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• DJ Correction to Apple Makes Rare Apology for iPad Pro Ad. What Its Misstep Means for the Stock. -- Barrons.com, from 5 hours ago by Dow Jones

  5 hours ago by Dow Jones
  Companies Mentioned: GOOGL, MSFT, AAPL, AMZN, META, GOOG
  By Callum Keown It's turning into a pretty rough year for Apple. The tech giant issued a rare apology and admitted it "missed the mark" with its controversial iPad Pro ad, which featured creative tools such as a piano, books, and paint pots being crushed. A new iPad was then revealed in their place. The advert sparked a backlash online. British actor Hugh Grant called it "the destruction of the human experience, courtesy of Silicon Valley." The company apologized Thursday in a statement by Apple's vice president for marketing Tor Myhren sent to Ad Age. When contacted, a company spokesperson directed Barron's to Myhren's statement. Apple no longer plans to run the ad on TV, according to the report. It's a distraction the company could do without right now. Apple is battling falling iPhone sales, particularly in China, a landmark Justice Department antitrust lawsuit, and pressure to develop an AI strategy. The company's event earlier this week was designed to reinvigorate iPad sales, which fell 16.7% in the first quarter. Still, it's hard to see the furor causing a damaging boycott, like the one that hit Bud Light sales. The success, or otherwise, of iPad sales is low down on investors' list of concerns -- it accounted for around 6% of March quarter revenue. The impact, however, will do little to reassure investors that Apple is at the top of its game. The stock has shrugged off the controversy, rising 0.5% this week, and more than 8% so far in May. The shares are 4.3% down in 2024, through Thursday's close, and have recovered since going into last week's earnings down 10% for the year. It has underperformed five of the Magnificent Seven -- Amazon, Alphabet, Meta Platforms, Microsoft, Nvidia are all in positive territory -- though not Tesla, which has slumped 30%. A $110 billion stock buyback helped boost morale among investors but Apple's problems remain in play. The iPad misstep may not cause significant damage, but it doesn't exactly inspire confidence at a crucial time for the tech giant. Write to Callum Keown at callum.keown@barrons.com This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. Corrections & Amplifications Tesla stock is down 30% in 2024. An earlier version of this article incorrectly said it was in positive territory this year. (END) Dow Jones Newswires May 10, 2024 08:44 ET (12:44 GMT)

• 'Ugly' Post-Earnings Performance Doesn't Stick, from 6 hours ago by MT Newswires

  6 hours ago by MT Newswires
  Companies Mentioned: JPM, NFLX, META, UBER
  07:44 AM EDT, 05/10/2024 (MT Newswires) -- Don't judge stocks by the post-earnings market reaction was the judgment on The Compound and Friends podcast dropping Friday morning. Host Michael Batnick noted Netflix (NFLX), "which is a stock I own," was...

• DJ Apple's iPad Gaffe Is a Concern But Its Future Rests on AI, and 5 Other Things to Know Today -- Barrons.com, from 7 hours ago by Dow Jones

  7 hours ago by Dow Jones
  Companies Mentioned: GOOGL, AAPL, AMZN, META, GOOG, DIS
  
  Beyond Meat CEO Ethan Brown said the plant-based food maker was turning itself around after a bumpy first quarter of declining revenue and deepening losses. It has been cutting costs, including non-production jobs, and just introduced a higher-priced premium option, but it needs more money soon.
  

• DJ Apple Makes Rare Apology Over iPad Pro Ad. What Its Misstep Means for the Stock. -- Barrons.com, from 8 hours ago by Dow Jones

  8 hours ago by Dow Jones
  Companies Mentioned: GOOGL, MSFT, NVDA, AAPL, AMZN, META, GOOG
  By Callum Keown It's turning into a pretty rough year for Apple. The tech giant issued a rare apology and admitted it "missed the mark" with its controversial iPad Pro ad, which featured creative tools such as a piano, books, and paint pots being crushed. A new iPad was then revealed in their place. The advert sparked a backlash online. British actor Hugh Grant called it "the destruction of the human experience, courtesy of Silicon Valley." The company apologized Thursday in a statement by Apple's vice president for marketing Tor Myhren sent to Ad Age. When contacted, a company spokesperson directed Barron's to Myhren's statement. Apple no longer plans to run the ad on TV, according to the report. It's a distraction the company could do without right now. Apple is battling falling iPhone sales, particularly in China, a landmark Justice Department antitrust lawsuit, and pressure to develop an AI strategy. The company's event earlier this week was designed to reinvigorate iPad sales, which fell 16.7% in the first quarter. Still, it's hard to see the furor causing a damaging boycott, like the one that hit Bud Light sales. The success, or otherwise, of iPad sales is low down on investors' list of concerns -- it accounted for around 6% of March quarter revenue. The impact, however, will do little to reassure investors that Apple is at the top of its game. The stock has shrugged off the controversy, rising 0.5% this week, and more than 8% so far in May. The shares are 4.3% down in 2024, through Thursday's close, and have recovered since going into last week's earnings down 10% for the year. It has underperformed five of the Magnificent Seven -- Amazon, Alphabet, Meta Platforms, Microsoft, Nvidia are all in positive territory -- though not Tesla, which has slumped 30%. A $110 billion stock buyback helped boost morale among investors but Apple's problems remain in play. The iPad misstep may not cause significant damage, but it doesn't exactly inspire confidence at a crucial time for the tech giant. Write to Callum Keown at callum.keown@barrons.com This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. Corrections & Amplifications This article was corrected at 8:46 a.m. ET because it incorrectly said Tesla stock was in positive territory this year. Tesla stock is down 30% in 2024. (END) Dow Jones Newswires May 10, 2024 05:28 ET (09:28 GMT)