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Apple shares fell nearly 3% in premarket trade on Friday after the iPhone maker trimmed its share buyback program and CEO Tim Cook warned of additional tariff-related costs of about $900 million this quarter amid a raging Sino-U.S. trade war. The Cupertino, California-based company that makes over 90% of its products in China said it plans to shift production of iPhones to India to minimize the impact of President Donald Trump’s trade war. “It looks like Apple is progressing faster than expected with its move to shift production of US phones into the region (India),” said Matt Britzman, senior equity analyst at Hargreaves Lansdown. Analysts at Wedbush echoed this view, referring to India as Apple’s “life raft supply chain” as the company navigates through tariff turbulence. Cook outlined how Apple has started to build up a stockpile of products so that the majority of its devices sold in the U.S. this quarter will not come from China. Tim Cook did his best to reassure investors on last nights earnings call, but many likely came away still wanting more clarity about what lies beyond June,” Matt said, adding that the $900 million hit to profit turned out to be smaller than many had feared. Apple, which has been grappling with increased competition in key market China from rivals like Huawei due to slower rollouts of AI features, was already in troubled waters before the tariffs hit. “The question for investors is what can replace China for Apple? This is not an easy question to answer and could threaten the long-term trajectory of Apples growth plan,” said Kathleen Brooks, research director at XTB. Despite electronics being exempted from U.S. President Donald Trump’s slew of import tariffs so far, Washington has signaled that some levies could be imposed in the coming weeks. Big Tech peers Alphabet, Microsoft and Meta Platforms beat quarterly estimates aided by artificial intelligence, while Amazon.com’s cloud revenue growth fell short of revenue expectations. These results were in stark contrast to dour forecasts from consumer electronics companies that are more exposed to tightening consumer budgetschipmakers Qualcomm, Samsung Electronics, and Intel. Apple shares lost about 15% so far this year. That compares with a 2.3% fall in Meta, and a nearly 1% rise in Microsoft. Apple’s 12-month forward price-to-earnings ratio is 27.63, compared with Microsoft’s 28.64 and Meta’s 21.48. (This story has been corrected to add ‘premarket trade’ in paragraph 1) Kanchana Chakravarty and Lucy Raitano, Reuters
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E-Commerce
SharkNinja has announced the voluntary recall of more than 1.8 million units of Foodi multi-function pressure cookers after more than 100 reports of burn injuriesmany of them serious. Heres what you need to know about the SharkNinja pressure cooker recall. Whats happened? On May 1, home appliance company SharkNinja issued a recall for some of its SharkNinja pressure cookers, according to a notice posted on the U.S. Consumer Product Safety Commission (CPSC) website. The recall covers more than 1.8 million units of SharkNinjas Foodi OP300 Series Multi-Function Pressure Cookers. The recall was issued after the company received 106 reports of burn injuries from people interacting with the cookers. The company has discovered that the pressure-cooking lids of the recalled units can be opened while the cooker is pressurized. This could result in burn injuries from hot contents in the cooker, according to the companys recall notice. In addition to the cooking units themselves, SharkNinja is also recalling lid replacements for the units that were sold separately. What pressure cooker is being recalled? SharkNinja says the recall covers the Ninja-brand Foodi OP300-series Pressure Cookers/TenderCrisp Air. The following model numbers of that series are being recalled: OP300 OP300C OP301 OP301A OP301C OP302 OP302BRN OP302HAQ OP302HB OP302HCN OP302HW OP305 OP305CO OP305CCO OP350CO In addition to the models above, the OP300 lid replacement with the SKU 111FY300 has also been recalled. How many SharkNinja OP300-series units are affected? According to the notice posted on the CPSC website, about 1,846,400 units are being recalled, as well as about 184,240 that were sold in Canada. Where were the recalled units sold? According to the CPSC, the recalled pressure cookers were sold at some of the largest retailers nationwide. They were sold in both physical retail stores and online. The physical retail stores where the recalled units were sold at include: Walmart Costco Sams Club Amazon Target The recalled pressure cookers were also sold online at: Ninjakitchen.com walmart.com costco.com samsclub.com amazon.com target.com The recalled units were sold from January 2019 through March 2025. Each unit retailed for around $200. Have the recalled products injured anyone? Unfortunately, yes. SharkNinja says that it has received 106 reports of burn injuries involving the recalled products. Even worse, more than 50 of those injuries included second- or third-degree burns to a persons body or face. What should I do if I have a recalled product? If you have the recalled pressure cooker or lid, you should immediately stop using the pressure cooker and ensure that no one else who has access to the pressure cooker uses it. You should then fill out the Ninja OP300 Series Recall form here. Once youve submitted the form, SharkNinja will send you a replacement lid. You should also dispose of your current faulty lid. You can view the full CPSC recall notice here, as well as SharkNinjas full FAQ on the recall here.
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E-Commerce
The era of subway gate jumping could soon be over. By this fall, 20 stations across the New York City subway system will begin testing new gate systems that aim to make it all but impossible for someone to get through the gate to the subway platform without paying a fare. This week, the Metropolitan Transportation Authority (MTA) announced the planned piloting of four gate control systems as part of its effort to crack down on fare evasion in the subway system. The four systems will be installed in five stations each across the MTA’s subway network to test their effectiveness. In contrast to the conventional turnstile gates seen in many subway stations, the MTA’s subway gates pilots are generally larger and more akin to sliding or swinging doors, making them more difficult to climb over or sneak under. Provided by vendors Conduent, Cubic, Scheidt & Bachmann, and STraffic, some may be familiar from other transit systems around the world, or security areas in airports. These off-the-shelf gate systems are vying for their chunk of the $1.1 billion the MTA has budgeted for improving fare gates at 150 stations over the next five years. [Photo: MTA] The MTA’s subway gate pilot program is a calculated investment, which the agency sees as a way of increasing revenue and improving service. About 40% of the MTA’s operating budget comes from fares and tolls, and it sees reducing gate jumping as a way of bumping that number even higher. Previous investments seems to have worked. The agency reports that “multiple anti-fare evasion strategies” have helped total fare revenue rise to $5 billion in 2024, an increase of $322 million from the year before. “We will continue to use all the tools at our disposalincluding increased enforcement efforts and new infrastructureto prevent fare evasion, hold perpetrators accountable and keep these numbers trending in the right direction,” said New York Governor Kathy Hochul in a statement. [Photo: MTA] How will the new gates work? These approaches vary from station to station. About 200 stations have implemented guards to monitor gates, and the MTA reports that fare evasion is down 36% in these stations. Some turnstiles have even been retrofitted with “sleeves” and “fins”add-on attachments that make them harder to climb on and over. Turnstiles are also being retrofitting to prevent “backcocking,” or pulling them back just enough to create space for some people to squeeze through. Adapting the existing infrastructure has contributed to the reduction in fare evasion, but the MTA sees an opportunity to do more with its new gate pilot program. “For the last two years, we’ve been attacking fare and toll evasion from all angles hardening the system against fare beaters, simplifying fare payment, raising awareness about discounted fares and, yes, doing more enforcement,” says MTA Chair and CEO Janno Lieber. “Now those efforts are yielding positive results that will grow even more with the new modern fare gates that are coming.”
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E-Commerce
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