A Rare Wall Street Downgrade

Something unusual has happened on Wall Street regarding Apple. Earlier this week, UBS issued a rare stock rating downgrade, from “buy” to “hold”.

To be fair, the change in opinion happened when coverage switched analysts within the same sell-side firm. Still, this could be a good opportunity to look at the less-than-bullish opinion from an expert on Apple’s stock. See bullet points below.

Counterpoints to bullishness

  • Service revenues linked to iPhone sales should decelerate. While services have risen over 20% per year since around 2016, product sales have increased in the low-single digits, and theorerically both trends should converge.
  • Shares tend to outperform ahead of the iPhone launch, and underperform after it. The analyst, therefore, believes in a repeat of the “sell the news” wave observed in previous years.
  • Valuation does not match growth trajectory. The analyst notes that a forward earnings multiple of 29x is “at 1.5 standard deviations
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Magic Leap salaries revealed: what the AR startup pays

  • Magic Leap has had a heck of a 2020.
  • Earlier this year, the much-hyped augmented reality startup had a massive layoff as part of big restructuring and shortly after it installed a new CEO.
  • Throughout it all, the company was hiring and today it lists dozens of jobs.
  • So how much can you make working at Magic Leap? Business Insider dug into data on actual salaries paid to workers through disclosures made via the H1-B visa program to find out.
  • Visit Business Insider’s homepage for more stories.


Magic Leap, the much-hyped augmented reality startup that raised billions for its augmented-reality goggles, has had a roller coaster of a 2020.

The Florida-headquartered startup had raised over $3 billion by the end of 2019 from a who’s who of big-name investors. But then its first product launched in 2017 to middling reviews and poor sales.

By 2019, Magic Leap rebranded as an

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What happened at Tesla’s Battery Day, and more tech news you need to know today!

Your tech news digest, by way of the DGiT Daily tech newsletter, for Wednesday, 23 September 2020, just ahead of the Samsung Galaxy Fan Edition reveal.

1. Tesla: No batteries to show, but Battery Day all the same

tesla battery

Not for the first time, Tesla and Elon Musk delivered some big promises and details, but in true Tesla fashion, much is still years away. (To be fair, Musk did admit this in the lead-up!)

  • Catch up on the event here if you missed it and all the honking from the drive-in shareholder meeting and presentation — the shareholder event starts at about the 41-minute mark, Musk takes the stage at about the 1:06:30s.
  • The Battery Day presentation starts at about 1:40:30s.
  • Some high-hopes weren’t met: the “million-mile” battery that can last 10 years or more wasn’t mentioned.
  • And Tesla didn’t give specific cost reduction targets. In the industry, this is a
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The Best HOTAS Flight Stick For With Star Wars Squadrons And Microsoft Flight Simulator

With EA’s Star Wars: Squadrons and the new Microsoft Flight Simulator bringing the flight sim back to life this year, you might be looking for good HOTAS controllers on both PC and consoles. The popularity of both games, however, means a lot of different flight sticks have sold out, including the Thrustmaster Warthog stick-and-throttle combo. Some controllers are available through preorders or backorders, though, so if you’re okay with waiting for your new flight controller, that’s definitely a good option.

Thankfully, Star Wars Squadrons creative director Ian S. Frazier has said the Star Wars flight game should work with “any” HOTAS setup. However, it can still be hard to find a quality flight stick and even harder to find one that you can put your money down on. That’s why we’ve collected the best flight sticks you can order right now. We’ve also curated a selection of gaming headsets

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U.S. Justice Department Proposes Changes to Internet Platforms Immunity | Technology News

By David Shepardson and Nandita Bose

WASHINGTON (Reuters) – The U.S. Justice Department unveiled a legislative proposal on Wednesday that seeks to reform a legal immunity for internet companies and follows through on President Donald Trump’s bid from earlier this year to crack down on tech giants.

The proposal aims to curb Section 230 of the Communications Decency Act, which offers big tech platforms like Alphabet’s Google

and Facebook

protections from liability over content posted by users.

The bill would need congressional approval and is not likely to see action until next year at the earliest. There are several pieces of legislation doing the rounds in Congress that seek to curb the same immunity. It was not immediately clear whether the Justice Department will support any single piece of legislation already out there.

