Tech Roundup: Apple, Disney lead week's activity as investors ease into action
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Tech, media and Internet companies continued with their steady pace to the start of 2023 as much of the sector focused on analysts' views of what to expect this year amid ongoing concerns about the state of the economy.
But, there were a few notable happenings that got the attention of investors across Wall Street ahead of the next round of upcoming quarterly earnings reports.
Apple (NASDAQ:AAPL), which remains the world's most-valuable company, appeared to march forward with its plans to bring more of its product components in-house, as the company reportedly set a timetable to cease the use of certain chips from Broadcom (AVGO) in exchange for its own combined Bluetooth and Wi-Fi iPhone chipset as soon as 2025.
As if that weren't enough, Apple (AAPL) was said to be on track to use its own custom-built display screens as early as next year. Apple (AAPL) might also have plans to dramatically cut the prices of its AirPods in the near future.
And, as Apple (AAPL) prepares to soon deliver it fiscal first-quarter results, the company was said to be showing more strength from its App Store business.
Disney (NYSE:DIS) also continued with its hectic start to the year, as newly returned Chief Executive Bob Iger found himself under attack by activist investor Nelson Peltz, of Trian Fund Management.
Trian filed proxy documents seeking a seat for Peltz on Disney's (DIS) board of directors, as Peltz cited what he called ongoing issues with Disney's (DIS) financial performance and direction. However, Peltz said that even with his concerns, he and Trian were not seeking to have Iger step down at Disney (DIS) CEO before his two-year term expires.
Meanwhile, Disney (DIS) urged its shareholders to reject Peltz's efforts to get a seat on the company's board, and named Nike (NKE) Chairman Mark Parker as its new chairman.
At the same time, Iger, who came out of retirement to replace Bob Chapek as Disney (DIS) CEO in November, reportedly told company employees that he expects them to be in the office four days a week, effectively putting an end to most of Disney's (DIS) hybrid-work practices.
There was an interesting executive shakeup in the chip sector, as Advanced Micro Devices (NASDAQ:AMD) named Marvell Technology (MRVL) Chief Financial Officer Jean Hu as the semiconductor company's new CFO.
With AMD (AMD) and Intel (INTC) on track to deliver quarterly results later this month, both chip giants saw their shares dinged after Bank of America cut its outlook for PC shipments for the first half of 2023.
Two of the biggest names in the streaming TV sector got differing views from Jefferies analyst Andrew Uerkwitz raised his rating on Netflix (NFLX) to buy from hold, and lowered his view of Roku (ROKU) to underperform, or the equivalent of sell, from hold.
Alibaba (NYSE:BABA) remained in the spotlight among Chinese Internet stocks, as co-founder Jack Ma ceded control of Alibaba (BABA) affiliate Ant Group, in a move that potentially smooths the path for Ant to go public. And Alibaba (BABA) CEO Daniel Zhang Yung joined a handful of other Chinese business executives on a program on Chinese state TV to show their support for Beijing's efforts to boost the nation's economy.
And Chinese ride-sharing kingpin Didi Global (OTCPK:DIDIY) saw a ray of light emerge with reports that a ban on its apps in China might soon come to an end and its mobile apps could be available on Chinese app stores as early as next week.