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Tuesday Stock Market Update: Apple AI, Oil Prices, GM Buyback

Alex Vellor
09:11am, Tuesday, Jun 11, 2024
Photo: Envato

GM Approves $6 Billion Share Buyback

General Motors (NYSE: GM) announced on Tuesday that its board has approved a new $6 billion stock repurchase authorization. This comes as the company nears the completion of its accelerated $10 billion share repurchase program, announced in November 2023, which is expected to be finished by the end of this month.

GM shares rose 1% in premarket trading following the announcement, closing Monday at $47.57, up about 32.4% this year.

Premarket Movers:

Company Stock Symbol Change Reason
Apple NASDAQ:AAPL fell 0.2% Unveiled AI strategy, integrating "Apple Intelligence" technology across apps, including Siri, and bringing ChatGPT to devices.
General Motors NYSE:GM rose 1.1% Board authorized a fresh $6 billion stock repurchase plan.
Calavo Growers NASDAQ:CVGW rose 13% Reported a substantial beat on both earnings and revenue for the fiscal second quarter.
Shopify NYSE:SHOP rose about 1% JPMorgan initiated coverage with an overweight rating, noting the recent stock pullback as a buying opportunity.
GameStop NYSE:GME slipped 1% Continued volatile ride; shares fell about 12% Monday after a surprise earnings report and Keith Gill’s live stream.

Apple Unveils "Apple Intelligence" at WWDC

At its annual Worldwide Developers Conference on Monday, Apple (NASDAQ: AAPL) introduced "Apple Intelligence," its much-anticipated AI software. CEO Tim Cook highlighted the software's focus on privacy and personalization, branding it as "personal intelligence."

The new system will handle tasks within apps and create generative photos based on users' photo libraries. Siri will also receive upgrades, now capable of tapping into ChatGPT through Apple's partnership with OpenAI. However, the software will only be available on select devices: the iPhone 15 Pro Max, iPhone 15 Pro, and devices with an M1 chip or later, such as the iPad Air, iPad Pro, and Macs. Regular iPhone 15 models are not supported.

OPEC Maintains Robust Oil Demand Forecasts

OPEC has maintained its strong oil demand forecasts for 2024 and 2025, citing steady global economic growth.

Crude oil prices rallied more than 2% on Monday, recovering most of the losses from the previous week. This rebound came after a selloff triggered by OPEC+'s decision to increase production later this year. Investors are closely watching OPEC's production strategies and their potential impact on global oil prices.

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