iPhone Has Never Been More Popular With Teens
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iPhone Has Never Been More Popular With Teens

And that’s good for Apple stock.

By Jack Denton
Thu, Apr 7, 2022 11:14amGrey Clock 2 min

The popularity of Apple’s iPhone with teenagers is near record highs, according to research from Piper Sandler. And that’s good for Apple stock.

In its 2022 survey of teens, which covered more than 7,000 respondents, Piper Sandler found that 87% had an iPhone — only slightly below the 88% record set in spring 2021. Analysts at the investment bank said that this number could return to record highs because 87% also intend the iPhone to be their next smartphone purchase.

Apple (ticker: AAPL) shares were down 1.5% in Wednesday’s premarket trading, largely in line with futures tracking the S&P 500 and Nasdaq indexes.

“Overall, we view the survey results as a sign that Apple’s place as the dominant device brand among teens remains well intact,” a team at Piper Sandler led by Harsh V. Kumar said in a report Wednesday.

More than 23% of teens plan to upgrade to an iPhone 13 in the coming months, the data showed.

“The iPhone appears to be set up well, with iPhone 13 ownership off to a strong start,” the Piper Sandler analysts said. “iPhone ownership remains near all-time levels, with continued strong purchase intention moving forward.”

The data is a good sign for Apple stock — especially the sky-high purchase intentions for the iPhone. The company’s flagship product is a key driver of revenue at the tech giant, and, as Barron’s has reported, the company’s stock price practically lives and dies based on yearly iPhone sales.

Apple’s non-handset products are also doing well, according to the research, with more than 30% of teens surveyed owning an Apple Watch and 72% owning AirPods.

The Piper Sandler survey also revealed that TikTok has surpassed Snapchat for the first time as the favourite social media platform among teens, at 33% compared to 31% preference for Snapchat. Shares in parent company Snap (SNAP) were down more than 2% in premarket trading Wednesday.

E-commerce giant Amazon (AMZN) also remained top-of-mind among teens as a preferred website, according to the analysts; shares in Amazon were 1.5% lower.



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Boost for World Economy as U.S., Eurozone Accelerate in Tandem

Surveys point to a fresh acceleration in the U.S., even as growth in the eurozone strengthens

By JOSHUA KIRBY
Sat, May 25, 2024 3 min

Global economic growth is becoming more broad based, with surveys indicating that business activity in both the U.S. and the eurozone gained momentum in May.

The eurozone economy contracted in the second half of 2023 following a surge in energy and food prices triggered by Russia’s invasion of Ukraine, and the subsequent rise in interest rates intended to tame that inflation.

By contrast, the U.S. economy expanded strongly over the same period, opening up an unusually wide growth gap with the eurozone. That gap narrowed as the eurozone returned to growth in the first three months of the year, while the U.S. slowed.

However, surveys released Thursday point to a fresh acceleration in the U.S., even as growth in the eurozone strengthened. That bodes well for a global economy that relied heavily on the U.S. for its dynamism in 2023.

The S&P Global Flash U.S. Composite PMI —which gauges activity in the manufacturing and services sectors—rose to 54.4 in May from 51.3 in April, marking a 25-month high and the first time since the beginning of the year that the index hasn’t slowed. A level over 50 indicates expansion in private-sector activity.

“The data put the U.S. economy back on course for another solid gross domestic product gain in the second quarter,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.

Eurozone business activity in turn increased for the third straight month in May, and at the fastest pace in a year, the surveys suggest. The currency area’s joint composite PMI rose to 52.3 from 51.7.

The uptick was led by powerhouse economy Germany, where continued strength in services and improvement in industry drove activity to its highest level in a year. That helped the manufacturing sector in the bloc as a whole grow closer to recovery, reaching a 15-month peak.

By contrast, surveys of purchasing managers pointed to a slowdown in the U.K. economy following a stronger-than-expected start to the year that saw it outpace the U.S. The survey was released a day after Prime Minister Rishi Sunak called a surprise election for early July, banking on signs of an improved economic outlook to turn around a large deficit in the opinion polls.

Similar surveys pointed to a further acceleration in India’s rapidly-expanding economy, and to a rebound in Japan, where the economy contracted in the first three months of the year. In Australia, the surveys pointed to a slight slowdown in growth during May.

Businesses reported that they were raising their prices at the slowest pace since November, which should reassure the European Central Bank. However, the eurozone continued to add jobs in May, suggesting that wages might not cool as rapidly as the ECB had hoped.

The ECB released figures Thursday that showed wages negotiated by labor unions in the eurozone were 4.7% higher in the first quarter than a year earlier, a faster increase than the 4.5% recorded in the final three months of 2023

The ECB has signalled it will lower its key interest rate in early June, while the Fed is waiting for evidence that a slowdown in inflation will resume after setbacks this year.

Nevertheless, eurozone businesses and households shouldn’t bank on successive cuts to borrowing costs, ECB Vice President Luis de Guindos said. “There is a huge degree of uncertainty,” he said. “We have made no decisions on the number of interest rate cuts or on their size,” he said in an interview published Thursday. “We will see how economic data evolve.”

Continued resilience in the eurozone economy would likely make the ECB more cautious about lowering borrowing costs after its first move, economist Franziska Palmas at Capital Economics wrote in a note. “If the economy continues to hold up well, cuts further ahead may be slower than we had anticipated,” she said.

– Edward Frankl contributed to this story.

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