Business and Finance News - 6.12.24

Apple Partners with Affirm to Offer Buy Now, Pay Later Loans, Boosting Stocks and Expanding Payment Options

• Apple (AAPL) device users can access buy now, pay later loans from Affirm.

• Affirm (AFRM) will be available for U.S. Apple Pay users on iPhones and iPads this year.

• Apple Pay will offer installment loans via credit and debit cards with Citigroup, Synchrony, and Fiserv.

• Apple Pay's installment loans aim to provide flexibility, transparency, and no hidden fees.

• Apple’s BNPL loan repays purchases in four installments over six weeks.

• Affirm offers longer-term repayment options over a year or more.

• Affirm’s stock rose 11% after the announcement, while Apple’s stock increased by 7.3%.

-Affirm is a financial technology company that provides point-of-sale financing and buy-now-pay-later (BNPL) solutions. 

-Apple Inc. is a multinational technology company known for its innovative products and services (iPhone, iPad, Mac Computers, etc.).

Apple Stock Soars 7% After Unveiling AI Platform, Boosting Market Cap to $3.1 Trillion

• Apple (AAPL) stock surged 7% after announcing its AI platform, Apple Intelligence.

• Apple Intelligence integrates AI across iPhone, Mac, mail, messages, and photos.

• Siri updates include parsing addresses in messages and finding photos via voice prompts.

• The AI features will be available on iPhone 15 Pro, iPads, and Macs with M1 chips or newer.

• Apple's stock is now the second-most-valuable company with a $3.1 trillion market cap.

• Analysts expect the AI features to drive an upgrade cycle across Apple devices.

• Apple stock has risen over 15% in the past two months amid AI rumors.

-Apple Inc. is a multinational technology company known for its innovative products and services (iPhone, iPad, Mac Computers, etc.).

Eli Lilly's Alzheimer's Drug Donanemab Wins FDA Panel Endorsement Amid Stock Fluctuations and Broad Label Support

• Eli Lilly's (LLY) Alzheimer's drug, donanemab, received FDA panel endorsement.

• Analysts expect donanemab to gain FDA approval despite the stock's seesawing.

• Donanemab and Leqembi work by clearing amyloid beta plaques from the brain.

• Prothena and Roche are also developing amyloid-targeting Alzheimer's treatments.

• Donanemab requires a monthly 30-minute infusion, whereas Leqembi requires bi-weekly hourlong infusions.

• FDA advisors supported a broad label for donanemab despite higher ARIA risks.

• Analysts predict donanemab will have a black box warning similar to Leqembi.

-Eli Lilly and Company is a global pharmaceutical company that discovers, develops, manufactures, and markets products in the areas of oncology, endocrinology, neuroscience, and immunology.

General Motors (GM) Approves New $6B Stock Buyback Following Completion of $10B Program Amid Strong Yearly Gains and EV Market Uncertainty

• General Motors (GM) announced a new $6 billion stock repurchase authorization.

• This follows a $10 billion share repurchase program to be completed by month-end.

• GM shares were up 1% in premarket trading and 32.4% this year.

• CFO Paul Jacobson emphasized the focus on profitability and efficient capital deployment.

• The new buyback allows opportunistic repurchases after the existing program ends.

• GM faces uncertainty with all-electric vehicle adoption and stalling new vehicle demand.

• Investments in brands and products have led to strong revenue growth and free cash flow.

-General Motors (GM) is a multinational corporation that designs, manufactures, markets, and distributes vehicles and vehicle parts.

Spotify to Launch $5 HiFi Add-On with Playlist Tools, 24-Bit Lossless Audio, and AI Features

• Spotify (SPOT) plans to launch a premium HiFi audio add-on for an extra $5 per month.

• The HiFi tier will include tools to create playlists and manage music libraries.

• Users can add the HiFi tier to their existing Spotify Premium plans.

• Adding HiFi to Spotify Premium, which will cost $11.99 next month, totals $16.99.

• The HiFi tier may offer custom playlist generation for specific activities and times.

• Code within Spotify's app suggests 24-bit lossless audio and AI-generated playlists.

• Spotify initially announced HiFi in 2021, but it was delayed and is still forthcoming.

-Spotify is a digital music, podcast, and video streaming service that provides access to millions of songs and other content from artists all over the world.

Here’s how the markets closed yesterday:

• Dow Jones: 38,747.42 -120.62 (-0.31%)

• S&P 500: 5,375.32 +14.53 (+0.27%)

• Nasdaq: 17,343.55 +151.02 (+0.88%)

• Bitcoin (BTC): $67,359.53 (4:00PM PST on 6/11/24)

• Ethereum (ETH): $3,500.17 (4:00PM PST on 6/11/24)

Here’s how the THE SUPER SIX STOCKS did yesterday:

• Microsoft (3.216T): 432.68 +4.81 (+1.12%)

• Apple (3.176T): 207.15 +14.03 (+7.26%)

• Nvidia (2.979T): 120.91 -0.87 (-0.71%)

• Alphabet (2.202T): 178.19 +1.56 (+0.88%)

• Amazon (1.948T): 187.23 +0.17 (+0.09%)

• Meta Platforms (1.287T): 507.47 +4.87 (+0.97%)