Here's How Amazon Just Royally Shafted Apple

 | Jul 12, 2017 | 10:00 AM EDT
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Sorry to rain on your parade Apple (AAPL) fanboys, but Amazon (AMZN) just totally stuck it to Tim Cook's baby. 

Amazon said that it sold three times as many Echo devices worldwide midway through Prime Day. Imagine what the grand total looks like seeing as Amazon was hawking the smart speaker for a low, low price of $89.99. What this means to Apple is rather simple to understand: Amazon has managed to stuff more homes with Echos in front of Apple's major HomePod launch. Hence, if you bought a discounted Echo why in the world would you want a HomePod, too? 

In analyst jargon, Amazon has taken a bite out of Apple's market share before its key new digital gadget has even hit the market. Sorry, but it's the truth. 

What's Hot On TheStreet

Money is just being given away: Warren Buffett donated roughly $3.17 billion of Berkshire Hathaway Inc. (BRK.A) (BRK.B) stock earlier this week to the Bill and Melinda Gates Foundation and four family charities.

It is the 86-year-old billionaire's largest contribution in his plan to give away his fortune. In 2010, Buffett, Microsoft Corp. (MSFT) co-founder Bill Gates and his wife created The Giving Pledge, a project that encourages billionaires to give more than half of their wealth to philanthropy. TheStreet takes a look at some of the wealthiest people who have pledged to give their money to charity when all is said and done.

A return of a bothersome issue for Walmart: Beginning in 2013, reports began circulating that Walmart Stores Inc. (WMT) was dealing with an out-of-stock issue at its stores nationwide.

At the time, Walmart attributed the problem to a reduction in employees as it worked to cut costs. Fast forward to 2017, and the issue appears to be resurfacing, reports TheStreet's Lindsay Rittenhouse. 

Paypal should cut a big check: It could be time for PayPal Holdings, Inc.  (PYPL) to get cracking on a bid for fellow payments processor Square, Inc.  (SQ) , TheStreet reports.

The purchase of Square would give PayPal increased acceptance with bricks-and-mortar retailers, Loop Capital analyst Joseph Vafi writes in a new note. All in, the deal would further PayPal's efforts to become a "true, two sided network," according to Vafi.

Vafi estimates PayPal would be able to pay a 30% premium for Square, valuing the company at more than $12 billion using current prices.

Tesla gets some more love: Shark Tank star Kevin O'Leary said Tesla, Inc.  (TSLA) CEO Elon Musk is a modern day Michelangelo. "He is a genius - I can't say enough good things about what he does for all sectors that he gets involved in," O'Leary told TheStreet's Scott Gamm in an interview.

Although to be fair, O'Leary is more fond of Tesla's product than its stock.

"I'm an investor and at the end of the day, I look at each opportunity to put money in harms way - one stock at a time and that's not a stock I own," he said. O'Leary is also the Chairman of O'Shares ETF Investments.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

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