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Apple (AAPL) 2017 Shareholders Meet: Important Takeaways
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At the annual shareholders' meet held at Cupertino yesterday, Apple Inc. (AAPL - Free Report) CEO Tim Cook, reportedly, said that the company has spent over $50 billion with suppliers toward manufacturing in the U.S.
Per media reports, Cook further added that Apple has created around 2 million jobs in the country including manufacturing jobs. It has collaborated with 3M, a Minnesota-based manufacturer for supplying adhesives and has Corning Incorporated (GLW - Free Report) to supply glass screen for iPhones.
Cook was quoted by media reports saying "We're always looking for more ways to help our country. We know that Apple can only exist in the U.S.” Cook said that nearly 70% its workforce is in the U.S.
Apple has been subject to intense scrutiny by President Donald Trump regarding the “manufacturing” issue.
Throughout his campaign, Trump opposed Apple’s decision to manufacture goods overseas and even promised that he will urge Apple to bring manufacturing jobs back to the country. Trump was quoted speaking to The New York Times in Nov 2016, "One of the things that will be a real achievement for me is when I get Apple to build a big plant in the United States, or many big plants in the United States, where instead of going to China, and going to Vietnam, and going to the places that you go to, you’re making your product right here."
In fact, to alleviate Apple’s concern of increased prices of finished products, Trump told Cook that he will provide tech companies huge tax cuts. Cook added that the lowering of tax will aid repatriation of cash, which in turn will be used to boost capital allocation plans.
In January this year, it was reported that one of Apple’s biggest suppliers, Foxconn Technology Group is thinking of setting up a manufacturing plant in the United States. Though the exact details aren’t available, Foxconn is interested in investing over $7 billion in setting up such facilities in the U.S. Prior to that, media reports claimed that Apple has requested the government to allow it to use its Mesa, AZ facility to conduct "high-tech manufacturing".
Apart from manufacturing details, Cook, reportedly, assured investors that the company is working on developing products that will open new sources of revenues. No details were provided as to what the company is working on. However, it’s widely known that Apple is channeling efforts and resources toward its automotive and AR ambitions.
On asked about net neutrality, Cook said that “content should be treated the same, and there should be no unfair advantage for one group over another.” Net neutrality has come under fire since the new government took over the White House. Ex-president, Barack Obama was in favor of net neutrality. However Trump doesn’t share his views.
Media reports quoted FCC chairman Ajit Pai, at Mobile World Congress in Barcelona, saying “The FCC decided to apply last-century, utility-style regulation to today’s broadband networks. Our new approach injected tremendous uncertainty into the broadband market. And uncertainty is the enemy of growth." However, Pai has assured that he is “committed to ensuring an open Internet.” Analysts observe that any changes in net neutrality could make some of Apple’s services relatively expensive and that might hurt its Services business.
Zacks Rank & Share Price Movement
At present, Apple carries a Zacks Rank #3 (Hold). Given the phenomenal performance of its iPhone 7 and 7 Plus, Apple’s shares have outperformed the broader market over the last six months. Over the past one year, shares of Apple have registered growth of 27.15%, compared with the Zacks Computer Mini industry’s gain of 26.48%.
In the trailing four quarters, Netflix and MeetMe have yielded positive average earnings surprises of 141.35% and 36.07%, respectively.
Everything You Need to Know About Snapchat BEFORE It Goes Public
You may be curious about the buzz surrounding Snap Inc.'s IPO on March 2. With the company expected to be valued around $22 billion, it is expected to be the largest IPO since 2014. But should you snap up this tech stock on Day 1?
In the 2017 IPO Watch List, you'll get an inside look at Snap's exciting prospects and potential challenges. You'll also learn about 4 other exciting tech companies with jaw-dropping growth. Each could go public in the coming months.
Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the latest scoop. Download this IPO Watch List today for free >>
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Apple (AAPL) 2017 Shareholders Meet: Important Takeaways
At the annual shareholders' meet held at Cupertino yesterday, Apple Inc. (AAPL - Free Report) CEO Tim Cook, reportedly, said that the company has spent over $50 billion with suppliers toward manufacturing in the U.S.
Per media reports, Cook further added that Apple has created around 2 million jobs in the country including manufacturing jobs. It has collaborated with 3M, a Minnesota-based manufacturer for supplying adhesives and has Corning Incorporated (GLW - Free Report) to supply glass screen for iPhones.
Cook was quoted by media reports saying "We're always looking for more ways to help our country. We know that Apple can only exist in the U.S.” Cook said that nearly 70% its workforce is in the U.S.
Apple has been subject to intense scrutiny by President Donald Trump regarding the “manufacturing” issue.
Throughout his campaign, Trump opposed Apple’s decision to manufacture goods overseas and even promised that he will urge Apple to bring manufacturing jobs back to the country. Trump was quoted speaking to The New York Times in Nov 2016, "One of the things that will be a real achievement for me is when I get Apple to build a big plant in the United States, or many big plants in the United States, where instead of going to China, and going to Vietnam, and going to the places that you go to, you’re making your product right here."
In fact, to alleviate Apple’s concern of increased prices of finished products, Trump told Cook that he will provide tech companies huge tax cuts. Cook added that the lowering of tax will aid repatriation of cash, which in turn will be used to boost capital allocation plans.
In January this year, it was reported that one of Apple’s biggest suppliers, Foxconn Technology Group is thinking of setting up a manufacturing plant in the United States. Though the exact details aren’t available, Foxconn is interested in investing over $7 billion in setting up such facilities in the U.S. Prior to that, media reports claimed that Apple has requested the government to allow it to use its Mesa, AZ facility to conduct "high-tech manufacturing".
Apart from manufacturing details, Cook, reportedly, assured investors that the company is working on developing products that will open new sources of revenues. No details were provided as to what the company is working on. However, it’s widely known that Apple is channeling efforts and resources toward its automotive and AR ambitions.
Apple Inc. Price
Apple Inc. Price | Apple Inc. Quote
On asked about net neutrality, Cook said that “content should be treated the same, and there should be no unfair advantage for one group over another.” Net neutrality has come under fire since the new government took over the White House. Ex-president, Barack Obama was in favor of net neutrality. However Trump doesn’t share his views.
Media reports quoted FCC chairman Ajit Pai, at Mobile World Congress in Barcelona, saying “The FCC decided to apply last-century, utility-style regulation to today’s broadband networks. Our new approach injected tremendous uncertainty into the broadband market. And uncertainty is the enemy of growth." However, Pai has assured that he is “committed to ensuring an open Internet.” Analysts observe that any changes in net neutrality could make some of Apple’s services relatively expensive and that might hurt its Services business.
Zacks Rank & Share Price Movement
At present, Apple carries a Zacks Rank #3 (Hold). Given the phenomenal performance of its iPhone 7 and 7 Plus, Apple’s shares have outperformed the broader market over the last six months. Over the past one year, shares of Apple have registered growth of 27.15%, compared with the Zacks Computer Mini industry’s gain of 26.48%.
Stocks to Consider
A couple of better-ranked stocks in the wider technology space include Netflix Inc (NFLX - Free Report) and MeetMe, Inc. . Both carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the trailing four quarters, Netflix and MeetMe have yielded positive average earnings surprises of 141.35% and 36.07%, respectively.
Everything You Need to Know About Snapchat BEFORE It Goes Public
You may be curious about the buzz surrounding Snap Inc.'s IPO on March 2. With the company expected to be valued around $22 billion, it is expected to be the largest IPO since 2014. But should you snap up this tech stock on Day 1?
In the 2017 IPO Watch List, you'll get an inside look at Snap's exciting prospects and potential challenges. You'll also learn about 4 other exciting tech companies with
jaw-dropping growth. Each could go public in the coming months.
Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the latest scoop. Download this IPO
Watch List today for free >>