UBS analyst Michael Lassoer said Apple's (AAPL) pre-announcement sheds some light on the challenges ahead for Best Buy (BBY). He noted the company cited China for its shortfall, but the analyst said Best Buy is one of its key vendor partners and he believes Apple could account for roughly 15-20% of Best Buy's sales. He said its products drive traffic and motivate consumers to go to Best Buy stores. He said Apple's expanded distribution poses a risk to Best Buy as it will be harder for it to maintain its share gains. Lassoer lowered his price target to $57 from $70 and maintained his Neutral rating on Best Buy.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Apple plans to spend more than $250M on its regional hub in Singapore, including expanding its campus later in 2024, in an effort to reduce exposure to China and diversify its footprint in Asia, The Wall Street Journal's Amanda Lee reports. The expanded campus will run completely on renewable energy, according to the report. Reference Link

IHG Hotels & Resorts (IHG) launches Apple (AAPL) AirPlay in the first phase of hotel rooms, giving guests the ability to stream content privately and securely from their iPhone or iPad to the TV in their guest rooms. AirPlay is available at more than 60 hotels in North America, including properties like InterContinental Buckhead Atlanta, Hotel Indigo NYC Downtown - Wall Street and Holiday Inn & Suites Ottawa Kanata. IHG is the first hospitality company to provide AirPlay functionality as part of its in-room entertainment experience.