The Score: Apple, Coinbase, and More Stocks That Defined the Week
Apple introduced its first major new product in nearly a decade, the Vision Pro virtual and augmented reality headset, at the company’s Worldwide Developers Conference. Photo: john g mabanglo/Shutterstock By Francesca Fontana June 9, 2023 6:09 pm ET The Score is a weekly review of the biggest stock moves and the news that drove them. Apple Apple is entering the world of virtual reality. The tech giant on Monday unveiled its first major new product in nearly a decade, the Vision Pro headset. The device allows users to experience virtual reality and any content available on a computer monit
Apple introduced its first major new product in nearly a decade, the Vision Pro virtual and augmented reality headset, at the company’s Worldwide Developers Conference.
Photo: john g mabanglo/Shutterstock
The Score is a weekly review of the biggest stock moves and the news that drove them.
Apple
Apple is entering the world of virtual reality.
The tech giant on Monday unveiled its first major new product in nearly a decade, the Vision Pro headset. The device allows users to experience virtual reality and any content available on a computer monitor overlaid on the real world.
“‘Blending digital content with the real world can unlock experiences like nothing we’ve ever seen.’”
— Chief Executive Tim Cook, on Apple’s Vision Pro.In a video at Apple’s Worldwide Developers Conference, Chief Executive Tim Cook called the Vision Pro a new “spatial computing” platform. Users can control the device with their hands and experience movies, TV shows and games in a more immersive way.
“$3,499”
— The price of Apple’s Vision ProApple is entering an uncertain market for virtual and augmented reality devices. Meta Platforms has mostly dominated the market to date with its Quest headsets, but has struggled to keep users engaged.
Apple shares lost 0.8% Monday after surging earlier in the day, while Unity Software shares jumped 17%.
Coinbase Global
Regulators are trying to rein in the crypto industry.
The Securities and Exchange Commission on Tuesday sued , the biggest crypto exchange in the U.S., a day after filing a lawsuit against Binance, the world’s largest crypto exchange, and its founder.
The agency alleged that Coinbase violated rules that require it to register as an exchange and be overseen by the federal agency. The company pushed back, accusing the regulator of taking an “enforcement-only approach” with the crypto industry in the absence of clear rules.
The suits are the latest development in the crypto crisis, which began with last year’s collapse of FTX.
Coinbase shares dropped 12% Tuesday.
Spotify Technology
More layoffs are coming to Spotify.
The streaming company said Monday it plans to cut about 200 jobs, or 2% of its workforce, the latest sign of its struggles to make money in the podcast business.
“200 employees”
— Spotify layoffs announced Monday“600 employees”
— Spotify layoffs announced in JanuarySpotify is combining its podcast studios
Spotify said in January that it would lay off about 600 employees, or 6% of staff, as part of a broader cost-cutting mission after the streaming company went on a spending spree during the pandemic.
Spotify shares rose 3% Monday.
Warner Bros. Discovery
Chris Licht is out at CNN.
Licht’s departure came days after a blistering profile in the Atlantic led to a revolt inside the news network, as both on-air talent and producers voiced their growing frustrations and anger over his leadership.
Warner Bros. Discovery shares gained 8.4% Wednesday.
GameStop
The videogame retailer’s shares plummeted following Wednesday’s announcement that GameStop fired Chief Executive Matt Furlong —without giving a reason—and elevated Ryan Cohen to executive chairman. GameStop also posted disappointing quarterly earnings.
The ousting comes around two years after Mr. Furlong was hired as part of a push for the GameStop to move faster into e-commerce. Furlong came from , while Cohen co-founded the online pet-supply retailer . Cohen was elected chairman of GameStop in 2021 after building up an activist stake in the company.
GameStop shares plunged 18% Thursday, its largest percentage decrease since mid-2021, the year GameStop became a meme stock.
Carvana
Carvana shares surged on Thursday after the online used-car retailer said its cost-cutting efforts are taking hold.
Carvana has struggled over the past year due to rising interest, stubbornly high inflation and falling prices for used cars.
The company pursued aggressive growth during the pandemic as Americans, buoyed by low interest rates, flocked online to buy used cars. But last year the company’s sales growth reversed. In 2022, the stock fell about 98%.
Carvana shares closed up 56% to $24.23, the stock’s highest close since September.
Write to Francesca Fontana at [email protected].
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