tybs
Foxconn shrinks Android arm and relocates staff as smartphones slump
TAIPEI – Foxconn's Android smartphone arm is scaling back its mobile business and moving into next generation automotive electronics in a bid to counter the impact of a deepening industry slump on the second tier brands that make up much of its client list.
Hong Kong-listed FIH Mobile, 62% owned by Taiwanese tech giant Foxconn, is one of the world's biggest contract manufacturers of Android phones with revenues of $14.9 billion last year. It is transferring hundreds of engineers and other resources from the Android smartphone operation, which makes up 90% of its revenues, to a newly established automotive electronics project, sources close to the subject told Nikkei Asian Review.
Three sites in Taiwan have also been consolidated into one as the resources dedicated to future smartphone development are cut back.
"FIH does not have as many smartphone orders as it used to have," said one person with direct knowledge of the plan. "It used to be one team serving three to four Android-smartphone clients… Now it is three to four teams serving one client."
An industry source familiar with the company's situation described its Android-phone manufacturing business as miserable.
https://asia.nikkei.com/Spotlight/Tech-scroll-Asia/Foxconn-shrinks-Android-arm-and-relocates-staff-as-smartphones-slump
US mkt Report
Credit, Curves & Crypto Jump As Stocks Shrug Off Dismal Data Dump
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Stocks, bitcoin, and bond yields were up on the day despite US macro data crashing to its weakest since April 2017.Time flies when you're having fun ignoring reality.
After a quiet Tuesday, Chinese stock investors reawakened their bullish enthusiasms.
European markets refused to stop surging led by the DAX on trade hope.
Nasdaq and Small Caps outperformed as S&P, Dow, and Trannies all bounced off 'unch' late on… US-China trade headlines 3 minutes before the close confused algos as it was clear the deal was not done.
(all helped by the "miss-reading" of a Financial Times headline that stated the China-US had agreed-in principle to the tariff arrangements. Nevermind that the Fin Times is owned by the Tokyo Stock exchange (nikkei) but I digress).
Nasdaq triggered a 'golden cross' today.
(see post lb or story at ZH)
After S&P triggered on Monday.
(This continues to be the lower of all three volume-wise of the major index's)
Facebook floundered.
(after being up about 3% yesterday-I wonder if there will be sales reported today too)
'''Notably, Credit and equity protection costs rose considerably from their opening highs.==
(this is what the system pay's to insure it's asset base. The cost of doing so is rising considerably)
10Y Yield back above 2.50% (cap 4)
(The spike on the left side of it habbened when the erroneous headline was released from the Fin Times. They have bought themselves a bit of space but not much)
The Dollar dropped to 5-day lows today, weakening after the China trade headlines.
The crypto crack-up continued with Bitcoin Cash leading the way. (this is too funny-a total Cabal tool and it's soaring)
Gold ended the day unch…but was very dead in the last few hours.
(just remember when an asset class it hated by 'everyone' that is the time to be looking at it-go against the herd mentality on this one)
WTI (US Crude) actually ended lower after a major crude build.
As US economic data shows the weakest start to a year since 2008.
But then again - stocks don't seem to care.
(Iwill add that the entire pattern here is to throw a ton of volume-cap 3 again- at it in the closing moments so the index's appear healthy-they are not)
rest at link(s)
https://www.zerohedge.com/news/2019-04-03/bitcoin-bond-yields-jump-economic-data-dumps-2-year-lows
https://finance.yahoo.com/quote/%5EIXIC?p=^IXIC
https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx