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Apple (AAPL) unveils Apple Intelligence, iOS, and new tvOS at WWDC. (00:24) CVS Generic Drugs Recalled Twice More Than Walgreens Drugs (WBA): Report. (02:09) DXC Technology jumps on joint offering report from Apollo (APO), Kyndryl (KD). (03:16)
This is an abridged version of the podcast.
If you haven’t heard, Apple (NASDAQ:AAPL) will be hosting its own developer conference this week.
The highly anticipated event kicked off Monday with a keynote that revealed a slew of AI-focused updates to its operating systems.
Apple’s artificial intelligence system, known as Apple Intelligence, is the company’s “next big step.”
Apple’s intelligence can be integrated across apps, allowing users to make prompts like “drag files” or play the podcast my friend sent me last week and the device performs the action. Apple said it is able to do this through on-device intelligence.
Siri has received a major upgrade. The updated voice assistant can now take actions across apps and offer “screen awareness.”
There are also writing tools that can type, summarize, and condense text (like other chat tools like ChatGPT).
The new Rewrite tool allows users to write and change business emails, such as making them more personable, friendly, or professional.
The integration of ChatGPT into Siri will begin with its latest major language model, ChatGPT-4o. Apple says that if Siri needs to use ChatGPT, it will ask users through a pop-up window if they want to engage with ChatGPT.
Apple said support for other AI models will come later.
Apple Intelligence will be available for free with the new operating systems.
Apple Intelligence will be available to try this summer and in beta this fall but is only available on select devices.
(Seeking Alpha compiled a list of other features announced Monday, including iPadOS, macOS, watchOS, and visionOS.)
CVS Health (NYSE:CVS)-branded generic drugs have been recalled nearly twice as often as brand-name generics sold by Walgreens Boots Alliance (WBA) over the past decade. This is according to Bloomberg analysis.
The report, published Monday evening, also found that CVS-branded medications were recalled nearly three times as often as those marketed under Walmart’s (WMT) own brand during the same period.
Bloomberg noted that retailers rely on third-party manufacturing companies to produce generic drugs.
She added that because the FDA views pharmacy chains as private-label distributors rather than drug makers, manufacturers are considered legally responsible for the quality of products rather than retailers.
Over the past 10 years, CVS has hired 15 contract manufacturers who have been cited in various cases, more than double the number hired by Walgreens. During that period, CVS recalled 133 brand-name medications, compared to 70 for Walgreens and 51 for Walmart, Bloomberg added.
DXC Technology (NYSE:DXC) shares rose 11% following a report that private equity firm Apollo Global (APO) and Kyndryl (KD) are in discussions to make a joint bid for the IT services company. DXC rose another 3% in pre-market action.
According to a Reuters report on Monday, which cited people familiar with the matter, Apollo (APO) and Kyndryl (KD) have discussed a takeover bid for DXC of between $22 and $25 per share.
DXC is separately managing a sale of its insurance software business for more than $2 billion, and may choose to remain an independent company, according to the report.
DXC, which has a market capitalization of $3 billion, and Kyndryl did not immediately respond to Reuters’ requests for comment. Apollo declined to comment.
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Catalyst hour:
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Amphenol (APH) will begin trading on a split-adjusted basis following the 2-for-1 stock split.
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Texas Roadhouse (TXRH), Anheuser-Busch InBev (BUD), Yum! Brands (YUM), Chipotle (CMG), and Celsius Holdings (CELH) are among the key companies that will hold fireside chats throughout the day at the Evercore ISI Consumer and Retail Conference.
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Notable investor events include Qorvo’s Investor Day (QRVO), NextEra Energy’s (NEE) Investor Day, and Okta’s Nasdaq Investor Conference (OKTA).
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OPEC will publish its monthly report on the oil market.
Now let’s take a look at the markets as of 6 am. Before today’s opening bell, Dow Jones, S&P and Nasdaq futures were in the red. The price of crude oil fell by 0.1% to $77 per barrel. Bitcoin fell 3% to $67,000.
In global markets, the FTSE 100 index fell by 0.5%, and the DAX index fell by 0.4%.
Biggest Daily Pre-Market Movers: Target Hospitality (NASDAQ:TH) stock fell 30% in pre-market amid a report that the Biden administration plans to close the Daily Detention Center in Dilley, Texas.
In today’s economic calendar:
