‘Don't Expect Much on Earnings,' Says Morgan Stanley About Apple Stock
Apple (NASDAQ:AAPL) is gearing up to report its fiscal second-quarter results (March quarter) this Thursday (May 1) after the bell, and Wall Street is watching closely. As the market's most valuable company, Apple always commands attention – but this time, it's not about how the quarter went.
Protect Your Portfolio Against Market Uncertainty
Morgan Stanley analyst Erik Woodring anticipates Apple will slightly top expectations for both the March results and the June guidance, though gross margins next quarter may take a slight hit from tariff-related pressures. 'However,' Woodring adds, 'this is already well expected.'
What will really shape post-earnings sentiment is how Apple addresses broader uncertainties – or as Woodring puts it, 'everything else.' These include its strategy for managing short- and long-term tariff-related supply chain risks and their impact on costs and margins; whether current demand is sustainable or simply being pulled forward; the timeline for an updated Siri and any changes to Apple's AI strategy following recent personnel shifts; the approval status of Apple Intelligence in China and the effects of 'nationalistic behavior'; potential future price hikes to offset tariffs; and the company's current relationship with Presidents Trump and Xi.
That said, Woodring is skeptical Apple will delve into these issues.
'We believe it's unlikely many of these key debates are addressed at earnings, and therefore don't see the print as a key catalyst for the stock,' he explained. 'However, we expect some clarity to emerge on tariffs, China, AI, iPhone growth, and/or regulatory in the coming 12 months.'
Despite the near-term uncertainty, Woodring remains bullish. He calls Apple the 'most-underowned megacap in the world,' reiterates his Overweight (i.e., Buy) rating, and bumps his price target from $220 to $245. The new figure makes room for one-year returns of 16%. (To watch Woodring's track record, click here)
18 other analysts join Woodring in the AAPL bull camp and with the addition of 12 Holds and 3 Sells, the consensus view is that the stock is a Moderate Buy. At $236.93, the average price target implies shares will gain 12% in the months ahead. (See AAPL stock forecast)
To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights.
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Yahoo
30 minutes ago
- Yahoo
MarketAxess Announces Trading Volume Statistics for May 2025
44% Increase in Total ADV Driven by 22% Increase in Total Credit ADV and 59% Increase in Total Rates ADV Record Eurobonds ADV of $2.9 Billion on 116% Increase in Block Trading and 500% Increase in Portfolio Trading ADV NEW YORK, June 05, 2025--(BUSINESS WIRE)--MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million ("FPM") for May 2025.1 Select May 2025 Highlights* (See tables 1-1C and table 2) The MarketAxess platform's strong performance persisted in May through moderated levels of volatility, providing our clients with deep liquidity through Open Trading. We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that contributed to the strong performance in May. Client-Initiated Strong increases in block trading ADV across U.S. credit (+41%), emerging markets (+24%) and eurobonds (+116%). We launched our targeted block trading solution in U.S. credit in mid-May. Block trading in emerging markets and eurobonds both benefitted from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of approximately $1.7 billion and $2.7 billion, respectively, since launch. Clients continued to leverage our algos in U.S. government bond trading, helping to drive a 57% increase in ADV to $28.3 billion with estimated market share of 2.6% in May. Portfolio Trading Year-to-date May 2025, estimated market share of U.S. credit portfolio trading is 18.6%, compared to 14.1% in the prior year same period, an increase of approximately 450 basis points.2 90% of all portfolio trading ADV was executed over X-Pro in May. Dealer-Initiated Dealer-initiated ADV increased 41% to $1.8 billion. May 2025 Variable Transaction Fees Per Million1 (See table 1D) The decline in total credit FPM compared to the prior year was driven principally by protocol mix. Total credit FPM was flat month-over-month. The decline in total rates FPM compared to the prior year was driven by the impact of product mix. Total rates FPM was down slightly month-over-month. *All comparisons versus May 2024 unless noted. Table 1: