Product details leaked ahead of Apple’s big event
Apple (AAPL) shares are moving higher on Monday, a day before the tech giant is scheduled to unveil its highly anticipated 10th anniversary iPhone. Some details of the company’s latest mobile operating system were leaked on Saturday, revealing the names of Apple’s new phones: the iPhone X, iPhone 8 and iPhone 8 Plus. The iPhone X is the tech giant’s special anniversary phone, which will include an OLED screen, improved camera capabilities and a 3-D facial recognition scanner. The event is scheduled to begin Tuesday at 10 a.m. PT at the Steve Jobs theater on Apple’s new campus.
Major insurers rebound after Irma loses strength
Insurance stocks are rebounding after the storm shifted west along the Gulf Coast and continued to weaken as it headed north through Florida. AIR Worldwide now expects the economic impact of the storm to be in the range of $20 billion to $40 billion, which is significantly below previous estimates. Florida-based insurers are recording the biggest gains in the sector on Monday, with shares of Federated National Holding (FNHC) and Heritage Insurance Holdings (HRTG) up about 13% and 20% respectively as of 11:30 a.m. ET. Other names in the insurance sector including Allstate (ALL), Progressive (PGR) and Infinity Property and Casualty Corp. (IPCC) are also moving higher.
Google appeals record EU fine
Google (GOOGL) has filed an appeal at the EU’s General Court over its record $2.9 billion antitrust fine. The European Union fined Google’s parent company Alphabet after alleging the tech giant abused the power of its search engine to favor its own shopping-search services. Google shares have climbed nearly 20% so far this year.