2023-09-13 06:42:47 ET
Summary
- Apple unveils Apple Watch Series 9 with finger-operated touchless screen and new iPhone 15 lineup.
- Workhorse Group qualifies for commercial clean vehicle credit.
- California Senate passes bill requiring large companies to report carbon footprint tied to their operations and supply chain.
Listen below or on the go on Apple Podcasts and Spotify
Apple ( AAPL ) unveils watch operated by finger movements, iPhone 15, titanium casing. (00:29) Workhorse Group ( WKHS ) pops after landing IRS approval for commercial clean vehicle credit. (01:58) California Senate passes bill requiring large companies to report carbon footprint. (02:43)
This is an abridged transcript of the podcast.
Apple (NASDAQ: AAPL ) unveiled the next gener ation of Apple Watch that doesn’t require touching the screen to operate. The company also introduced the new iPhone 15 lineup.
The Apple Watch Series 9 with silicon was redesigned on the inside with a new S9 chip. Series 9 includes "double tap," which uses your fingers to operate the watch without actually touching the screen. It starts at $399.
The custom silicon allows for 18 hours of battery life. The watch also doesn’t require a link to the cloud to process requests.
It will be available later this month.
Shares closed down 1.7% on Tuesday.
The new iPhone 15, which comes in two different sizes, includes the “Dynamic Island.” That's an interface that was exclusive to the iPhone 14 Pro and Pro Max and lets users see alerts at the top of the screen.
Some analysts had expected a price increase but the price did not change and starts at $799 and the iPhone 15 Plus is $899.
The iPhone 15 also features voice isolation to cut background noise during phone calls. Roadside assistance is also now part of the SOS feature of the device.
It will also feature the new A17 chip, which should upgrade the gaming experience.
The Pro remains priced at $999 and the Pro Max gets a $100 price increase.
All products now have USB-C ports for wired charging in compliance with European law.
Workhorse Group (NASDAQ: WKHS ) announced on Tuesday that it has received IRS approval as a qualified manufacturer for the Commercial Clean Vehicle Credit.
The company said the approval makes customers potentially eligible to receive up to a $40K credit for deliveries of all Workhorse vehicles in 2023 and beyond.
Notably, Workhorse Group ( WKHS ) will be listed as a Qualified Manufacturer on the IRS Qualified Manufactured index on the agency’s website.
Workhorse CEO said, “We are focused on leading the transition to commercial EVs to make last-mile delivery more efficient and less harmful to the environment.”
Premarket Workhorse Group ( WKHS ) is up more than 20%.
California legislators have passed a first-of-its-kind bill that would require large companies that do business in the state to disclose all emissions tied to both their operations and supply chain.
The state senate approved the bill, sending it to Governor Gavin Newsom. Newsom has not yet taken a position on the bill but will decide by October 14 whether to sign it.
The bill would require businesses with $1B or more in annual revenue that operate in California to calculate and report a wide range of emissions, including indirect or Scope 3 emissions - which opponents said would be nearly impossible to measure accurately.
The measure would go beyond the SEC's currently proposed climate disclosure rule, which only requires Scope 3 disclosures in certain circumstances.
The California bill was supported by several big companies including Apple (AAPL), Google ( GOOG ) (GOOGL), Microsoft ( MSFT ) and Salesforce (CRM), but the state's Chamber of Commerce opposed it.
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On our catalyst watch for the day,
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The U.S. Senate will hold its first AI Insight Forum. The list of participants who will discuss AI topics includes the CEO’s of OpenAI, Nvidia (NVDA), IBM (IBM), Microsoft (MSFT), Meta Platforms (META), and Tesla (TSLA). Microsoft co-founder Bill Gates will also attend. The event will not be open to the press, but a readout will be distributed.
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The go-shop period on the acquisition of New Relic ( NEWR ) by Francisco Partners and TPG will expire.
U.S. stocks on Tuesday ended in the red.
The Nasdaq ( COMP.IND ) fell 1.04%. The S&P 500 (SP500) slipped 0.57% while the Dow ( DJI ) retreated 0.05%.
Of the 11 S&P sectors, eight closed in negative territory, with Tech slipping more than 1.5%. Communication Services and Consumer Discretionary rounded out the top three losers.
Energy topped the three gainers, as crude oil (CL1:COM) rose and neared the $90 mark.
Treasury yields were largely unchanged. The 10-year yield (US10Y) was down 2 basis points to 4.27%, while the 2-year yield (US2Y) was up 1 basis point to 5.01%.
The economic calendar was light on Tuesday, but things will hit a new gear today with the latest consumer price index ( CPI ) report. Consumer inflation has shown encouraging signs recently, but still remains well above the Fed's 2% target. The reading for August is August CPI headline inflation to rise on oil surge, core CPI expected to recede to be mixed, with the headline number forecasted to increase from July but the core number anticipated to ease.
Be sure to check out Wall Street Lunch with Kim Khan for full coverage of CPI after the number is released. Wall Street Lunch will be available by noon today.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red . The Dow is down 0.1%, the S&P 500 is down 0.1% and the Nasdaq is down 0.1%. Crude oil is up 0.4% at more than $89 a barrel. Bitcoin is up 0.05%.
In the world markets, the FTSE 100 is down 0.07% and the DAX is down 0.6%.
The biggest stock movers for the day premarket: Rocket Pharmaceuticals (NASDAQ: RCKT ) is up nearly 20% after the gene-therapy developer partnered with the FDA to conduct a global Phase 2 trial of a product for Danon Disease.
Granite Ridge Resources (NYSE: GRNT ) is down 7% after pricing a secondary offering of 7.1M shares at $5 per share which is below the current trading price.
On today’s economic calendar at 8:30am CPI and at 2pm treasury statement.
For further details see:
Wall Street Breakfast Podcast: Apple's Next Generation