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Apple Crosses $1tn market cap, Jet Airways To Run Out of Business et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Aug 3, 2018 12:47 PM 2 min read

End of Day Wrap-up (Friday / Aug 3, 2018) #PMI #JetAirways #Swiggy #SoftBank #GeneralAtlantic #Apple #US #China #DuoSecurity #Transfin

Editor's Comment: July sees strongest service sector growth since October 2016, according to Purchasing Managers Index. Strong demand has been one of the key drivers, as the seasonally adjusted Nikkei India Services Business Activity Index rose from 52.6 to 54.2, from June to July.


Jet Airways likely to be grounded within 60 days if cost cutting measures are not implemented. Poor financials have led Jet Airways to implement cost cutting measures like pilots’ pay-cut, maintenance reductions etc to slash costs and increase revenues that are threatened by surging fuel prices and a weaker rupee.


Swiggy in talks with SoftBank, growth equity firm General Atlantic and others to raise $500mn; post funding valuation may go up to $2.5bn. Swiggy is in talks with current and new investors, which including SoftBank, growth equity firm General Atlantic and Chinese hedge funds Tybourne Capital and Hillhouse Capital for its third round of funding this year. 


Apple becomes first publicly traded US Company to cross $1tn market cap on back of strong Q3 results. Apple closed above $1tn market cap yesterday on markets as share price reached $207.05 and adjusted share was 4,829,926,000 shares.


China plans tariffs on about $60bn in US Goods; to levy duties at levels of 25%, 20%, 10%, and 5% on about $60bn US imports, the Finance Ministry said in a statement.


Cisco to buy US-based digital security firm, Duo Security for $2.35bn. This acquisition will help Cisco to bolster its portfolio in the security market through cloud based authentication and multi factor authentication.