The Justice Department proposal primarily states that when internet companies “willfully distribute illegal material or moderate content

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Xbox Series X And S Preorders: Where To Buy The Consoles (When Restocked)

The next generation of Xbox launches in just a couple of months, and starting today, you can preorder Microsoft’s two newest consoles, Xbox Series X and Xbox Series S. The Series X and Series S release November 10 for $500 and $300, respectively, and preorders just began in the US and Canada.

Where to preorder the Xbox Series X and Series S

Xbox Series X and Series S preorders were sold out at all major retailers as of our last update. Xbox preorder listings went live at Target, Walmart, Microsoft, GameStop, and other stores yesterday, but sold out as fast as they appeared. You can check the main store listings below in case of availability. In a recent tweet, Xbox urged its followers to sign up with retailers for stock updates and said more consoles will be available on release day.

Preorder Xbox Series X:

Preorder Xbox Series S:

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Jio’s $54 smartphone will help reshape the Indian tech market

  • Jio is reportedly gearing up to sell 150–200 million $54 smartphones in India.
  • It  hopes to entice upgrades from customers on 2G devices, which will expand the target audience for Jio’s push into digital services.
  • Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Connectivity & Tech industry with the Connectivity & Tech Briefing. You can learn more about subscribing here.

Indian telecom giant Jio has started working with at least two domestic manufacturers to secure capacity for 150–200 million smartphones, according to Bloomberg.

internet users in India

Jio’s $54 smartphone will upend the Indian market.

Business Insider Intelligence

Over the proceeding two years, Jio reportedly intends to sell the Android smartphones for 4,000 rupees ($54), a price point the company hopes would entice upgrades from a significant portion of the estimated 350 million basic or feature phone users in India who still rely on 2G service. Jio’s lofty shipment goal would

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Is Jim Cramer Right About Apple And Big Tech?

On Monday, September 21, The Street’s Jim Cramer took the plunge. Speaking on CNBC’s Mad Money, he offered the following perspective:

“We’re now two weeks into a gigantic sell-off and everything’s being thrown away except a handful of lockdown stocks. Better to buy them when they’re down than chasing them when they’re up. I just hope you have some cash on the sidelines to take advantage of the weakness”.

Jim was more specific, and mentioned that now is a good time to buy four particular Big Tech stocks: Apple, Microsoft, Amazon and Alphabet (tickers $AAPL, $MSFT, $AMZN and $GOOG $GOOGL). His timely optimism was backed by “attractive valuations after September declines”.

Might Jim Cramer be right about buying this piece of FAAMG (interestingly, no mention of Facebook) on weakness?

What is “cheap”?

First, of course, anyone can be wrong about the correct timing of a stock purchase. Only time will

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Chevron asks employees to delete WeChat after U.S. ban

(Reuters) – U.S. oil giant Chevron Corp has asked employees globally to delete Tencent Holdings Ltd’s WeChat from their work phones, following the Trump administration’s executive order to ban the social media app, Bloomberg News reported on Wednesday.

A U.S. judge on Sunday blocked a government order requiring Apple Inc and Alphabet Inc’s Google to remove WeChat for downloads on national security grounds.

The U.S. Commerce Department said on Monday it would challenge the order.

WeChat is an all-in-one mobile app that combines messaging, social media, payment functions and other services and boasts more than a billion users globally.

Chevron, in a staff email, identified WeChat as a “non-compliant application” and asked those with the app on their work handsets to delete it before Sept. 27 or face disconnection from the company’s network, according to the Bloomberg report.

Chevron and Tencent, which has denied its apps pose a national security

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DOJ’s Google antitrust case focused on search dominance: report

  • The Department of Justice is narrowing the focus of its antitrust case against Google to the company’s dominance of internet searches, The New York Times reported Tuesday. 
  • The decision to focus only on search reflected political disagreements, with some attorney generals now considering additional lawsuits focused on anticompetitive behavior by Google, according to the report.
  • Attorney General William Barr has pushed to sue Google before the election, overruling DOJ attorneys who said they needed more time to build their case, The New York Times previously reported.
  • Tensions around the DOJ’s case come as Trump reportedly prepares to urge Republican attorneys general to investigate his allegations that social media companies are biased against conservatives.
  • Visit Business Insider’s homepage for more stories.

The US Department of Justice is dialing back the antitrust lawsuit it’s preparing to file against Google, and will focus primarily on anticompetitive behavior related to internet searches, the The

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