The U.S. stock market took a hit late last week following the current presidential administration’s decision to impose a tariff on imported steel, sending the Dow Jones Industrial Average down more than 500 points on Friday alone.
Here’s what you should know:
Alphabet Inc (GOOG, GOOGL)
Amazon has reportedly snubbed some of the Google parent company’s line of smart home products, which has prompted Nest — owned by Google — to not restock its items on the retailer’s site once they sell out.
Business Insider reported that a conference call between the two companies revealed that Amazon will not be stocking new Nest products, which includes thermostats and home security systems.
It is unclear why this is happening, but a person familiar with the issue said that the order may have come from CEO Jeff Bezos. “On that call, says the person, Amazon told Nest that the decision came from the top — and that it had nothing to do with the quality of Nest products, which had great reviews on Amazon,” said the anonymous source.
GOOG stock is up 3.1% year-to-date (YTD), GOOGL shares are up 2.9% YTD and AMZN stock is up 28.3% YTD.
Apple Inc. (AAPL)
There are rumors of Apple releasing a cheaper MacBook this spring.
Not much is known about this particular rumor, but a cheaper alternative to the MacBook Air would make a lot of consumers happy due to the fact that we haven’t had this option for years as the price of the device has remained the same.
As things stand, a MacBook Air — which is the company’s cheapest laptop — will set you back a minimum of $999, which is quite a bit to shell out considering the alternatives in their market and their more affordable prices.
However, KGI analyst Ming-Chi Kuo, who has a great reputation of predicting Apple products and reporting leaks, said that Apple is getting ready to release a MacBook Air with a “lower price tag” this spring.
AAPL stock is up 4.1% YTD.
Frontier Communications Corp (FTR)
Frontier Communications employees have officially gone on strike.
Workers with the communications company have been negotiating for 10 months through the Communications Workers of America, noting that they have not been able to reach a fair deal with the company.
The lack of resolution in this matter has led 1,400 Frontier Communications workers in West Virginia and in Ashburn, VA to go on strike early Sunday. Complaints over fair compensation have been on the rise over the past three years, increasing by 69% from 2014 to 2017.
“We have been very clear throughout the bargaining process that our top priority is keeping good jobs in our communities,” said Ed Mooney, Vice President of CWA District 2-13. “Going on strike is never easy. It’s a hardship for our members and the customers who we are proud to serve. But the job cuts at Frontier have gone too far — we know it and Frontier’s customers know it. It’s time for Frontier to start investing in maintaining and rebuilding its network in West Virginia.”
“Our objective in these negotiations has been to preserve good jobs with competitive wages and excellent benefits, while addressing the needs of our ever-changing business,” said Chris Levendos, executive vice president, Field Operations. “All of our contract proposals have included the continuation of generous wages and benefits. We would like to continue to engage in constructive contract negotiations with CWA and resolve this matter quickly.”
FTR stock is up 3.6% YTD.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.