Stocks are starting the final week of the year with modest gains, driven by a strengthening dollar. Apple is exploring smart home security to compete with Amazon's Ring, while Wedbush predicts record iPhone sales fueled by AI. Other news includes FDA approvals for cancer drugs, potential TikTok solutions, Meta's smart glasses plans, and a $1.5 billion HP acquisition by Samsung.
Stocks are modestly higher to begin the final full trading week of 2023 as the dollar strengthens and oil and gold pull back. Apple is reportedly looking into smart doorbell and lock devices to bolster its home security offering and better compete against Amazon's Ring and other rivals. Meanwhile, Wedbush reaffirmed its view that Apple Intelligence will bolster demand for new devices.
'In our view, Apple could sell north of 240 million iPhone units in FY25 as this AI-driven upgrade cycle takes hold and this will be the highest iPhone unit sales year in Apple's history,' said Wedbush. The European Commission has approved Opdivo plus Yervoy, two drugs that can be used in combination for treating certain kinds of cancer. President-elect Donald Trump indicated over the weekend that he might be open to some solutions to allow TikTok to keep operating in the U.S. The Supreme Court is set to hear oral arguments on Jan. 10 as the social media company tries to halt a federal ban that would start on Jan. 19, one day before Trump re-enters the White House. While a ban would likely prove positive for engagement on other social media platforms offered by Meta Platforms, the company is looking to add displays to its line of smart glasses, possibly as soon as next year. Printer and printing software maker HP Inc. is being acquired by Samsung Electronics in a $1.5 billion deal expected to close in the second half of 2025. Microsoft's price target has been raised to $550 from $500. The analysts said Microsoft shares should fetch a larger premium than its large-cap software peers
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