Wall Street Breakfast Podcast: Samsung Overtakes Apple

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Apple (AAPL) loses high smartphone maker crown to Samsung (OTCPK:SSNLF). (00:27) Tesla (TSLA) staff brace for potential layoffs – report. (01:01) J&J (JNJ) cough syrup recall labeled as most severe in South Africa. (01:51)

That is an abridged transcript of the podcast.

Samsung (OTCPK:SSNLF) has reclaimed its crown as the highest smartphone maker from Apple (NASDAQ:AAPL).

Based on preliminary knowledge from the Worldwide Information Company’s Worldwide Quarterly Cellular Telephone Tracker, Apple noticed its iPhone shipments drop 9.6% in Q1 2024.

Apple’s (AAPL) market share on the finish of Q1 was 17.3%, whereas Samsung’s (OTCPK:SSNLF) share was 20.8%.

Chinese language manufacturers are steadily gaining floor, with Xiaomi (OTCPK:XIACF) taking the third spot with a market share of 14.1%.

Some Tesla (NASDAQ:TSLA) staff are stated to be bracing for a spherical of layoffs that would occur quickly.

The Enterprise Insider spoke to seven engineers, together with from the Austin gigafactory and the Fremont plant.

One engineer informed the publication, “There’ve been some whispers, and a few persons are involved, however you understand how quick false rumors can unfold at an organization this massive.”

Tesla (TSLA) didn’t reply to requests for remark.

The hypothesis comes quickly after Tesla (TSLA) knowledgeable its staff engaged on the Cybertruck manufacturing line on the Texas gigafactory that their shifts shall be shorter.

As well as, a number of prospects reported that Tesla (TSLA) cancelled some Cybertruck supply appointments as a consequence of an “surprising delay.”

Tesla additionally lately minimize the value of its Full Self Driving bundle by 50%.

A latest product recall of Johnson & Johnson’s (NYSE:JNJ) kids’s cough syrup model Benylin is assessed as Class 1, Sort A by South African officers. This classification signifies a severe product high quality situation.

The South African Well being Merchandise Regulatory Authority (SAHPRA) stated it has labored with J&J’s shopper care spinoff, Kenvue (KVUE), to determine the affected batches after its Nigerian counterpart initiated the recall a couple of days in the past.

On Wednesday, a Nigerian drug regulator introduced its resolution to recall a batch of Benylin Paediatric Syrup after discovering excessive ranges of diethylene glycol, a poisonous substance that may result in acute kidney harm.

SAHPRA stated it’s recalling two Benylin batches over the problem, which it stated have been distributed in South Africa, Eswatini, Rwanda, Kenya, Tanzania, and Nigeria.

Kenvue (KVUE) stated in an announcement, “We take this matter very severely and are appearing with urgency to conduct an intensive security and high quality evaluation.”

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On our catalyst look ahead to the day,

• Ancora’s candidates for the CEO, COO place, and board seats at Norfolk Southern (NSC) will take part in a hearth chat with Deutsche Financial institution.

• TED2024 will run all week. A number of the notable audio system associated to the inventory market embody Invoice Ackman speaking in regards to the activist investor playbook and Google (GOOG) DeepMind CEO Demis Hassabis speaking about the way forward for AI.

• All week – The four-day NAB Present in Las Vegas will give attention to matters corresponding to broadcast cybersecurity, the rise of 5G, and the position of AI in media. Sony (SONY), Verizon (VZ), Sinclair (SBGI), Fujifilm (OTCPK:FUJIY), Beamr (BMR), InterDigital (IDCC), and Backblaze (BLZE) are a number of the corporations that shall be showcasing their merchandise and improvements.

• All week – Ibotta (IBTA) and Centuri (CTRI) are anticipated to cost their IPOs and begin buying and selling. The IPO quiet intervals expire on Reddit (RDDT), Astera Labs (ALAB), Clever Group (INTJ), and Auna (AUNA) to release analysts to put up scores.

Wall Road’s three main averages on Friday shed greater than 1% every.

The Nasdaq (COMP:IND) led losses among the many indexes, dipping 1.62%. The S&P 500 (SP500) retreated 1.46%, whereas the Dow (DJI) misplaced floor by 1.24%.

All three gauges posted weekly losses. For the week, the Dow (DJI) fell 2.37%, the S&P (SP500) fell 1.56%, and the Nasdaq (COMP:IND) fell 0.45%.

Now let’s check out the markets as of 6 am. Forward of the opening bell at present, Dow, S&P and Nasdaq futures are within the inexperienced. Crude oil is down 0.8% at greater than $84 per barrel. Bitcoin is up 3.4% at greater than $66,000.

On the planet markets, the FTSE 100 is down 0.3% and the DAX is up 1.1%.

The largest movers for the day premarket: Medical Properties Belief (MPW) is up 15% following the announcement of the sale of its majority curiosity in 5 Utah hospitals.

On at present’s financial calendar:

• 830am The March Retail Gross sales report shall be launched. Economists forecast a 0.4% month-over-month enhance within the headline quantity.

• 10am Housing Market Index

Editor’s Word: This text discusses a number of securities that don’t commerce on a significant U.S. alternate. Please concentrate on the dangers related to these shares.