Apple debuts versions of iPhone 11, prepares for 5G capabilities next yearPosted: Updated:
Stocks ended the week on a high note due to trade optimism. President Donald Trump announced that he was delaying planned tariffs on additional Chinese goods by two weeks as a gesture of good faith. The European Central Bank cut its deposit rate and announced a bond buyback program, giving new hope to investors worried about the slowing global economy.
WeWork is reportedly considering an IPO valuation as low as $10 billion, according to Reuters. That's far below the $47 billion valuation it had in January. The company recently filed amended IPO paperwork saying it has been approved to list on the Nasdaq. The company's executives and advisers are reportedly discussing limiting CEO Adam Neumann's voting power, which is 20 times that of regular shareholders.
The crackdown on teen vaping continues as President Donald Trump announced that the FDA is planning an outright ban of all flavored e-cigarette products. U.S. health officials have been investigating cases of lung disease believed to be linked to vaping. At least six deaths have been tied to the illness. The Wall Street Journal has reported that Juul is internally debating whether to embrace the plan or to push back.
Apple debuted three new versions of the iPhone: the iPhone 11, 11 Pro and 11 Pro Max. Prices for the products range from $699 to $1,099. The new phones include more advanced cameras and some other changes under the hood, but are largely placeholder devices until the company rolls out 5G capabilities next year. Apple also introduced a new iPad, a new Apple Watch with an "always-on" display and gave an update on its forthcoming original streaming service, Apple TV+. It will debut in November and cost $5 a month, but Apple says it's offering a free year with any new device purchased. Goldman Sachs cut its price target on Apple shares, arguing that it will eat into margins over the next year.
SmileDirectClub, an at-home orthodontics startup, went public on Thursday. It originally priced above the expected ranger at $23, but quickly tanked on its first day of trading. It was the worst first-day performance of any major IPO since at least 2000, according to Dealogic. The company upended the orthodontics industry, with teeth straightening kits sent directly to consumers by mail for less than the cost of braces.