JPMorgan analyst Robbie Marcus recommends investors use yesterday's weakness in shares of iRhythm Technologies (IRTC) as a buying opportunity. The stock sold off sharply after Apple (AAPL) announced that its new Watch Series 4 had received FDA approval for a built-in electrocardiogram scanner, Marcus tells investors in a research note. While the headline looks like a "notable headwind" for iRhythm, a closer look at the new device shows that this new feature poses almost no competitive threat to the company's Zio XT or AT offerings, Marcus contends. He does not see Apple turning the Watch into a regulated medical device approved for clinical diagnosis. The Apple Watch is approved for over-the-counter use and is not a continuous monitor, the analyst points out. Marcus believes Apple attaining an approval with a similar label to iRhythm's Zio "would significantly slow the rate of innovation and put the consumer device at the whim of the FDA." Instead, he expects that greater consumer preliminary screening for heart arrhythmias will only expand the number of patients seeking medical diagnosis, which, he feels, would benefit iRhythm. The analyst keeps an Overweight rating on the shares.

Erste Group downgraded Apple to Hold from Buy.

Apple (AAPL) supplier TSMC (TSM) has unveiled its A16 chip manufacturing technology featuring nanosheet transistors with "backside power rails" meant for producing its ultra-advanced 1.6nm chips by 2026, Nikkei Asia's Cheng Ting-Fang reports. TSMC says the introduction of the technology can "greatly improve logic density and performance." Reference Link

Alphabet (GOOGL), the parent company of Google, is scheduled to report first quarter 2024 results after the market close on Thursday, April 25, with a conference call scheduled for 4:30 pm Eastern Time. What to watch... To see the rest of the story go to thefly.com. See Story Here

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 saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link