MarketAxess ADV3 Month % Change May-25 Apr-25 May-24 YoY MoM MKTX ADV ($ millions) Credit U.S. High-Grade $ 7,649 $ 8,595 $ 6,122 25 % (11 ) % U.S. High-Yield 1,602 1,968 1,320 21 (19 ) Emerging Markets 3,615 4,273 3,074 18 (15 ) Eurobonds 2,870 2,785 2,274 26 3 Other Credit Products3 612 739 582 5 (17 ) Municipal Bonds 611 737 577 6 (17 ) Total MKTX Credit ADV $ 16,348 $ 18,360 $ 13,372 22 (11 ) Rates U.S. Government Bonds $ 28,293 $ 37,935 $ 18,072 57 % (25 ) % Agencies and Other Government Bonds 1,589 1,141 728 118 39 Total MKTX Rates ADV $ 29,882 $ 39,076 $ 18,800 59 (24 ) Total MKTX Trading ADV $ 46,230 $ 57,436 $ 32,172 44 (20 ) U.S. Trading Days4 21 21 22 U.K. Trading Days4 19 20 20 Table 1A: Market ADV Month % Change May-25 Apr-25 May-24 YoY MoM MARKET ADV ($ millions) Credit U.S. High-Grade TRACE $ 39,652 $ 44,647 $ 32,864 21 % (11 ) % U.S. High-Yield TRACE 13,171 14,565 10,313 28 (10 ) Total U.S. Credit TRACE 52,823 59,212 43,177 22 (11 ) Municipal Bonds MSRB 10,306 15,427 7,123 45 (33 ) Rates U.S. Government Bonds TRACE $ 1,106,252 $ 1,354,981 $ 830,586 33 % (18 ) % Agency TRACE 4,032 4,064 2,982 35 (1 ) U.S. Trading Days4 21 21 22 U.K. Trading Days4 19 20 20 Table 1B: Estimated Market Share5 Month Bps Change May-25 Apr-25 May-24 YoY MoM MKTX ESTIMATED MARKET SHARE (%) U.S. High-Grade % of U.S. High-Grade TRACE (incl. SD PT)5 19.9% 19.4% 19.2% +70 bps +50 bps % of U.S. High-Grade TRACE (excl. SD PT)5 19.3% 19.3% 18.6% +70 bps – bps U.S. High-Yield % of U.S. High-Yield TRACE (incl. SD PT)5 12.4% 14.1% 13.1% (70) bps (170) bps % of U.S. High-Yield TRACE (excl. SD PT)5 12.2% 13.5% 12.8% (60) bps (130) bps Other Credit Products % of Municipal Bonds MSRB 5.9% 4.8% 8.1% (220) bps +110 bps Rates % of U.S. Government Bonds TRACE 2.6% 2.8% 2.2% +40 bps (20) bps Table 1C: Strategic Priorities ADV2 Month % Change May-25 Apr-25 May-24 YoY MoM STRATEGIC PRIORITIES ADV ($ millions) Client-Initiated Channel U.S. Credit Block Trading $ 3,070 $ 3,751 $ 2,182 41 % (18 ) % Emerging Markets Block Trading 1,451 1,579 1,173 24 (8 ) Eurobonds Block Trading 637 497 294 116 28 Portfolio Trading Channel Total MKTX Portfolio Trading2 $ 1,455 $ 1,790 $ 853 71 % (19 ) % Total MKTX U.S. Credit Portfolio Trading2 1,014 1,441 734 38 (30 ) Total U.S. Credit TRACE Portfolio Trading2 6,041 7,349 4,164 45 (18 ) Dealer-Initiated Channel Total Dealer Initiated (DRFQ & Mid-X) $ 1,781 $ 1,916 $ 1,260 41 % (7 ) % Other Open Trading $ 4,777 $ 5,739 $ 3,924 22 % (17 ) % AxessIQ 189 181 138 37 4 U.S. Trading Days4 21 21 22 U.K. Trading Days4 19 20 20 Table 1D: Variable Transaction Fees Per Million (FPM)1 Month % Change May-25 Apr-25 May-24 YoY MoM AVG. VARIABLE TRANS. FEE PER MILLION (FPM) Total Credit $ 138 $ 138 $ 148 (7 ) % 0 % Total Rates 3.75 3.76 4.40 (15 ) (0 ) 1 The FPM for total credit and total rates for May 2025 are preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases. 2 Due to variances in how portfolio trading market participants utilized the portfolio trading TRACE "flag," the Company previously used its own internal methodology for calculating portfolio trading as an estimated percentage of TRACE volume and the Company's estimated market share. Starting in June 2024, the Company utilized the portfolio trading TRACE flag in its reported portfolio trading TRACE volume and the Company's portfolio trading estimated market share. 3 "Other Credit Products" includes municipal bonds, leveraged loans, convertible bonds and structured products. 4 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. 5 "SD PT" is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product's aggregated trading volume and estimated market share and the total credit FPM calculation. General Notes Regarding the Data Presented Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority ("FINRA") Trade Reporting and Compliance Engine ("TRACE") reported volumes are available on the Company's website at Cautionary Note Regarding Forward-Looking Statements This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company's future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.'s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at About MarketAxess MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess' patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess' award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at and on X @MarketAxess. Table 2: Trading Volume Detail Month Ended May 31, In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 160,636 $ 7,649 $ 134,675 $ 6,122 19 % 25 % High-yield 33,636 1,602 29,044 1,320 16 21 Emerging markets 75,925 3,615 67,625 3,074 12 18 Eurobonds 54,538 2,870 45,471 2,274 20 26 Other credit 12,850 612 12,836 582 - 5 Total credit trading1 337,585 16,348 289,651 13,372 17 22 Rates U.S. government bonds2 594,163 28,293 397,586 18,072 49 57 Agency and other government bonds1 30,329 1,589 14,744 728 106 118 Total rates trading 624,492 29,882 412,330 18,800 51 59 Total trading $ 962,077 $ 46,230 $ 701,981 $ 32,172 37 44 Number of U.S. Trading Days3 21 22 Number of U.K. Trading Days4 19 20 Year-to-Date Ended May 31, In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 802,448 $ 7,791 $ 735,624 $ 7,006 9 % 11 % High-yield 164,952 1,601 145,839 1,389 13 15 Emerging markets 405,938 3,941 363,206 3,459 12 14 Eurobonds 258,158 2,531 216,884 2,085 19 21 Other credit 64,848 630 49,097 467 32 35 Total credit trading1 1,696,344 16,494 1,510,650 14,406 12 14 Rates U.S. government bonds2 2,972,889 28,863 1,873,806 17,846 59 62 Agency and other government bonds1 119,090 1,167 61,582 591 93 97 Total rates trading 3,091,979 30,030 1,935,388 18,437 60 63 Total trading $ 4,788,323 $ 46,524 $ 3,446,038 $ 32,843 39 42 Number of U.S. Trading Days3 103 105 Number of U.K. Trading Days4 102 104 1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. 2 Consistent with industry standards, U.S. government bond trades are single-counted. 3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. 4 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. View source version on Contacts INVESTOR RELATIONS Stephen Davidson MarketAxess Holdings Inc.+1 212 813 6313sdavidson2@ MEDIA RELATIONS Marisha Mistry MarketAxess Holdings Inc.+1 917 267 1232mmistry@ Sign in to access your portfolio
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CNET
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I Made These 10 Changes to My iPhone Settings Right After Installing iOS 18.5
Apple's Worldwide Developer Conference (WWDC) is coming next week, where a major announcement will no doubt tell what's new in iOS 19, (like if it will be named iOS 26). In preparation for what's coming, I like to make sure my current iPhone setup is working well. So, grab the latest iOS 18.5 update and revisit these 10 settings with me. Don't forget that iOS 18 includes the first Apple Intelligence features, so be sure to check out the ones you'll use most. Or if you have no current interest or want to wait before using the AI features, here's how to turn off Apple Intelligence. Watch this: 11 Hidden Features in iOS 18 06:44 For more on what's new in iOS 18, learn about improvements to the overhauled Calculator app and the Mail app. And don't forget to consult our iOS 18 upgrade checklist, which includes making sure you have a proper backup before upgrading. 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Screenshots by Jeff Carlson/CNET Change the default buttons on the lock screen In real estate, location is everything, and the bottom corners of the iPhone lock screen are the prime spots, each an easy thumb press away when your device is still locked. Before iOS 18, those posts were held by the flashlight and camera buttons, with no way to change them. In iOS 18, you can finally replace them with other buttons -- or remove them entirely, a balm for folks who unknowingly activate the flashlight (believe me, there's a better way to turn it on). You can add buttons to recognize music via Shazam, enable Dark Mode, set an alarm/timer, enable Airplane Mode, open your Wallet, send money via Tap to Cash and more. Here's how: 1. On the iPhone's lock screen, touch and hold anywhere on the display until you see the Customize button. You'll need to unlock the phone using Face ID, Touch ID or your passcode. 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For the Controls, Shortcut and Accessibility options, tap the Choose button to pick which specific action to run. iOS 18 now lets you program the Action Button with your favorite Control Center control. Screenshots by Jeff Carlson/CNET Give your home screen a radical new look You wouldn't think that putting icons where you want is a radical new feature, but that's because iOS has always had a locked arrangement. Apps get added from top to bottom, left to right. You could rearrange the order in which icons appear and move them to other screens, but that was about it. In iOS 18, apps can be positioned nearly anywhere. You no longer need to deal with a wallpaper image of your kids or pets being obscured by icons. They still adhere to a grid -- Apple isn't about to sanction anarchy -- but can be placed freely. Also, Dark mode finally applies to all of the iPhone's home screen, with options for coloring icons and affecting the brightness of the wallpaper image. 