In today’s edition of Rob Black’s Winners and Losers, our financial expert Rob Black and KRON4’s James Fletcher talk about the job market, Apple, and Snapchat.
Rob also answers the viewer question, “Can I buy Hulu as a stock?”
Here are today’s Winners and Losers:
Winner: Businesses added solid 204K jobs in April . . . U.S. job growth may have bounced back in April. ADP, the large payroll processor, said that businesses added 204,000 jobs last month, possibly signaling the government’s employment report this week will reveal a rebound in hiring after a weak showing the prior month. Despite rising trade tensions, more volatile financial markets, and poor weather, businesses are adding a robust more than 200,000 jobs per month.
Winner: Apple pops after beating Wall Street expectations — and it plans to buy back $100 billion in stock . . . Apple reported strong iPhone sales in the first three months of the year, throwing cold water on the most feverish fears gripping some investors, concerned that the tech company’s key business line was running out of steam. Apple also declared a new $100 billion stock buyback program, and boosted its dividend to by 73 cents a share. Apple CFO Luca Maestri said the buybacks would start this quarter. Much of the capital return was made possible after Apple was able to bring $269 billion in overseas holding back to the United States after the tax reform bill passed last year. iPad sales: 9.1 million, up 2% year-over-year, Mac sales: 4.07 million, down 3% year-over-year
Loser: Snap crashes to a record low after its earnings disaster . . . Snap is set to open Wednesday near a record low after its earnings disaster. The company attributed its revenue miss to the Snapchat redesign. It warned that its second-quarter growth rate will decelerate. Snap is now down about 24% this year.