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Apple (AAPL) shares were one of the few that recorded gains when almost every other tech stock trading in red.
Why this matters: Investors and analysts had different theories as to why this happened but a fresh data suggests that Apple is seeing strong demand in China for the iPhone 13. Smartphone sales in the country rose 57% back-to-back in October, with Apple unit sales up 820% from September to a record 10.8 million units, and 85% higher on a year-over-year basis. (Barron's)
Regulators are against the Meta-Giphy acquisition
The Competition and Markets Authority said that Meta (FB)’s acquisition of GIF-sharing platform, Giphy could harm social media users and advertisers.
Why this matters: Regulators concluded that this deal could give Meta more leverage over its competitors and remove Giphy as a potential challenger in the display ad market. Meta could deny or limit other platforms’ access to GIFs, which would sent more traffic to Facebook-owned sites. Meta could also require the likes of TikTok, Twitter (TWTR) and Snapchat (SNAP) to provide more user data in order to access Giphy GIFs. Meta disagrees and plans to appeal this decision. (CNBC)
Salesforce stock fell after forecast report
Salesforce (CRM) announced its first big earnings beat with Slack on board.
Why this matters: Despite the earnings beat, its forecast for the end of the year send the stock down. Salesforce stock fell more than 5% following the release of its full year revenue expectations of $26.4 billion. Though Salesforce didn’t release Slack’s performance numbers CFO, Amy Weaver said, “Slack saw another strong quarter, and we are pleased with Slack’s representation in our largest deals.” (Market Watch)
That’s it from us
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