Tech Advances as Apple Rebounds -- Tech Roundup

September 18, 2023 at 21:06

Shares of technology companies rose as Apple rebounded.

Shares of Apple rose sharply after analysts at brokerage Wedbush said initial indications suggested demand for premium iPhone 15 models was strong. Other brokerages had the same impression.

"In the most negative investor sentiment towards Apple...encountered in a decade, the iPhone 15 cycle appears to be starting out better than feared," said analysts at brokerage Morgan Stanley.

Tech giants including Apple, Google-parent Alphabet and Microsoft were among the heaviest buyers of their own stock in a recent survey from S&P Global, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

Nikola shares surged after the maker of electric trucks named Mary Chan, former president of General Motors' global connected consumer group, as its chief operating officer.

Saudi Arabia is in talks with Tesla about setting up a manufacturing facility there, The Wall Street Journal reported, as part of an ambitious push by the kingdom to secure metals needed for electric vehicles and help diversify its economy away from oil.

Naspers said Bob van Dijk had stepped down as its chief executive, ending a near decadelong tenure that saw the company wrestle with the complications stemming from its multibillion-dollar stake in Chinese internet giant Tencent Holdings.

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