Apple

Ticker AAPL

Today's data summary

Market open
% change
-2.07%
Price US dollars
179.00
Change
-3.78
As of 14:11 23 May 2019
Market cap. US dollars
848.10 million
As of 14:16 23 May 2019

Latest updates

Apple to warn iPhone users over updates

Apple iPhone
Getty Images

Apple has pledged to warn iPhone owners if a software update is likely to slow down the device or affect battery life.

The Competition and Markets Authority (CMA) in the UK had expressed concerns in 2017 that people had not realised an operating system update could affect the performance of the phone.

It was concerned that iPhone owners had been repairing their devices or replacing the batteries unnecessarily.

It can now take court action if Apple does not comply.

The CMA added that by signing up to this commitment to greater transparency, Apple was bound by it.

Read more here

Markets update

Today Programme

BBC Radio 4

George Godber, Fund Manager at Polar Capital, says there's plenty going on for US and UK stock-watchers.

He says the main drop in the US stock market last night can be put down to these "substantial" tariffs the USA rolled out. He points out that no matter what US President Donald Trump says, they are a domestic tax and will hurt domestic producers. "The first round of tariffs were quite modest; this is more substantial," he says.

Apple shares dropped 5% after a lawsuit was allowed to proceed challenging the company's monopoly position over its app store. The shop, which charges as much as 30% commission, is the only way to get software on your phone, and that's being challenged, he says.

At 0700 we get an update from Vodafone. Will it maintain its dividend? Profits are flat for the last six to seven years, and they have an affordable dividend he thinks. No-one likes seeing them cut though.

Apple lawsuit given green light

Apple iphone
Getty Images

The US Supreme Court has paved the way for a class action lawsuit by consumers accusing Apple of monopolising the market for iPhone software applications and forcing them to overpay.

The court said the customers could sue Apple over the 30% commission it charges developers who want to sell apps through its App Store.

US shares slide on trade war fears

US shares have fallen sharply in early trading.

The Dow Jones is down 1.8% and the Nasdaq Composite is down by 2.2%.

It follows an escalation of the trade war between the US and China.

China plans to impose tariffs on $60bn (£46bn) of US goods from 1 June.

The move comes three days after the US more than doubled tariffs on $200bn of Chinese imports.

Apple shares are down more than 4%. The company receives more than 20% of its sales from China and some of its most import suppliers are based in the country.

Other technology shares are also lower - in particular computer chip shares.

Apple sales fall

chart
BBC

In figures released late on Tuesday, Apple said revenue from the iPhone dropped by 17% to $31bn.

Sales of iPhones fell at their steepest-ever rate during the three months to the end of March but are showing signs of stabilising.

There's a story here.