The world’s most valuable company, Apple, closed near its all-time high on Monday. The stock ended the previous session 2.3% higher at $233 (£175) per share, just below the high of $234.82 it hit in July.
This took the tech giant’s market capitalisation up to $3.5tn.
US markets more broadly notched fresh records on the final day of the quarter, with the S&P 500 closing 0.4% in the green.
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Looking at Apple specifically, Barron’s reported that a Morgan Stanley note on Monday referred to stabilising lead times for some iPhone 16 models.
There had been some concern, following the launch of the new iPhone in September, that early demand for the latest model was lagging 2023 levels.
Other megacap tech companies also ended Monday’s session in positive territory, with Google-owner Alphabet (GOOG, GOOGL) up more than 1% and social media giant Meta Platforms (META) up nearly 1%.
Shares in sausage roll-maker Greggs dipped 5% on Tuesday morning, after it reported a slowdown in underlying sales growth in the third quarter.
The food-on-the-go retailer said like-for-like sales in this latest quarter were up 5%, versus 6.5% year-to-date, and slower than the 7.4% growth it reported in the first half.
However, Greggs said that it was “acknowledging ongoing economic uncertainty, [and] the board expects the full year outcome to be in line with its previous expectations”.
The British baker also said it expected the overall level of cost inflation for the year to be towards the lower end of the 4% to 5% range that it previously mentioned.
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In terms of new products, Greggs said it had launched a pumpkin spiced doughnut as part of its autumn menu. The chain said it was also on track to open between 140 and 160 net new shops in 2024.
Mamta Valechha, retail equity analyst at Quilter Cheviot, said: “We continue to like Greggs; the group ranks highly on price perception and quality among coffee shops and quick service restaurants. There is significant growth potential in London and south-east England, and Greggs remains second only to McDonald’s in monthly active app users.”
Despite Tuesday’s fall in share price, Greggs is still up 14% year-to-date.
Carmaker Stellantis tumbled in Monday’s session, after it cut its outlook for the full-year.
The company warned adjusted operating income (AOI) margins were now expected to be between 5.5% and 7%, down from the double digits it had previously forecast.
“Roughly two-thirds of the reduced AOI margin is driven by corrective actions in North America,” Stellantis said. “Other contributors include lower than expected sales performance in the second half of the year across most regions.”
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The carmaker also said it now expected to see negative cashflow for the year of between €5bn (£4.2bn) and €10bn.
The company also reportedly said on Monday that it was recalling 194,000 plug-in hybrid jeeps over fire risk.
Stellantis wasn’t the only European carmaker to fall in the previous session, as Aston Martin (AML.L) also slumped after warning on profits.
Super Micro Computer (SMCI)
Technology company Super Micro Computer underwent a 10-for-1 stock split following the market close on Monday.
Stock splits increase the number of shares in circulation, which reduces the share price, broadening accessibility to a wider range of investors.
A number of companies have announced stock splits this year, including chipmaker Nvidia (NVDA) and retailer Walmart (WMT).
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Shares in Super Micro fell sharply last week after the Wall Street Journal reported that the US Department of Justice is investigating the company over alleged accounting irregularities.
In August, the company announced that it would be delayed in filing its annual report. A day prior to that announcement, Hindenburg Research disclosed it had taken a short position in the company and claimed it had found “fresh evidence of accounting manipulation“.
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