Apple to take two Watch models off shelves
TheStreet's J.D. Durkin brings you the biggest news of the day, including why Apple is taking two of its watch models off of shelves.
Transcript
00:00 I'm JD Durkin reporting from the New York Stock Exchange and here's a look at what we
00:03 are watching on the street today.
00:06 Stocks have been on a tear as the December rally continues.
00:10 Investors still very much cheering the prospect of interest rate cuts despite warnings from
00:14 Fed officials that it's "premature to expect that the central bank is finished raising
00:19 interest rates."
00:21 Investors are looking ahead to jobless claims Thursday as well as PCE, that's personal consumption
00:26 expenditures.
00:27 We get that data out on Friday and it is in fact the Fed's preferred gauge on inflation.
00:32 In other news, if you were planning to buy an Apple Watch, you might want to move quickly.
00:37 The company will stop selling its Apple Watch Series 9 and Ultra 2 versions in the U.S.
00:43 due to a patent controversy.
00:44 The company is pausing sales of the devices online beginning December 21st and in stores
00:50 after the 24th.
00:52 The company is in an ongoing dispute with medical device maker Massimo over the watch's
00:56 blood oxygen feature.
00:58 The U.S. International Trade Commission ruled back in October that Apple was in violation
01:02 of Massimo's patent for technology used in its pulse oximeter.
01:07 While Massimo's CEO has said Apple's use of the technology is a "deliberate infringement"
01:13 of its patent, Apple has fired back saying in a statement, "Apple strongly disagrees
01:18 with the order and is pursuing a range of legal and technical options to ensure that
01:23 Apple Watch is available to customers."
01:26 Apple also said its other watch models will remain on shelves for now, but watches that
01:30 are Series 6 and later could be pulled depending on the verdict.
01:35 That will do it for your daily briefing.
01:36 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
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