📉 Amazon and Apple tumble

Tech giants remember what disappointment feels like | Shell's still facing its own storm | [TOGETHER WITH]( Hi {NAME}, here's what you need to know for October 29th in 3:15 minutes. 🤓 The Finimize [#CryptoSummit2021]( is fast approaching, and the expert speakers just keep coming. There are now over 20 of them hosting 8 hours of sessions, and this week alone we’ve added Grayscale CEO Michael Sonnenshein, Christie’s senior vice president Neda Whitney, and Seed Club co-creator Jess Sloss into the mix. [Grab your free ticket]( Today's big stories - Apple and Amazon’s earnings fell well below expectations, as they struggle to maintain their post-pandemic momentum - Our analyst has looked into whether this Amazon-backed EV-maker could become the next Tesla – [Read Now]( - Oil giant Shell reported worse-than-expected results, and the road to recovery could be paved with renewables Water Damage [Water Damage] What’s Going On Here? Amazon and Apple both reported worse-than-expected results late on Thursday, and it’s going to take more than a bag of rice to fix this. What Does This Mean? Amazon finally has something to grumble about: revenue from the company’s ecommerce segment [climbed]( by a weaker-than-expected 12% last quarter versus the same time last year. It has reservations about the next few months too: it’s not expecting labor shortages to go away, even as it offers tasty incentives to poach workers off smaller outfits. Investors, then, initially sent its stock down 5%. Apple had better luck: revenue from its services segment – Apple TV, Music, and the like – grew by more than expected. But the company said it reckons the chip shortage has [cost]( it as much as $6 billion, and iPhone sales – which represent the company’s biggest source of revenue – came in below expectations too. Investors noticed: they sent its shares down 5%. Why Should I Care? Zooming in: Apple doth protest too much. If you followed [Facebook]( and [Snapchat’s]( earnings updates, you’ll know Apple’s new privacy settings have made it harder for advertisers to target would-be shoppers. And while Apple keeps waxing lyrical about how the move was in iOS users’ interests, that virtuousness looks a little threadbare considering that advertisers now have to pay Apple directly if they want to get noticed. It’s hardly a coincidence, after all, that the segment has more than tripled its market share in the six months since the changes were introduced… The bigger picture: A very wary Christmas. Amazon’s disappointing ecommerce update reflects a bigger problem: US consumer spending is dropping off, which is partly why the country’s economy [grew]( just 2% last quarter versus the same time the year before. That’s the slowest growth since the beginning of the recovery. So while your mom might think it’s the thought that counts this Christmas, economists beg to differ… You might also like: [Why a slowdown in the US bodes well for European stocks.]( Copy to share story: [( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=Water Damage&utm_campaign=daily-global-29-10-2021&utm_source=email) Analyst Take Could This Amazon-Backed EV Manufacturer Become The Next Tesla? [Could This Amazon-Backed EV Manufacturer Become The Next Tesla?]( [Photo of Stéphane Renevier] Stéphane Renevier, Analyst What’s Going On Here? You’d be forgiven for thinking Tesla’s Cybertruck – which Elon announced in typically understated fashion in 2019 – is [the world’s first electric truck](. But [one little-known company]( has actually beaten both Tesla and the long-established stalwarts to production. And now, as part of its victory lap, that carmaker has filed to [list on the stock market]( by the end of the year. A lot of investors will see this as a prime opportunity to buy in: the company, after all, is already [backed by Amazon, BlackRock, and even Ford](. But others might be a bit more hesitant, not least because this carmaker – which is reportedly aiming for a [$80 billion valuation]( – is yet to make one dollar in revenue. So that’s today’s Insight: [whether this carmaker really has what it takes to become the next Tesla](. [Read or listen to the Insight here](. SPONSORED BY BITTREX Security comes first With [Bittrex](, you have a crypto exchange that puts trust at the core of trading. [Bittrex’s premier trading platform]( offers lightning-fast trades, dependable digital wallets, and industry-leading security. You’ll discover [multiple layers of protection]( and two-factor authentication, as well as the most reliable tech on the market to [keep your funds and transactions secure](. That’s why Business Insider has rated Bittrex the [number one platform for account security](. All of this empowers you to trade with confidence every time: [start trading with Bittrex](. [Get Started]( Greenwashing [Greenwashing] What’s Going On Here? Shell’s quarterly results [missed]( expectations on Thursday, so the oil giant will do whatever it has to do to prove its green credentials and win investors back. What Does This Mean? You’d think that Shell would be raking it in as energy prices soar, but Hurricane Ida had other plans: the storm dented the energy giant’s oil and gas production in the Gulf of Mexico in late August, and sent its profit down by a higher-than-expected 25% last quarter versus the one before. So you can bet Shell’s doing everything it can to keep investors on side. And since they’re increasingly pushing the company to turn away from fossil fuels, that’s as good a place as any to start: it just sold its business in the Permian Basin – the biggest oil production site in America – for almost $10 billion, and announced on Thursday it’d be cutting its 2016 emissions level in half by 2030 ([tweet this](). Why Should I Care? The bigger picture: Oil and water don’t mix. Shell’s been using the profit it makes from its oil and gas business to fund its renewable energy segment, but legendary [activist investor]( Dan Loeb [reckons]( the two opposing businesses are actually dragging down the overall value of the company. And he’s putting his money where his mouth is: Loeb’s firm, Third Point, has reportedly taken a $750 million stake in Shell, and he’s using this newfound sway to urge Shell to split its business in half. Zooming out: Ford’s not doing Shell any favors. Shell makes a big chunk of its revenue from fuel for vehicles, but it can’t count on that income forever as electric vehicles (EVs) gain in popularity. And that’s only going to keep accelerating if Ford’s latest announcement is anything to go by: the carmaker [said]( this week that it’ll be spending $7 billion on four new plants that are forecast to produce 1 million EVs. It’s all part of a bid to make 40% of all the cars it sells electric by 2030. You might also like: [How to profit from the companies driving the EV boom.]( Copy to share story: [( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=Greenwashing&utm_campaign=daily-global-29-10-2021&utm_source=email) 💬 Quote of the day “I really think a champion is defined not by their wins but by how they can recover when they fall.” – Serena Williams (an American professional tennis player) [Tweet this]( SPONSORED BY HOMETAP Get a cash boost for something special So you need a bit of cash pronto: to [invest in a business](, maybe, or to [cover your kid’s tuition](. Here’s an idea: with [Hometap](, you’ll be able to [tap into the money]( tied up in your home without having to sell. See, Hometap lets you access [up to $600,000]( of your home’s equity in exchange for a share of your home’s future value. It’s not a loan, so there are no monthly payments or interest to worry about, and you’ll have [10 years]( to settle the investment by refinancing, buying Hometap out, or selling your home. 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