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MarketWatch MarketPulseDec 10, 2018
Apple news from China is 'another gut punch' for iPhone maker, analyst says
News that a Chinese court has ordered Apple Inc. to stop selling some iPhones after finding it infringed on patents held by Qualcomm Inc. is "another gut punch" for the company that adds to all the noise recently coming from China, according to Wedbush. Analyst Daniel Ives said the news is concerning, although he is expecting it to affect just 10% to 15% of sales in the region. "In a nutshell, with China being a linchpin of growth for Apple around iPhone sales any further dent in the armor at this juncture is not what Apple or investors wanted to see given the headwinds around sales of its latest XR model," Ives wrote in a note. "It continues to feel like every day the sun will come out and there will be another bad data point for Apple as since the company reported its quarter in early November it's been a string of bad news around iPhone demand, transparency in the food chain, supplier cuts, China tariff worries with the stock down significantly and losing its gains for the year." Still, Ives said he expects today's news to offer more noise than something that will have a real impact. He reiterated his outperform rating on the stock, which was down 0.1% in afternoon trade, while the Dow Jones Industrial Average was down 0.8% and the S&P 500 was down 0.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseDec 10, 2018
Allscripts shares rise on news to sell Netsmart, but Leerink questions move
Shares of Allscripts Healthcare Solutions Inc. rose 4.1% Monday, after the company said it is selling its Netsmart Technologies Inc. business for about $525 million. The healthcare IT company placed its homecare business in Netsmart in March of 2016 in exchange for the largest ownership stake in the company, which specializes in behavioral health, human services and post-acute care. The company expects the deal to close by the end of the fourth quarter. It will use the proceeds to pay down debt, invest in growth areas and buy back stock. Leerink analyst David Larsen said he viewed the sale as a "mixed outcome" for shareholders. "We are encouraged that the sale proceeds of ~$525M will allow the company to reduce its leverage and provide the potential for more share repurchases, but we question why management would sell the company if it has generated such good growth and value over the past few years," Larsen wrote in a note. "With weak 3Q18 bookings blamed in part by Netsmart sales distractions, we believe there will be even greater focus on 4Q18 bookings which may disappoint and lead to further stock pressure." Allscripts shares have fallen 32% in 2018, while the S&P 500 has fallen 1.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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