Updated Jan. 24, 2019 09:04:54Apple Inc. stock is up more than 50% on Tuesday, with investors betting that the smartphone maker is in a better position to compete with Amazon Inc. in the global smartphone market.
The company posted a third-quarter profit that beat Wall Street’s expectations, while its stock price climbed above $100 per share for the first time in almost three years.
Apple’s shares were up more or less 9% to $144.87 in after-hours trading.
The company also reported its first profit since it announced a $2 billion pay-to-play program last year.
Apple reported a profit of $10.3 billion in the third quarter, a gain of 37%.
Analysts expect Apple to record earnings per share of between $6.25 and $6, and net income of between 1.8% and 2% this year.
Apple’s stock price has risen more than 80% this century, with its average price nearly $130.
The shares have gained more than 100% over the past five years.
The stock rose more than 200% in 2016, the most in 20 years.
Investors are also betting that Apple will launch new devices and services, such as a new iPhone, next year.
The iPhone maker said it expects its iPhone 7 will have a 5.5-inch screen and a new camera.
Apple also said it will launch a new wireless charging standard with wireless charging in the iPhone 8 and the iPhone X.
Apple also announced it will buy Beats Electronics, a company that makes headphones and speakers, for $3 billion.
NEW YORK — Walmart stock price dropped $2 on Wednesday, after the retail giant announced a series of changes that would make it harder for retailers to sell their goods through its online sales platform.
Walmart, which has been under pressure for months over its online platform, said it will begin requiring customers to use a credit card to buy products.
Walmarts sales have declined for two straight quarters as competitors such as Amazon and Target cut prices and the company has been forced to cut prices in order to keep up with growing competition.
Its stock dropped $1.36, or 0.8%, to $62.93 in early trading.
Analysts said the new restrictions could have an impact on Walmart’s business, and the retailer is already struggling to survive as it attempts to grow its online business.
“They are making it very difficult to get your orders through and this could have a huge impact on business,” said Jeff O’Brien, chief investment officer at First Capital Advisors.
Amazon and Target have already begun phasing out the online sales service in the wake of the announcement.
The move to impose credit card fees is expected to hit Walmart’s bottom line as it tries to compete with Walmart’s rivals such as Best Buy, Amazon and Amazon Prime, which offer similar deals.
In addition to the online requirement, Walmart said it would begin restricting the ability of online retailers to use credit cards to sell items.
Walmarks stock price fell by $2, or 2%, to close at $62,861.
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