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🧑🍳 What's Tim Cookin'?
Investors are eager to hear more about Tim Cook and Apple's AI plans, Cramer's smelling something fishy when it comes to Tesla, the new way to invest in real estate and more
Brooks Dyroff
February 27, 2024
Happy Tuesday Zingernation! When I began investing, someone shared a helpful tip with me. They said a good way to start is by purchasing stocks from companies whose products or services you use. For example, if you own an iPhone, consider buying Apple stock, and so on.
And that’s how I ended up with a lot of under-performing video game stocks in my portfolio. One of them, Unity, reported some disappointing earnings last night, sending shares lower by another 14%. So now I’m switching up my strategy and buying $SPY because I like James Bond movies. So far the new strategy is working out, and maybe someday I’ll even be able to get an Aston Martin and really play the part.
Before we dive in, check out the new way to invest in real estate.
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MARKET SNAPSHOT
Yesterday: All major indices were in the green early in the session, but gave up those gains throughout the day. Google dragged down the big-tech sector as investors worry the company’s AI product is lagging behind the competition.
On Our Radar: Durable goods orders and the S&P Case-Shiller home price index came out before the open. Consumer confidence is due later today.
TOP STORY
Briefly: What’s Tim Cookin’ up over there? Apple, known to be a company that holds its cards close to its chest, may open up about its AI plans during the company’s shareholder meeting tomorrow.
Apple’s annual shareholder meeting will be held on Wednesday, and the company's board has advised against voting in favor of the shareholder proposal pushing for transparency on artificial intelligence use.
What Happened: According to Apple's SEC Filing, there are five shareholder proposals, all of which the Apple board advises voting against. These proposals cover a range of topics, from seeking transparency regarding AI usage, and gender pay gaps to privacy and human rights.
The Request: As per the filing, the AFL-CIO Equity Index Funds request that Cupertino compile a transparency report concerning the company’s usage of AI and disclose ethical frameworks governing its implementation.
Learn More: Read more about Apple’s AI plans here.
PRESENTED BY BENZINGA
“Real Estate Riches" is a groundbreaking event that brings together real estate professionals, industry leaders, and innovators to delve into the forefront of digital transformation within the real estate sector. From proptech innovations to smart homes, this event will unlock the latest trends and developments shaping the future of real estate prosperity.
Who:
Ryan Tseko, EVP - Cardone Capital
Brian Dally, Co-founder and CEO - Groundfloor
Jorge Aldecoa, Chief Product Officer - reAlpha
When:
FIVE ZINGERS
Buffett vs Elon: BYD, the Chinese EV company backed by Warren Buffett, pushed back against claims that it’s using subsidies to undercut competition.
You And Me Both: Trevor Noah, the former host of The Daily Show, said his biggest regret is not purchasing Bitcoin when it was ‘nothing’.
Let It PAN Out: Despite a recent pullback, Dan Ives remains optimistic about $PANW’s future. Here’s why.
Euro Trip: $ELF is taking its first Euro Trip. The cosmetics company just opened up its first European office in London. Here’s what it means for the company.
What Happened To $5?: You used to be able to get a Subway footlong for $5. But recently, one woman got charged more than $1,000 for a sandwich.
ONE FOR THE ROAD
Briefly: Jim Cramer is smellin’ something fishy on Wall Street. The Mad Money host laid out his theory that a big fund manager is propping up the price of Tesla, not allowing it to move any lower.
What Happened: On yesterday’s Mad Money episode, Cramer noted Tesla’s market capitalization is plateauing around $635 billion. He speculated that a “big portfolio manager” might be buying to stop the stock from falling further, acknowledging the unusual nature of such a move.
Quoted: “It does feel like some big portfolio manager….has decided to make a stand, not letting it to go any lower. I know it sounds strange, but that’s almost conspiratorial, right but that’s how Tesla trades,” he said.
Why It Matters: Cramer has been critical of the EV giant, and has predicted that Tesla is the first megacap to fall out of the Magnificent Seven. Cramer has expressed concerns about Tesla’s ability to outperform expectations given factors like slowing EV adoption, economic uncertainty, and China’s competitive landscape.
What Next: Read the full breakdown here.
PRESENTED BY BENZINGA
“Real Estate Riches" is a groundbreaking event that brings together real estate professionals, industry leaders, and innovators to delve into the forefront of digital transformation within the real estate sector. From proptech innovations to smart homes, this event will unlock the latest trends and developments shaping the future of real estate prosperity.
Who:
Ryan Tseko, EVP - Cardone Capital
Brian Dally, Co-founder and CEO - Groundfloor
Jorge Aldecoa, Chief Product Officer - reAlpha
When: