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Asian markets pull back as hopes fade for U.S. stimulus - MarketWatch
Moderate losses in Tokyo, Hong Kong as caution reigns
TOKYO Asian shares fell moderately Tuesday, echoing Wall Streets decline as hopes faded Washington will come through with badly needed aid for the economy before the U.S. presidential election.Market focus has been on the U.S. aid amid global uncertainty about the continuing economic damage from the coronavirus pandemic, which has slammed growth with social distancing restrictions, unemployment, crimped trade, as well as tourism and business closures.Japans benchmark Nikkei 225 NIK, -0.44% declined 0.3% in morning trading while South Koreas Kospi 180721, +0.49% slipped 0.2%. Australias S&P/ASX 200 XJO, -0.71% fell nearly 0.3%. Hong Kongs Hang Seng HSI, +0.11% inched down less than 0.1%, while the Shanghai Composite SHCOMP, +0.46% slipped 0.3%. Benchmark indexes in Taiwan Y9999, -0.35% , Singapore STI, -0.58% and Indonesia JAKIDX, -0.51% fell. As hope for a pre-election stimulus balloon deflates, and with stocks struggling to float on their own during a subpar earning season, exhaustion set in, and the laws of gravity took over, said Stephen Innes, chief global market strategist at Axi. And with no shortage of uncertainly overshadowing the markets, investors continue to tack cautiously ahead of the final presidential debate. Market players are looking for additional data on Chinas recovery, as that could drive the sorely needed growth in the rest of Asia. Recent data out of Japan show exports to China have been recovering gradually. On Wall Street, the S&P 500 dropped 1.6%, its worst day in more than three weeks. Wall Street is expecting lawmakers will agree on new stimulus measures for the economy, but the odds of that happening before Nov. 3 Election Day have dimmed. The S&P 500 SPX, -1.63% fell 56.89 points to 3,426.92. The Dow Jones Industrial Average DJIA, -1.43% of big blue chips dropped 410.89 points, or 1.4%, to 28,195.42. The Nasdaq composite COMP, -1.65% extended its losing streak to a fifth day, losing 192.67 points, or 1.7%, to 11,478.88. Stocks have been mostly pushing higher this month after giving back some of their big gains this year in a sudden September swoon. The benchmark S&P 500 has notched a gain in each of the past three weeks. Even so, trading often has been choppy from one day to the next, reflecting uncertainty over the timing of more stimulus for the economy. Investors were also looking ahead to another busy week of corporate earnings reports. Across the S&P 500, analysts are expecting companies to report another drop in profits. In energy trading, U.S. benchmark crude CLX20, +0.31% fell 26 cents to $40.57 a barrel. Brent crude BRNZ20, +0.14% , the international standard, lost 29 cents to $42.33 a barrel. The U.S. dollar USDJPY, +0.14% inched up to 105.58 Japanese yen from 105.46 yen late Monday.
IBM stock slips after another revenue decline, no outlook - MarketWatch
Stock falls more than 2% in after-hours trading despite preannouncement of numbers that coincided with news of impending spinoff
International Business Machines Corp. revenue continued to decline in the third quarter, according to a Monday earnings report, and shares sank in after-hours trading as the company said it would not provide an outlook.On a conference call, IBM IBM, -0.32% Chief Financial Officer James Kavanaugh said the company would be taking charges of $2.3 billion in the fourth quarter to simplify and streamline our business as the company transitions to spinning off its IT outsourcing business. Given this uncertainty and consistent with our direction for most of this year, we are not going to provide guidance. We are making strategic decisions, taking actions, and increasing investments today to better position our business and accelerate our top line growth on a sustainable basis, Chief Executive Arvind Krishna said on the call. Analysts surveyed by FactSet expect adjusted fourth-quarter earnings of $4.09 a share on revenue of $20.81 billion. The company reported third-quarter net income of $2.3 billion, or $2.58 a share, compared with $2.68 a share in the year-ago period. Earnings from continuing operations were $1.89 a share, compared with $1.87 a share in the year-ago period. Revenue fell to $17.6 billion from $18.03 billion in the year-ago quarter, continuing a long-term sales decline that has seen revenue fall year-over-year in all but four of the past 33 quarters. IBM had reported preliminary earnings of $2.58 a share on revenue of $17.6 billion earlier this month, and analysts surveyed by FactSet had shifted their estimates to an average of $2.58 a share on revenue of $17.54 billion. Shares, which had been down about 1% following the earnings report, were down about 2.5% during the conference call. Those share moves followed a 0.3% decline in the regular session to $125.52. IBM has focused on hybrid-cloud technology of late, including with the spinoff news, which was messaged as a way to focus more on that area. IBM claimed total cloud revenue, which is spread among some of its segments, increased 19% to $6 billion. Global technology services, or GTS, posted $6.5 billion in revenue compared with $6.7 billion in the year-ago quarter and the $6.25 billion Street consensus. The company reported cloud and cognitive software revenue which includes its Red Hat unit of $5.6 billion compared with $5.28 billion a year ago, while analysts had been expecting $5.48 billion. Global business services revenue was $4 billion, compared with $4.12 billion a year ago, and Street forecasts of $3.9 billion. Systems revenue was $1.3 billion, compared with $1.48 billion a year ago and analyst expectations of $1.55 billion. For the year, IBM shares are down 6%, compared with a 1% decline by the Dow Jones Industrial Average DJIA, -1.43% , and versus a 6% rise by the S&P 500 index SPX, -1.63% and a 28% gain by the Nasdaq Composite Index COMP, -1.65% .
