First Republic Bank
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Financials : Banks | Small Cap Value
Company profile

First Republic Bank (the Bank) is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States. It operates through two segments: Commercial Banking and Wealth Management. The principal business activities of the Commercial Banking segment are gathering deposits, originating and servicing loans and investing in investment securities. The principal business activities of the Wealth Management segment include the investment management activities of First Republic Investment Management, Inc. (FRIM), which manages investments for individuals and institutions; money market mutual fund activities through third-party providers and the brokerage activities of First Republic Securities Company, LLC (FRSC) and its foreign exchange activities conducted on behalf of clients.

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0.0044 (2.50%)
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Today's volume of 6,253,763 shares is on pace to be in-line with FRCB's 10-day average volume of 6,411,274 shares.


Apple readies launch of $3,000 headset: Will it succeed where others have failed?

8:20 am ET May 23, 2023 (MarketWatch)

By Emily Bary

Goldman Sachs analysts say the company's installed device base and wide developer network will prove advantageous

Apple Inc.'s annual WWDC developers' conference is fast approaching -- and this one promises to be a bit more eventful than most, as the consumer-electronics giant is expected to debut its long-awaited mixed-reality headset.

The company hasn't made a major product introduction since it rolled out the Apple Watch in 2015, but with an expensive headset supporting augmented and virtual reality, Apple (AAPL) will be entering into a market that has so far failed to catch on in a mainstream way. Meta Platforms Inc. (META) has bet big on virtual reality with its Oculus headset, with only limited traction.

Don't miss:Apple's stock downgraded as analyst warns that revenue could disappoint

Apple has a history, though, of turning technology categories into trends, and a team of Goldman Sachs analysts says the company might be able to work its magic again with the Reality Pro headset.

"Although we recognize that the [augmented/virtual reality] industry as a whole has generally been disappointing, we believe that Apple's potential AR/VR headset can succeed where others may have not, given Apple's points of differentiation relative to competing headset manufacturers," wrote the analysts led by Michael Ng.

Read: Apple CEO Tim Cook explains why consumers would want a mixed-reality headset

One advantage for Apple is that it has an installed base of more than 1.1 billion active iPhone users who are potential consumers for the new headset. The company can also lean on its large developer base to create compelling content for the device, while itself translating crucial first-party apps like Facetime, Apple TV+ and Apple Music to mixed reality.

"Notably, non-gaming use cases should serve as a point of differentiation for Apple, where we believe that Apple is even more competitively advantaged relative to incumbent virtual reality headsets and ecosystems," the Goldman team wrote.

The analysts give the example of potential "immersive sports" experiences making use of Apple's deals for MLB Friday Night Baseball and MLS Season Pass.

Apple will need to convince consumers to pay up big time for these experiences, however: The company may price the Reality Pro at $3,000.

While the company may not sell more than 1 million of the devices this year, the Goldman analysts see a future where the Reality Pro contributes $11 billion to $20 billion in annual revenue from fiscal 2024 to fiscal 2028.

See also:Apple's leap into the metaverse could jolt a sputtering market, but it won't happen overnight

The analysts view the Apple Watch as a model for this new launch. That device was once seen as a "flop," they noted, but "eventually defined an entire category."

Apple's WWDC event kicks off June 5.

-Emily Bary

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

May 23, 2023 08:20 ET (12:20 GMT)

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