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Screenshots by Jeff Carlson/CNET Set Dark mode: If you've ever subjected yourself to the retina blast of black text on a white background late at night in a darkened room, you will appreciate the new Dark mode option for the home and lock screens. iOS has previously included a Dark mode, where light backgrounds switch to black or dark gray, text switches to white or light gray and other interface elements are dimmed to coexist in a dark environment. That's never been applied to the home and lock screens in any significant way -- only the dock and some widgets -- until iOS 18. First, touch and hold the home screen to enter jiggle mode. Tap the Edit button in the top-left corner and choose Customize from the menu. At the bottom of the screen, choose a mode for the icons and background: Automatic, Dark or Light (I'll get to Tinted in a moment). In Dark mode, the icons gain black backgrounds, and folders and the Dock become dark gray. (Developers have the option of making Dark mode icons for their apps. In the meantime, apps not yet optimized get a generally darker appearance.) In the home screen's Dark mode, icons and the background are given a darker treatment. Screenshots by Jeff Carlson/CNET In Dark mode, the background image also changes. Apple's default iOS 18 wallpaper dynamically changes from light to dark as the day progresses, or you can choose colors that offer both a light and dark option. If you use a photo, its overall exposure is reduced to dim the light output. If you want dark icons but aren't a fan of the dimmed photo treatment, tap the sun icon in the corner of the options sheet at the bottom of the screen to toggle back to Light mode just for the background. Tinted icons: A new and different option is to tint all of the app icons so they share the same color. In the Customize options at the bottom of the screen, choose Tinted as the icon style. 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Rearrange the controls in Control Center and, for some, expand them to reveal more information (or just make the button a larger target for pressing). Screenshots by Jeff Carlson/CNET Control Center also now spans multiple screens. Swipe up to view controls for media currently playing, Home controls for smart lights and appliances and a page dedicated to the communication options that appear when you long-press the Connectivity block containing Airplane Mode, Wi-Fi, Bluetooth, Cellular and others. Look closely and you'll see that those screens are actually individual controls expanded to occupy the entire Control Center area. You can rearrange the order of those screens by moving their controls. Suppose you want Home controls to be the first swipe instead of Now Playing: In the editing mode, drag the large Home control up to the previous screen (Now Playing will shift to the right to make room). Some controls get their own screens, such as Home. Normally it's on the third screen, but here it's been moved to the second screen. Screenshots by Jeff Carlson/CNET To remove controls, tap the – (minus) button that appears. You can also add other controls: Tap Add a Control and scroll through the available options ranging from starting a Screen Recording to a host of accessibility options. Read more: All the new controls you can add to Control Center Lock or hide any of your sensitive apps Our phones carry some of our most sensitive data, and yet it's not uncommon to hand a phone to a friend to view photos or look up something online. That doesn't mean they're going to snoop, but it doesn't not mean they might be more curious than you're comfortable with. For data you want to ensure stays out of sight or to add a layer of protection in front of sensitive information, iOS 18 adds the ability to lock and hide apps. For example, let's say you keep an ongoing set of lists of gift ideas for family members in the Notes app. You can lock individual notes, but that requires a separate step. Maybe a few ideas were made as individual quick notes or drawings. Instead of micromanaging access, you can lock the entire Notes app by doing the following: Touch and hold the app