Why the 'dot-com bubble on steroids' can keep going a while longer, strategists say - MarketWatch
Stocks are being driven higher at the start of the week by familiar hopes of a new U.S. stimulus deal.House Speaker Nancy Pelosi has set a 48-hour deadline for the White House to strike a deal with the Democrats over a stimulus package before Novembers election. Strong China growth data, which showed third-quarter gross domestic product rising 4.9% compared with the year-ago period, also buoyed investors early on Monday. On the 33rd anniversary of the Black Monday market crash, the Dow Jones Industrial Average DJIA, +0.39% was set for a 194-point gain at the open. In our call of the day, TS Lombard strategists said the outperformance of technology and therefore Growth stocks was set to continue for a while longer yet. Chief U.S. economist Steven Blitz and head of strategy Andrea Cicione said they were not alone in being nervous about Tech stocks valuations. Growth has had an unprecedented surge for more than 13 years and the recent acceleration appears completely unsustainable, they said, noting that the recent swell was more extreme than the Growth outperformance during the dot-com bubble as seen in the chart below (left). They described it as the dot com bubble on steroids, in a note. However, on closer inspection they said the argument for rotating into Value was less convincing, as the first two years of stronger Value returns post-2000 were during a bear market. If the same were to happen this time around, rotating into Value would be at best a defensive strategy. But Blitz and Cicione said if a bubble was indeed inflating in tech, there was no guarantee Growths outperformance would stop now. Through its aggressive policy choices, the Fed has engineered a rebound in equity prices since March that is giving investors the perception of lack of risk. So why stop betting on a winning horse now, especially if there is no downside, they said. The chart below (right) shows that while the valuation gap between Growth and Value is above average, it is not as extreme as it was in 2000. But Growths run may be more advanced that the valuation gap suggests, they added, particularly as many tech companies are now both large and very profitable in contrast to the late 1990s making it harder to justify the multiples seen at the height of dot-com mania. Investors looking to rotate from Growth to Value would be better off doing so in small-caps, where the odds of a sustained period of Value outperformance are more favorable. However, they should bear in mind that if a financial bubble is indeed brewing, it may continue to do so for longer than many expect under such a scenario, Growth will probably keep doing better until the bubble pops, they said. The markets After closing 112 points higher on Friday, the Dow Jones Industrial Average DJIA, +0.39% was set to open higher again on Monday, on hopes for a U.S. stimulus package and China growth data signaling a continued recovery. Dow futures YM00, +0.53% were 0.7% up in early trading, implying a 194-point gain for the Dow at the open, while S&P 500 futures ES00, +0.69% and Nasdaq futures NQ00, +0.87% were also up. European stocks SXXP, -0.02% climbed at the start of the week as the positive sentiment spread to the continent, but the U.K.s internationally-exposed FTSE 100 UKX, -0.38% failed to join in as the pound GBPUSD, +0.60% rallied 0.6% to $1.2995 despite no-deal Brexit fears. The buzz Tesla TSLA, -2.05% and Netflix NFLX, -2.05% two of 2020s hottest companies will look to keep their momentum going in a big week of earnings for investors. Advance orders for Apples AAPL, -1.40% latest iPhone 12 model reportedly sold out on Chinese e-commerce retailer JD.com JD, +1.58% in just three days. Trading was disrupted by a glitch at Euronext on Monday morning. It affected trading in Paris, as well as Belgium, Portugal, Ireland and the Netherlands. French food company Danone BN, +1.20% restored guidance for the full year and laid out a reorganization of its structure as it reported falling sales in the third quarter. The stock rose 1.4% in early trading. The door is still ajar for post-Brexit talks with the European Union if officials in the bloc change their stance on key points, British cabinet minister Michael Gove said Sunday. Random read Scottish pubs warned of fake funerals to get around COVID-19 rules. Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern.
