Apple's (AAPL 4.69%) recent earnings report showed that despite economic challenges, the demand for iPhones remains high. The iPhone continues to be the backbone of Apple's business, accounting for 54% of total sales in the last quarter. Strong pricing power helped Apple deliver robust profits as well. The company also reported that services revenue hit an all-time record.
Amazon (AMZN 1.59%) stock is trading at a significant discount. Although the company faced economic headwinds in 2022, it has strong competitive positions in e-commerce, digital advertising, and cloud computing. Amazon is gaining market share in all three areas, with e-commerce and digital advertising expected to continue growing through the end of the decade.
Atlassian (TEAM) -9.54% shares plummeted, the software company provides project management and collaboration tools for software developers and IT teams. Atlassian offers several products, including Jira, Confluence, and Bitbucket. The company is transitioning to a cloud-based business model and ending sales of on-premise software used in corporate data centers.
Motorola Solutions, Inc. (MSI) (-3.05%) is a company that provides communication solutions and services for public safety and commercial customers. They offer two-way radios, software and services that help customers operate safely and efficiently. They also provide advanced technology platforms for mission-critical communications, command center software, and video security and analytics. They help keep people and businesses safe and connected.
WHAT ELSE HAPPENED
Bank stocks rebounded after a difficult week, with the SPDR S&P Regional Banking an exchange-traded fund that aims to track the performance of the S&P Regional Banks Select Industry Index increasing by almost 6%, and PacWest Bancorp, Comerica, and KeyCorp also seeing gains.
A sell-off occurred after JPMorgan Chase acquired seized assets from First Republic and rumors of PacWest's strategic options. However, there were no unusual deposit outflows, indicating that the sell-off may have been excessive. The April jobs report, indicating the addition of 253,000 jobs and an unemployment rate of 3.4%, had no effect on the rebound.
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