Apple shares drop after iPhone X shipment date released
Apple’s (AAPL) stock is under pressure after the tech giant said its brand new iPhone X, which will cost $999, won’t be available for pre-order until October and won’t begin shipping until November 3. The later-than-expected shipping date means iPhone X sales will not be factored into Apple’s current quarter. Loop Ventures analyst Gene Munster warned the November 3 ship date puts estimates for the December quarter at risk, writing, “The ship date likely won’t have a material impact on the number of units sold, but will push some unit sales into the March quarter. Ultimately, roughly 10% of our previous iPhone unit sales in the December quarter will be iPhone X sales that are shifted into the March quarter.” Apple shares were down 1.2% as of 11:30 a.m. ET Wednesday.
Target launches new brand with HGTV stars
Target (TGT) is looking to gain an edge on competitors with its new partnership. The retail giant announced that it has reached a deal with HGTV stars Chip and Joanna Gaines to launch a new brand called Hearth & Hand with Magnolia. The line includes about 300 products and will be on sale in stores and online in November.
Nordstrom shares rally on private talks
Nordstrom (JWN) shares are getting a boost following reports that the department store is close to reaching a deal with private-equity firm Leonard Green to take the company private. According to CNBC, Leonard Green would provide the Nordstrom family with about $1 billion in equity to help fund the bid. Nordstrom first announced in June that the Nordstrom family was exploring a “going-private transaction.” Shares of the department store were up nearly 6% as of 11:30 a.m. ET
Amazon plans to expand global footprint
Amazon (AMZN) is planning to open a new one-million square foot warehouse in Mexico, according to Reuters. The facility will reportedly be located close to Mexico City and is expected to be completed next year.