Apple, WestRock, GameStop: Stocks to Watch Today


The U.S. stock market is set to open higher on Thursday, September 7, 2023, after a mixed session on Wednesday. Investors are awaiting the latest weekly jobless claims data and the European Central Bank’s policy decision. Here are some of the stocks that are in focus today:


Apple Faces Antitrust Probe in Japan

Apple is under investigation by Japan’s Fair Trade Commission for allegedly violating antitrust laws by forcing its app developers to use its payment system and charging them a 30% commission fee1. The probe was launched after several complaints from app developers and e-commerce companies, who claim that Apple’s practices are unfair and stifle competition2. Apple has faced similar scrutiny in other countries, including the U.S., the EU, and South Korea, where it recently agreed to pay $300 million to settle a lawsuit filed by local app developers3.

  • Apple is one of the most valuable companies in the world, with a market capitalization of over $2.5 trillion.
  • The company reported record revenue of $81.4 billion in the third quarter of 2023, up 36% year-over-year, driven by strong demand for its iPhone, iPad, Mac, and services.
  • Apple’s stock has gained 15% this year, outperforming the S&P 500 index, which has risen 12%.
  • The stock closed at $152.58 on Wednesday, near its all-time high of $157.26 reached on August 28.

WestRock to Sell Home, Health and Beauty Business for $1.2 Billion

WestRock, a leading provider of paper and packaging solutions, announced that it has agreed to sell its home, health and beauty business to Silgan Holdings for $1.2 billion in cash. The deal is expected to close in the first quarter of 2024, subject to regulatory approvals and customary closing conditions. WestRock said that the sale will allow it to focus on its core businesses and enhance its financial flexibility. The company also raised its quarterly dividend by 7.5% to $0.215 per share.

  • WestRock is one of the largest paper and packaging companies in the world, with annual revenue of $18.7 billion in 2022.
  • The company operates in three segments: corrugated packaging, consumer packaging, and land and development.
  • WestRock’s stock has fallen 9% this year, underperforming the S&P 500 index, which has risen 12%.
  • The stock closed at $47.23 on Wednesday, below its 52-week high of $60.02 reached on May 10.

GameStop Reports Wider-Than-Expected Loss in Second Quarter

GameStop, a leading retailer of video games and consumer electronics, reported a wider-than-expected loss in the second quarter of 2023, as sales growth slowed amid supply chain disruptions and lower demand for gaming consoles. The company posted a net loss of $61.6 million, or $0.85 per share, compared with a net loss of $111.3 million, or $1.71 per share, in the same period last year. Analysts had expected a loss of $0.67 per share. Revenue rose 25% to $1.18 billion, slightly below analysts’ estimates of $1.19 billion. GameStop did not provide any guidance for the current quarter or the full year.

  • GameStop is one of the most popular meme stocks among retail investors, who have driven up its share price by over 900% this year despite its weak fundamentals.
  • The company has been undergoing a transformation under its new chairman Ryan Cohen, who is also the co-founder of online pet retailer Chewy.
  • GameStop has been expanding its e-commerce capabilities, hiring new executives, and exploring new growth opportunities in digital gaming and NFTs.
  • GameStop’s stock has fallen 28% in the past month, as investors have taken profits amid market volatility and regulatory uncertainty.
  • The stock closed at $199.36 on Wednesday, well below its record high of $483 reached on January 28.

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