock in a private placement at the IPO price. 

Demand for Snowflake is hot. 

$SNOW already raised its IPO price range from $75-$85 to $100-$110/share.

Where will it open tomorrow? Who knows.

Here’s Seeking Alpha with more on the IPO.

The Mandalorian, Season 2

Baby Yoda is back!

Season 2 of The Mandalorian will return to Disney+ October 30. 

The new season features Stormtroopers, X-wing fighters, green pig-looking Gamorreans, a Hoth-like ice world, and WWE’s Sasha Banks. Sounds lit.  

Check out the official trailer here

Links That Don’t Suck

👩‍⚖️ Justice Department Probes Electric-Truck Startup Nikola Over Claims It Misled Investors

🏈 Nebraska’s Ted Carter caught on Hot Mic Revealing Big Ten Football Announcement

🏕 Off-grid Homes for Eco-Friendly Lifestyles and Low-Impact Living

🎧 Guy Raz — Traits of Successful Entrepreneurs, The Story of ‘How I Built This,’ Overcoming Anxiety and Depression, and More

🤯 The FinTAM Explosion

👎 Jamie Dimon Sees Long-Term Damage If People Don’t Get Back to Work

🧀 Kraft Heinz to Sell Part of Cheese Business for $3.2 Billion