Podcast: Why 2020 Could Be a Great Year for Apple
AT&T stock jumps on news that activist fund Elliott Management is getting involved. How the appointment of a new Saudi Arabian energy minister might affect oil prices. And how Apple stock would benefit from 5g technology.
3 numbers to help you navigate the market—in just two minutes.
Three numbers to start your day:
The jump came after Elliott Management disclosed that it had acquired a large stake in the telecom giant.
Elliott is known as an aggressive activist hedge fund. And it has proposed changes. The fund outlined a four-part plan, calling on AT&T to sell assets that are not central to the company’s strategy.
In a letter to the board, the activist investor criticized AT&T’s deal-making, including the acquisitions of DirecTV and Time Warner. The company, Elliott said, has become “saddled with the financial repercussions of its choices” AT&T said it would “look forward to engaging with Elliott.”
Prices rose after Saudi Arabia said that OPEC and its allies would stick with their production cuts. The comments came from Saudi Arabia’s new energy minister, Prince Abdulaziz bin Salman, who was appointed on Sunday.
His appointment helps consolidates control of the kingdom’s energy policy with Crown Prince Mohammed bin Salman. The move was seen as a sign of the kingdom’s commitment to stabilizing the oil market and its desire to push ahead with an initial public offering of Saudi Aramco, the largest oil company in the world.
—to upgrade to a 5G iPhone. That’s according to a survey by the investment bank Piper Jaffray.
Those 5G fans will have to wait, however. Later today, Apple is set to unveil its latest iPhone models. But they are not expected to incorporate 5G technology, with its faster wireless speeds. The feature is likely to come in Apple’s product launch next year.
Come 2020, if consumers are still willing to pay a premium for a 5G iPhone, that should be good for Apple’s stock.
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Write to host Jeffrey Cane at email@example.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.