Diamonds and Dogs
American Tower (AMT) rising tall. The cell tower company stock is up 2% to new highs after signing a new long-term agreement with AT&T to streamline wireless network deployments while enhancing AT&T's deployment of 5G and other next generation technology across the U.S., including FirstNet. Once Hurricane Dorian passes through the southeast, there may be a demand for new cell towers down there.
Apple (AAPL) not excluded from the new trade tariffs. Apple is down 2% as the new 15% tariffs on $300 billion worth of Chinese goods went into effect on Apple's consumer electronics products like the Apple Watch and its popular Air Pods. Apple smartphones won't be enacted until December. Separately, an analyst over at Wedbush expects pent-up demand for Apple's latest iPhone 11 due out later this year. Apple's supply chain is planning on 75 million units for the initial iPhone 11 launch period but could move up to 80 million units if pent-up demand materializes. That's a lot of phones.