European stocks and U.S. equity futures rise on stimulus hopes and Chinese growth data - MarketWatch
Euronext trading halted due to glitch, affecting trade in Paris and elsewhere
European stocks and U.S. equity futures climbed to start a new week, gaining on hopes for a U.S. stimulus package and after Chinese growth data showed that economy continues to recover from the COVID-19 pandemic. Trading was disrupted by a glitch at Euronext, which tweeted that a technical problem had halted trading in all products, and that it was working to get the problem resolved. That affected trading in Paris, where the French CAC 40 FR:PX1 was up 0.8% ahead of the halt, as well as trading in Belgium, Portugal, Ireland and the Netherlands. The Stoxx Europe 600 index SXXP, +0.32% rose 0.5% to 369, after a 0.8% drop for last week and the German DAX DAX, +0.06% rose 0.3%. The FTSE 100 UKX, -0.07% was flat. U.K. stocks struggled as the pound GBPUSD, +0.59% found renewed strength on Monday, rising 0.7% to $1.3000. The pound shrugged off a ratings downgrade for the U.K. from Moodys rating agency, which cited concerns over the economic hit to the economy and fears of a no-deal Brexit. Some attributed the pounds rise to senior British lawmaker Michael Gove, who said on Sunday that the door is still ajar for post-Brexit talks with the European Union, after Prime Minister Boris Johnson said on Friday that trade talks wont continue without a shift in position from the single-currency region. Dow futures YM00, +0.69% climbed 0.8% or over 200 points, with S&P 500 ES00, +0.81% and Nasdaq-100 futures NQ00, +1.03% up around 1% each, after Wall Street equities closed mostly higher on Friday and eked out gains for the week. House Speaker Nancy Pelosi on Saturday set a 48-hour deadline for the White House to strike a deal with Democrats to agree a stimulus package before the presidential election. She added that she was hopeful over a deal, after late Saturday discussions with Treasury Secretary Steven Mnuchin. Markets, for now, are merely relieved that at least the two sides continue to talk. Nor do they seem concerned that U.S. Senate Republicans seem unlikely to pass a massive stimulus bill, as they seek to out some clear air between themselves and a president well behind in the polls, said Jeffrey Halley, senior market analyst at OANDA, in a note to clients. Many see a stimulus package as vital, with U.S. coronavirus cases building into a third wave. Friday saw 70,000 new cases reported, the most since July. Read:The darkest period of the coronavirus pandemic is still to come, warns top infectious-disease doctor Investors will hear from several central bankers on Monday, including Federal Reserve Chairman Jerome Powell and European Central Bank President Christine Lagarde. Data from China showed the economy grew 4.9% in the third quarter. While falling short of expectations, Chinas growth is now closer in line with forecasts made at the start of the year before the deadly pandemic began to sweep across the globe. That is in contrast to Europe, where the latest round of COVID-19 curfews threaten to derail any tentative economic progress which has been made, said Richard Hunter, head of markets at Interactive Investor, in a note to clients. The U.S., meanwhile, recorded 70,000 new cases on Friday, the most since July. A busy earnings week kicked off with results from several European companies on Monday. Shares of Julius Baer BAER, +5.20% climbed nearly 5% after the Swiss private banking group reported rising assets under management and gross margin, which analysts at Jefferies said came in stronger than expected. The company added that 2020 results will be hit by goodwill impairments, due to its Italian asset and wealth company. Philips PHIA, +2.86% PHG, +3.76% reported that third-quarter net profit exceeded expectations. The Dutch medical-technology group said the company is targeting accelerated sales growth and higher profitability in the 2021-2025 period. Shares rose nearly 3% ahead of the trading halt. Groupe Danone BN, +1.38% reported lower third-quarter sales that fell s short of analysts expectations. But the food giant restored guidance for the full year and laid out a comprehensive organizational and portfolio review. Danone shares rose 2.4% ahead of the trading halt. On the downside, shares of SAAB SAAB.B, -12.02% slid 7.5% after the Swedish defense group reported a drop in operating profit for the third quarter. Due to the ongoing recovery and drawn-out recovery, SAAB now sees an increased risk due to the effects of COVID-19, Micael Johansson, president and chief executive officer, said in the earnings statement.
