Top Stories Tuesday: Apple, Pier 1 and HSBC
This morning, we're breaking down Apple's announcement that it doesn't expect to meet its March revenue guidance, HSBC cutting 35,000 jobs and Pier 1 .
Let's start with Apple
Apple announced Monday, Feb. 17 that it expects the impact from the coronavirus to impact its iPhone supplies.
The company said that the iPhone shortages will affect its near-term sales.
While Apple's manufacturing sites in China are back online, the company said that it's taking longer than expected to reach normal conditions again.
The stock is up around 90% in the past year.
Then there's HSBC
HSBC, which is Europe's largest bank, announced its plans to cut 35,000 jobs in the next three years. This will reduce its workforce to around 200,000.
The bank also announced a nearly 33% fall in pre-tax profit in 2019 to $13.35 billion, which fell short of expectations for $19.83 billion.
And, HSBC also warned about the potential impact that the coronavirus could have on its business in Asia.
Over the past year, HSBC is down around 11%.
Finally, there's Pier 1
Pier 1 filed for Chapter 11 bankruptcy.
The company affirmed that it's pursuing a sale of the company and that it's in talks with buyers.
The bankruptcy process will be used to close 450 store locations, including all stores in Canada.
The company's deadline to submit qualified bids is March 23.
Over the past year, the stock has plummeted 80%.
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