Business News Weekly ─ January 14, 2019
Amazon Takes Top Market – Cap Crown. Lately Microsoft as well as Amazon have been at the top, because Apple who was the leader for years has really slid down. Apple has fallen to number four, behind Amazon, Microsoft and Alphabet. Apple was the first public company to attain a market cap of $1 trillion and now they’re sitting down as a $740 billion market cap. On January 8 Amazon’s value was $796 billion.
Samsung 29% drop in profit. They say the reason is a lackluster demand for memory chips, and the competition in handheld devices. I don’t know, but looks like maybe the smart phone market won’t continue to grow anywhere like it was in recent years.
“Divorce puts Bezos stake in spotlight” ─ from an article in the Wall Street Journal. Imagine after 20 years they decided to get divorced. For the record Bezos is worth $137 billion. If there is no prenuptial agreement. Mrs. Bezos is going to be one happy woman.
“The government shutdown freezes IPOs” ─ from an article in the Wall Street Journal. This is the result of the halt in the work in the SEC work in jeopardy. This was promised to be a big year for IPOs.
Apple continues to struggle. It appears now a slowing momentum in Services. Although the market has picked up a little bit but Apple has to be a part of that. It’s interesting that one of Apple’s main reasons for getting premium pricing has been the only source of what they were selling. But now they are changing strategy and will allow access to their software. For instance, Samson announced Apple’s iTunes software – and the video library it lets people make purchases from – will be allowed on Samson’s smart TV.
“The grocery robot is here” ─ from an article in the Wall Street Journal. It says it’s delivering goods to waiting customers turns out to be a much easier than getting large, inpatient and litigious human beings to their destinations. A company is making deliveries in England and there is a program that started in Arizona. I have to believe there is a lot of people who will not let that robot roll along on the street and on pavements, without destroying it.
“PG&E, facing colossal liability, seeks bankruptcy protection” ─ from the AP. The announcement Monday follows the resignation of the power company’s chief executive a day earlier. PG&E said Monday that it’s given the required 15-day advance notice that it plans to file for Chapter 11 bankruptcy protection. The company has already been blamed by state fire investigators for wildfires that broke out in October 2017. The company says will be able to gain access to capital and resources it needs to continue providing service to customers as it restructures.
“Elon Musk’s SpaceX plans to lay off 10 percent of workforce” ─ from an article Fox Business. SpaceX, the rocket company headed by Elon Musk, plans to lay off about 10 percent of its more than 6,000 employees, a spokesperson said on Friday. The company said it will “part ways” with some of its employees as it faces “extraordinarily difficult challenges ahead.”