Fed’s Bostic on why the South has the lowest unemployment rate in the country - MarketWatch
‘The virus came to us after it had been to California, the West Coast and New York,’ Bostic said. That bought the region more time to prepare for its arrival.
The Southern region of the U.S. is currently experiencing the lowest unemployment rate in the country of 6.9%.Notably many Southern states including Georgia and Florida were among the first to reopen parts of their economies while business lockdowns were in place in many parts of the country to curb the spread of coronavirus. Thats not the reason why the unemployment rate in the region is so low compared to the Northeast where the rate is three percentage points higher as of August, said Atlanta Federal Reserve President Raphael Bostic. The virus came to us after it had been to California, the West Coast and New York. And so we got to learn some things about how we might be able to operate and do our economics, with the virus with us, Bostic said on Sunday on CBS Face the Nation. That has turned out to be something thats been quite helpful, he added. Having said that, Bostic expressed concern regarding the regions economic recovery trajectory. In some segments, the economy is recovering and rebounding in a very robust way, he said. Hotels, restaurants and small businesses in particularly minority and lower-income communities, he said are seeing much more difficult situations. Those segments where were not seeing that recovery, thats really what Im concerned about as we move forward. Bostic, who is the first Black leader of a regional Fed, has been floated as Democratic presidential candidate Joe Bidens pick as either Federal Reserve Chairman or Treasury Secretary if he wins the election. Related:Whos who in Bidens economic world CBS Margaret Brennan asked Bostic if hed be interested in filling either of those positions. Bostic responded, theres so much going on right now that I am not thinking about that, but didnt say that he would turn down either position.
Autos and apparel makers boost European stocks, while U.S. equity futures struggle - MarketWatch
Daimler and LVMH climb on positive results
European stocks were rebounding on Friday, thanks to upbeat results from LVMH Moët Hennessy Louis Vuitton and Daimler, while U.S. equity futures also inched higher as investors awaited retail sales data.The Stoxx Europe 600 index SXXP, +1.06% rose 0.8% to 365.78, after closing down 2% on Thursday, the biggest one-day drop since Sept. 21. The index is headed for a weekly loss of just over 1%. The German DAX DAX, +1.10% rose 0.6%, the French CAC 40 PX1, +1.79% climbed 1.4% and the FTSE 100 UKX, +1.28% rose 1%. U.S. stock futures YM00, +0.20% ES00, +0.19% NQ00, +0.27% were modestly higher, after a weak finish on Thursday driven by downbeat jobs data and a lack of progress over a coronavirus relief package. Retail sales, industrial production and a consumer sentiment survey are ahead in the U.S. on Friday. Investors remain concerned about rising coronavirus cases both in the U.S. and Europe and the effect those are having on economies. Several European countries were forced to tighten restrictions this week, moves that included a curfew in Paris and bans on different households gathering in London. Politics also remains a theme in London, where Prime Minister Boris Johnson was due to make a statement on Friday on whether the U.K. will continue Brexit talks with the EU, after an inconclusive summit this week. European Commission President Ursula von der Leyen left the summit on Thursday afternoon, and is in quarantine after a member of her staff tested positive for COVID-19. She said she has tested negative for the virus. The apparel sector was a leading gainer on Friday, thanks to a 6% jump in shares of CAC 40 heavyweight LVMH Moet Hennessey LVMH, +7.47% . The luxury goods maker reported strong growth at its Louis Vuitton and Dior brands, partly offsetting steep declines elsewhere. That news gave a lift to the entire sector, with shares of Hermès International RMS, +3.39% and Burberry BRBY, +3.52% up 3% , and Kering KER, +4.11% up 2.7%. The auto sector was also gaining, helped by a 3% rise in Daimler DAII, +5.31% shares after the German auto maker reported preliminary third-quarter earnings above market consensus, and said it expects a strong remainder of 2020. Thats as data showed passenger-car registrations rose in the European Union rose for the first time in a year in September, for a gain of 3.1%. It was, however, a mixed picture across the region, with gains in Germany and Italy, but declines in France and Spain. Renault RNO, +5.11% shares rose 1% in Paris. And Volvo VOLV.B, +1.63% reported better-than-expected net profit in the third quarter, due to recovering demand for truck and construction equipment. Shares rose 3%. A top gainer for the Stoxx 600, Thyssenkrupp TKA, +14.34% shares surged 16%. The U.K.-based international industrial and metals group, Liberty House, could announce a bid for Thyssenkrupps loss-making steel division as soon as Friday, the Financial Times reported, citing sources.
