NEWS
If Only AI Meant “Actually Interesting”

Apple’s event failed to stun shareholders, while semiconductor stocks hit new highs as Nvidia split its shares. The major indexes began the week cautiously, closing slightly positive as defensive sectors like utilities and real estate saw buying. Let’s see what else you missed. 👀

Today's issue covers Apple’s WWDC event, the S&P index shakeup, and more from the day. 📰

Here's today's heat map:

8 of 11 sectors closed green. Utilities (+1.29%) led, & financials (-0.39%) lagged. 💚

Southwest Airlines rose 7% on news that activist Elliott Management has acquired a $1.90 billion stake and is pushing for leadership changes. ✈️

Krispy Kreme shares rebounded 6% after the company announced four new Doughnut Dot flavors, hoping to better compete with Dunkin’. 🍩

Cognizant Technologies jumped 2% on the news that it will acquire digital engineering firm Belcan for $1.30 billion in cash and stock, expanding its footprint in aerospace, defense, space, and autos. 💰

Abbott Labs was flat despite news that the U.S. Food & Drug Administration (FDA) approved two new over-the-counter continuous glucose monitors. 👍

GameStop shares continued to slide as the company’s 75 million share offering and lack of clarity from Roaring Kitty weighed on them. 😟

And several stocks jumped following analyst upgrades, including: ReNew Energy Global (+5%), Planet Fitness (+5%), and DraftKings (+3%). 🔺

Other active symbols: $JMIA (+17.07%), $CELH (-9.60%), $LPA (-27.55%), $HUDA (+11.74%), $SOUN (+2.58%), and $NVAX (-11.91%). 🔥

Here are the closing prices: 

EARNINGS
Apple Awaits A Catalyst That’s Not A Calculator

Apple’s stock price has been pretty lackluster this year as its tech peers push onto new highs; it’s been waiting for its next catalyst. That’s why coming into today’s Worldwide Developers Conference (WWDC), hopes were high that it would reveal a plan for reigniting revenue growth via a “new frontier.” 🔮

And instead, we got a calculator app. 🤣

Ok, we’re being a bit facetious; here’s an actual list of announcements.

Obviously, the artificial intelligence (AI) segment was the most highly anticipated, but whether Apple delivered remains debatable.

Its announcement centered on Apple Intelligence, whose generative AI models will be available across iOS, iPadOS, and macOS. Some of its touted capabilities include context-driven notifications, writing improvements, image generation, cross-application tasking, focus on personal context, and private cloud computing. 🤖

Given the concerns around data and AI models, executives said privacy is a top priority for Apple, “extending the privacy and security of your iPhone into the cloud.”

That preceded a partnership announcement with OpenAI that will integrate ChatGPT with Siri. However, given OpenAI’s recent issues around data and privacy, the news drew some pushback from a familiar critic…Elon Musk.

Despite that, the Stocktwits community pushed sentiment into “extremely bullish” territory as they look past the headlines and towards these announcements’ longer-term potential. As for technical analysts, Apple shares are stuck below resistance in the 195-200 region and lack a clear catalyst to break through. As always, time will tell which side is right. 🤷

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