Apple’s Slump Continues Despite Beating Sales Expectations
Apple (AAPL.O) forecasts that a sales slump would continue into the current quarter, sending shares down despite beating Wall Street sales and profit targets in the fiscal third quarter. Apple shares dropped about 2% after the company predicted what could be the fourth quarter in a row of declining sales.
Cuba Limits Bans Company Access To ATMs
The Cuban Central Bank issued rules this week banning state and private businesses from using ATMs and limiting cash transactions between them, as it seeks to tame runaway inflation and off-the-books business amid a grave economic crisis. The regulations came to effect yesterday. Transactions will be limited to 5,000 pesos and will be implemented gradually over the course of six months, an official media said.
Sixth Weekly Gain For Oil Prices Since Output Cuts
Oil prices rose for a second day today, marking its sixth week of gains after Saudi Arabia and Russia, the world’s second and third-largest crude producers have pledged to cut outputs through the coming months. Brent crude futures for October rose by 30 cents, or 0.4%, to USD 85.44 a barrel while U.S. West Texas Intermediate crude for September rose by 36 cents, or 0.4%, to USD 81.90.
Today’s News
Stocks that are superconductor-related soared recently in South Korea on researchers’ claim of a breakthrough in its technology tanked today as experts sought proof of their claims, while the local exchange escalated its warning on the trading frenzy.
Mobiis Co. tumbled by a daily record of 30% while Duksung Co. slid by 17% respectively as the Korea Exchange escalated its warning level to an “abnormal surge” in the two particular stocks. The bourse suspended trading in Sunam Co. for one day after it surged nearly 280% over the previous eight sessions.
The gains were wildly driven by reports from the previous month, based on the claims of Korean researchers who claimed that they’ve created the world’s first superconductor which was able to conduct electricity at room temperature and ambient pressure, utilizing a material called LK-99. Such technology could revolutionize industries from computing to power. This has set the scientific community amuck, responding with an endless slew of questions, which were eventually left unanswered.
The Korean Society of Superconductivity and Cryogenics said Wednesday that it has convened a panel to verify the findings and asked the Quantum Energy Research Centre, which contributed to the initial research, to submit samples. The “unverified claims” are “causing a great controversy,” the academic group said.
More related news are as follows:
The Curious Case Of The LK-99 Ambient Superconductor
Superconductivity is the talk of the world once more as the concept of developing newer techniques for transporting electricity with no resistance is tantalizing because it has the potential to revolutionize the energy industry, reduce waste, lower bills and has the possibility to curb global warming altogether. To date, superconductivity has only been achieved at extreme temperatures — like -269C (-452F) — or pressure, limiting its use to a handful of expensive applications like hospital MRI scanners. That’s why claims of a breakthrough in finding the first room-temperature superconductor technology have immediately grabbed the world’s attention and sparked surges in certain Korean and Chinese stocks. Some scientists expressed serious doubts about the LK-99 superconductor but, because of its potential to transform life as we know it, the concept has become an obsession.
The temperamental properties of electricity have mesmerized investors and scientists alike. Under normal circumstances, it is difficult to conduct electricity from one place to another due to the clashing of electrons, which creates heat and reduces power; hindering its application. Currently they are known to exhibit such properties only under extreme cooling or extreme pressure. In 1911, Mercury became the first material discovered to have this property. Since then, metallic alloys, ceramics and other materials have been the alternative materials to achieve similar results.
Posco Soared After Investors Caught Wind Of E.V. Plans
The frenzy surrounding all-things electric vehicle (E.V.) has transformed a sleepy South Korean stock into one of the world’s best performing large and mid-cap names. But headwinds are emerging.
The winning streak for steelmaker, Posco Holdings Inc. may grind to a screeching halt after shares jumped 65% in July on bets that the firm’s USD 92 billion spending plan would give it a foothold in the fast-growing green industry. Analysts see expensive valuations as a deterrent following a rally that added almost USD 18 billion to the stock’s market value in the previous month.
Asia Shares Rise With Steady Treasuries
Shares in Asia climbed after an early stumble while a slump in Treasuries weighed on Australian and New Zealand government bonds. U.S. equity futures rose, retracing a downbeat day for Wall Street.
Stocks in Japan retraced early losses to trade flat alongside Australian shares while benchmarks in China opened higher. The moves pushed a gauge of the region’s equity toward its first advance since the beginning of the week.