Fading stimulus hopes and new French restrictions topple European stocks as Dow futures drop 300 points - MarketWatch
European stocks slumped on Thursday, with investors concerned about the impact of a second wave of coronavirus on the economy without any imminent stimulus to cushion the blow.The Stoxx Europe 600 SXXP, -2.24% lost 2.2%, and the main regional indexes, the German DAX DAX, -2.91% , French CAC 40 PX1, -2.30% and U.K. FTSE 100 UKX, -2.14% , each dropped by at least 2%.Decliners included airlines Deutsche Lufthansa LHA, -5.88% , International Airlines Group IAG, -4.23% and Air France-KLM AF, -3.06% , and hotel operators Whitbread WTB, -5.88% , Accor AC, -6.57% and InterContinental Hotels IHG, -2.83% . Futures on the Dow Jones Industrial Average YM00, -0.94% fell 312 points. We now find ourselves in a scenario whereby the pandemic is back in center stage, while the prospects of a U.S. relief package this side of the presidential election seem very low. Dealers are dumping stocks for fear that economic activity will drop off because of the tighter restrictions in various parts of Europe, said David Madden, market analyst at CMC Markets U.K. With coronavirus on the rise, France announced a new curfew in Paris and other major cities, as U.K. media speculate about imminent restrictions due to hit London. Meanwhile, European leaders are meeting to discuss the coronavirus pandemic as well as trade talks with the U.K., where a trade deal with the European Union expires at the end of the year. U.S. Treasury Secretary Steven Mnuchin said it is unlikely a stimulus deal will be reached before the election. Id say, at this point, getting something done before the election and executing on that would be difficult, just given where we are in the level of details, but were going to try to continue to work through these issues, Mnuchin said. The Republican-controlled U.S. Senate is planning a vote on a much smaller stimulus than even the White House has proposed. Roche Holding ROG, -2.89% dropped 3%. The Swiss pharmaceutical said it still expects sales to grow in the low-to-mid-single digit range for the year, as third-quarter sales fell. Ahead of its earnings report, oil giant Total FP, -3.54% dropped 4% as it reported negative refining margins in the third quarter, as well as selling natural gas for less than analysts had anticipated.
Delta Air Lines stock drops after loss widens, revenue falls more than expected - MarketWatch
Shares of Delta Air Lines Inc. DAL, -2.65% slumped 2.9% in premarket trading Tuesday, after the air carrier reported a wider-than-expected third-quarter loss, as passenger revenue dropped 83% to miss expectations. Delta swung to a net loss of $5.38 billion, or $8.47 a share, from net income of $1.50 billion, or $2.31 a share, in the year-ago period. Excluding non-recurring items, the adjusted loss per share was $3.30, compared with the FactSet loss consensus of $3.04. Total revenue fell 76% to $3.06 billion, below the FactSet consensus of $3.13 billion, as passenger revenue slid 83% to $1.94 billion to miss expectations of $2.31 billion. Cargo revenue declined 25% to $142 million, topping expectations of $131 million. Load factor fell to 41% from 88%, compared with the FactSet consensus of 48.8%. Passenger revenue per available seat mile (PRASM) fell 55% to $6.85, compared with the FactSet consensus of $5.61. "While our September quarter results demonstrate the magnitude of the pandemic on our business, we have been encouraged as more customers travel and we are seeing a path of progressive improvement in our revenues, financial results and daily cash burn," said Chief Executive Ed Bastian. The stock has dropped 44.2% year to date through Monday, while the U.S. Global Jets ETF JETS, -1.98% has lost 43.2% and the S&P 500 SPX, -0.30% has gained 9.4%.