icon you want to lock and choose Require Face ID or Require Touch ID (or Require Passcode if Face ID or Touch ID are not enabled) from the menu that appears. Confirm your choice by tapping Require Face ID (or similar) in the next dialog. Lock individual apps. Screenshots by Jeff Carlson/CNET To remove the authentication step, touch and hold the app and choose Don't Require Face ID (or similar). Nothing outwardly indicates that an app is locked -- you'll find out when you try to open it. There's one more level of app security available, which is to hide apps in a special locked folder. Touch and hold the app and choose Require Face ID and then tap Hide and Require Face ID in the dialog. Confirm the action by tapping Hide App on the next screen. The app disappears from the home screen and gets slotted into a Hidden folder at the bottom of the App Library (swipe left beyond your last home screen to view the App Library). To access apps there, tap the Hidden folder and authenticate with Face ID. When you choose Hide and Require Face ID to protect an app, it gets put into the Hidden folder in App Library (top). Tap the folder and authenticate to access the app (bottom). Screenshots by Jeff Carlson/CNET iOS 18 imposes some limitations on hidden apps. Some, such as many of the built-in ones like Notes or Reminders, can only be locked and cannot be hidden at all. Also, the Hidden folder locks itself when you launch an app or swipe away from the App Library. Turn off Loop Videos in the Photos app Many apps have implemented a small but annoying (to me) feature, and now Photos under iOS 18.2 has it too: Videos automatically replay when you watch them until you tap the Pause button. That can be fun once or twice, or when viewing short clips. I'm not a fan of having to take action to make them stop each time. Now I can take action once. Go to Settings > Photos, scroll down until you see Loop Videos and turn the option off. A video will play on its own but then stop at the end as it should. Turn off Loop Videos to stop every video from replaying automatically. Screenshots by Jeff Carlson/CNET If you'd rather the video didn't play at all until you tap the Play button, also turn off Auto-Play Motion in the same Settings screen. Adjust the view of your calendar Big new features like locking and hiding apps are great additions but so are the tiny changes that you encounter every day. The Calendar app includes two new ways to view your schedule. In iOS 18, when you're in the Month view in portrait orientation, pinch with two fingers to view more or fewer details. As you "zoom in," individual events appear as colored bars and then as labeled events with times, all while keeping the monthly grid of days and weeks. In the Calendar app's Month view, pinch to zoom in and see more details. Screenshots by Jeff Carlson/CNET The Day view, which breaks down your day hour by hour, now has a new Multi Day view that shows two consecutive days to give you context for what's coming without turning the phone into landscape orientation and viewing the Week view. Tap the View button at the top of the Single Day view and choose Multi Day from the popup menu. The new Multi Day view in the Calendar shows two days at once (right). Screenshots by Jeff Carlson/CNET Improve movie and TV show dialogue in the TV app Trouble hearing dialogue in movies and television shows isn't a new problem -- for example, the Apple TV has had a feature for a while where you can ask Siri, "What did she say?" and it will automatically back up a few seconds, turn on subtitles and replay that section of the video. You can even buy soundbars that can overcome muffled TV speech. There are a lot of reasons it's harder to hear dialogue, but the TV app in iOS 18 includes a high-tech workaround to make dialog easier to discern. While you're watching a video in the TV app, tap the More (…) button and then expand the Audio heading in the menu that appears; if the phone is in horizontal orientation, tap the Audio Adjustments button. Tap Enhance Dialogue and choose Enhance or Boost. They each dampen background noise and raise the dialogue's audio. Turn on Enhance Dialogue in the TV app to discern characters' speech better in noisy scenes. Screenshot by Jeff Carlson/CNET These are just a few new features and changes in iOS 18. Check out our broader coverage of Apple Intelligence, more impressions of the system after using it for months and how these all work together with the iPhone 16 models.
