Tesla, Procter & Gamble, Apple: stocks that defined the week
By Francesca Fontana
A podcast fight between Apple and Spotify Technology SA is getting stronger and stronger. Apple on Tuesday unveiled new products that include a subscription podcast service, while Spotify announced plans to launch a subscription podcast model. The music streaming company has been among Apple’s most prominent corporate critics; he claims Apple is using its strength to compete unfairly, a charge the tech company denies. Apple shares lost 1.3% on Tuesday and Spotify shares fell 3.3%.
The game is over for the CEO of GameStop. George Sherman will step down by July 31, the latest in a series of changes to the video game retailer’s management team since Chewy Inc. co-founder Ryan Cohen joined the game. board of directors. Mr. Sherman has been running the company since April 2019. GameStop has agreed to allow Mr. Sherman to retain more than one million restricted shares, valued at nearly $ 175 million as of Friday, as part of of a separation agreement. The company worked with a search firm to assess candidates for the position, focusing on people with experience in the tech or video game industries. GameStop action rose 6.3% on Monday.
Tesla faces close scrutiny after a fatal crash involving one of its electric cars. U.S. security officials are investigating the crash, in which two men died in a Tesla Model S sedan that crashed into a tree. Local authorities believe the vehicle was operating with no one in the driver’s seat when it crashed. Chief Executive Elon Musk added additional uncertainty to the situation on Monday. He tweeted that the data recovered so far showed that the car’s advanced driving assistance system, known as autopilot, was not activated. Authorities investigated whether the vehicle’s autopilot was engaged at the time of the crash. Tesla shares fell 3.4% on Monday.
Netflix’s enrollment boom is slowing. The company’s subscriber growth for the first quarter of 2021 has been weaker than expected, a potential warning sign as consumers begin to emerge from lockdowns and streaming competition intensifies. The company said on Tuesday it had added four million net subscribers globally between January and March, lower than its forecast of six million and well below the increase of 15.8 million from the same. period a year earlier. Netflix also faces its biggest competitive threats. Walt Disney Co.’s Disney + already has 100 million subscribers worldwide after launching about a year and a half ago, and other rivals are spending a lot on content, driving up programming costs. Shares of Netflix fell 7.4% on Wednesday.
Procter & Gamble Co.
The costs of running a household are increasing. Procter & Gamble will begin charging more this fall for basic household products, from diapers to tampons, citing rising raw material costs and higher expenses for transporting goods. Global supply chains were already struggling with the pandemic, and the February freeze that triggered power outages in Texas resulted in a shortage of raw materials that propelled prices for polyethylene, polypropylene and other chemical compounds at their highest level in years. Gillette razor and detergent maker Tide is the latest and largest consumer products company to announce price increases, following a similar move from Kimberly-Clark Corp. P&G shares added 0.8% on Tuesday.
Nestlé sales were boosted by consumers stuck at home. The world’s largest packaged food company on Thursday announced its best quarterly sales growth in nearly a decade, driven by strong demand for Nespresso pods, Nescafé instant coffee and Starbucks-branded products. The Swiss company has made coffee a priority in recent years as part of an overhaul, and that has paid off during the pandemic. Nestlé’s U.S. depositary shares rose 2.4% on Thursday.
JPMorgan Chase & Co.
JPMorgan Chase has issued a rare public apology for his role in the failure of Super League football. The bank said on Friday that its role in financially supporting the new European Football League was a misjudgment. The effort to reshape the football landscape collapsed on Tuesday as six of the proposed circuit’s 12 elite clubs withdrew following a fierce outcry from fans, rival clubs, players, from UK Prime Minister Boris Johnson and Prince William, president of the England Football Association. JPMorgan had pledged around $ 4 billion in funding to launch the new Super League. JPMorgan shares rose 1.9% on Friday.
Write to Francesca Fontana at [email protected]
(END) Dow Jones News Wire
April 23, 2021 7:56 PM ET (11:56 PM GMT)
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