Dow climbs 262 points on gains for shares of Apple Inc., Walgreens Boots - MarketWatch
Apple's 5G iPhone launch has investors hoping for 'unprecedented upgrade cycle' - MarketWatch
Most valuable U.S. company will hold virtual event Oct. 13, in which it is expected to debut four new iPhones
Apple Inc. has pulled off product virtual launches during the COVID-19 crisis, and now the company is gearing up for the most important one yet. The smartphone giant scheduled an online event for Oct. 13, which should bring the launch of the companys first 5G-enabled iPhones. Apple AAPL, +0.97% s new phones will be rolling out a bit later than they did during last years cycle, but the company is expected to have devices in stock heading into the holidays.People are increasingly holding on to their smartphones for longer periods of time, and the most important question for Apple investors is whether 5G connectivity will be enough to drive a big wave of upgrades. U.S. carriers continue to build out their 5G networks, though the initial rollouts of this new wireless standard may not bring the most dramatic enhancements to wireless speeds and lag times that are the ultimate promise of 5G. Nonetheless, Apple hinted that 5G may be the main selling point of its new phones with its invitations to Tuesdays event. The tagline for the launch, which will occur virtually beginning at 1 p.m. ET, is Hi, Speed. It remains unknown whether Apple will offer support for millimeter-wave spectrum, the faster type of 5G, or whether the phones will just be compatible with sub-6 5G, which is more widely available but offers less of a step up relative to 4G networks. From the September event: Apple rolls out a cheaper Apple Watch, subscription bundles and more Apple is thought to be planning four iPhone 12 devices for the coming rollout. Many expect that the company will debut two regular iPhone 12 models, in 5.4-inch and 6.1-inch screen size, as well as two Pro versions with screen sizes of 6.1 inches and 6.7 inches. The Pro models could have a third camera on the back as well as a 3-D Lidar sensing that allows for better augmented-reality capabilities, according to Deutsche Bank analyst Jeriel Ong. All four new phones should have 5G connectivity, Ong wrote, given the Hi, Speed name for the event. He expects the 5.4-inch model to be popular with consumers given that theres still a strong appetite for smaller screen sizes, even as Apple is increasingly moving toward larger form factors. Ong also anticipates that Apple will lower the price of older iPhone 11 devices and aim to offer six to eight different iPhone models while discontinuing some earlier versions. Apple made its new iPhones available 10 days after announcing them last year, but launches of some models were delayed longer in 2018 and 2017. It remains unknown when people will be able to actually obtain the new smartphones this year or what supply levels will be like. It is possible that certain models could either be more unit volume constrained or the new iPhone launch could be staggered similar to years past although this possibility appears to be fading, as we have heard less about the potential for further delays recently, Ong wrote. Production has already begun for all four models, according to Morgan Stanleys Katy Huberty, who cites her supply-chain checks, though the smallest and largest models are delayed two weeks relative to the middle two models, she said. Beyond 5G and camera upgrades, Huberty expects Apple to emphasize its faster processor and new entry-level storage configurations. From Barrons: Morgan Stanley Says iPhone Launch is a Bigger Deal Than Wall Street Thinks Wedbush analyst Daniel Ives wrote that Apple and its Asia supply chain anticipate stepped-up demand for the larger 6.7-inch model, which could help drive an unprecedented upgrade cycle for Apple as he estimates that there are 350 million iPhones currently ripe for upgrades. Aside from rolling out new iPhones, Apple could also launch its own over-the-ear headphones, a smaller version of its HomePod smart speaker, and tags that people could use to keep track of physical objects using Bluetooth. Apple has seen strong adoption of its AirPods ear buds, and the expectation is that the company plans to eventually roll out over-the-ear headphones under its own brand. A recent Bloomberg report highlighted Apples decision to pull third-party speakers and headphones made by Sonos SONO, -1.00% Inc., Logitech International SA LOGI, +3.00% and Bose from its stores, suggesting that the company could be planning announcements in those categories. Deustche Banks Ong said that the change to Apples third-party sales strategy could signal an AirPods Studios imminent release, referring to the new headphones, though he said it was still unclear whether that would take place next week or later this year. See also: Investors need to rethink approach to Big Tech with potential selloff looming, Barclays strategist warns Apple-branded Bluetooth trackers have been the subject of rumors for more than a year now, and some expect Apple will finally launch the AirTags at its coming event. These would be trackers similar to offerings from Tile, which allow people to place little tags on objects like a purse or their keys so that they could use Bluetooth to locate these objects in the event of loss or theft. The Oct. 13 event follows one in mid-September, which saw the company roll out new Apple Watches, iPads, and subscription bundles that offer discounts to those who sign up for multiple Apple services. Apple may offer some sort of tie in with these new services bundles to those who purchase new iPhones. Morgan Stanleys Huberty models Apple shipping about 78 million iPhones in the December quarter and 220 million units for the full fiscal year, which ends next September. Apple shares have rallied 21% over the past three months as the Dow Jones Industrial Average DJIA, +0.47% , of which Apple is a component, has gained 9%.