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Apple CEO Tim Cook arrives for Apples "The Morning Show" global premiere at Lincoln Center- David Geffen Hall on October 28, 2019 in New York.
Angela Weiss | AFP | Getty Images
Shares of Apple are currently "under owned" by even the Cupertino-based tech giant's top investors, according to one Morgan Stanley analyst.
"Even the top 100 ... holders of Apple (stock) have a position that's less than the S&P 500 weighting," Katy Huberty, managing director and head of North American hardware tech research at Morgan Stanley, told CNBC at the Morgan Stanley APAC Summit on Wednesday.
Morgan Stanley has a current price target of $296 per share for Apple's stock — which ended Tuesday's session at $266.29 stateside. The firm's target represents a more than 11% jump in price from current levels.
"We still think the stock has room to run," Huberty said, citing recovering iPhone demand, inflecting services growth and Apple's quarterly share buybacks as possible catalysts for the share price.

Potential US-China trade war impact

Commenting on the potential impact of the ongoing U.S.-China trade war for Apple's outlook, Huberty said: "What's interesting is the company's margins have been flat to up since tariffs went into effect … in September."
"In the December quarter, again, gross margin guidance was better than expected," she said, adding that Apple likely has "done a lot of work with suppliers" to shift production of some of its products away from China if trade tensions between Beijing and Washington continue to escalate.
Apple is one of the companies especially vulnerable to the ongoing U.S.-China trade war, which has raged on for more than a year and seen tariffs being slapped on billions of dollars worth of goods from both Beijing and Washington. With assembly of its iPhones mainly done in mainland China, any new tariffs announced could impact the price of Apple's products.
For his part, Apple CEO Tim Cook said in June this year that the Chinese "have not targeted" the tech giant. Cook has also cultivated a relationship with U.S. President Donald Trump and his family as Apple seeks an exemption from tariffs that have been placed by Washington on imports from China.

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VCG/VCG | Getty Images
DUBAI, United Arab Emirates — American plane-maker Boeing chalked its second Dreamliner order at the Dubai Air Show on Tuesday, announcing a sale of three of its 787-9 Dreamliners to the Republic of Ghana.
The planes, whose order value is $877.5 million at list prices, will go toward Ghana's yet-to-be launched airline, in which the government will hold a 10% stake. A steep discount off the list price is typically negotiated by airlines.
The long-haul, mid-size wide body 787-9 jet seats 242 to 330 passengers in a two-class layout. Its flight range aligns with Ghana's plans to include long-haul flights in its new airline, with routes to North America and Europe.
The order adds to what remains a starkly weak volume of deals for the American manufacturing giant, whose sales have been badly hit following two catastrophic crashes of its popular 737 Max jet in less than five months that killed a total of 346 people. Its fleet of roughly 400 jets around the world have been grounded since March.
Boeing's presence at the Middle East's flagship air show has been subdued as a result, weighed down by ensuing safety concerns and compensation charges.
Asked why Ghana's government chose Boeing over French rival Airbus — which has won new orders for some 180 jets so far this week — Ghanaian Aviation Minister Joseph Kofi Adda replied, "We chose Boeing because we know the strength of the company. ... We've done some studies, and we've assessed the wide-body aircraft manufacturers. Airbus is high quality, it was difficult to choose between the two of them, but we chose Boeing for now."
The deal brings Boeing's total firmed and provisional orders of commercial jets to 65, or just over one-third of those of Airbus so far. On Sunday, the company announced a sale of two of its 787-9 Dreamliners to Biman Bangladesh Airlines, and on Monday it booked a firm order from Turkish carrier SunExpress for 10 of its still-grounded 737 Max jets.
The vote of confidence in the embattled aircraft gained traction Tuesday, with a letter of intent from Kazakhstan's Air Astana to buy 30 of the 737 Max planes and a reported separate order of 20 of the jets from an undisclosed buyer. All of the 737 Max deals remain subject to the aircraft receiving regulatory approval to return to service.
At Monday's market close, Boeing's stock price was down around 12% since the fatal crash of Ethiopian Airlines' 737 Max 8 in March.
Boeing's airliner deals make up a combined value of $6.47 billion based on the most recently available list prices — a figure eclipsed by that of Airbus, whose total for the week stands at roughly $31.4 billion at list prices.

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Aerial view, view from above, drone view, or birds eye view of a highway at night.
Malorny | Moment | Getty Images
Autonomous driving in a "simple environment" is fairly easy but becomes hard to keep safe when other factors are in play, according to the CEO of self-driving start-up Pony.ai.
Echoing some of the comments he made earlier in the week, James Peng highlighted the challenges faced.
"The reason autonomous driving is so hard is because all of us, right, we are sharing the same road with AI (artificial intelligence) and we are irrational at a lot of times," Peng, who was speaking on a panel discussion on Tuesday at the East Tech West conference in China, explained.
"So, this is the task: where autonomous driving in a simple environment is fairly easy, it can be easily done, but if you're adding the irrationality of all the other vehicles, pedestrians, then it becomes very hard to keep it safe," he added.
Around the world, the last few years have seen a range of tests and developments take place in the autonomous vehicle sector.
At the end of October, for example, the Volkswagen Group announced the creation of a subsidiary called Volkswagen Autonomy (VWAT), with the German car giant saying it planned to "make autonomous driving market-ready."
With offices in Munich and Wolfsburg, Volkswagen said that VWAT would aim to "bring a self-driving system… to market maturity." As well as its sites in Germany, Volkswagen said it also planned to establish companies in Silicon Valley and China in 2020 and 2021 respectively.
For its part, Pony.ai, which has offices in the U.S. and China, and Hyundai recently launched BotRide. Pony.ai has described BotRide as "a shared, on-demand, autonomous vehicle service operating on public roads in California."
On the mass adoption of autonomous vehicles, Pony.ai's Peng sought to add some perspective to the discussion, emphasizing that tests were already underway.
"I think people tend to be super optimistic at the beginning and suddenly become very pessimistic, but I think that shouldn't be the case either," he argued, explaining that his firm had almost 30 vehicles that were being tested in the Nansha area of Guangzhou, even during rush hour.
"You will see the vehicles actually being able to handle complex driving situations, very, very complex driving scenarios."

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19 Hours Ago
The entrepreneurs behind ZuGo Pet are revolutionizing the way that pets travel – and the Sharks are getting a kick out of it! Catch the full opening and don't miss the CNBC premiere of "Shark Tank" episode #1011 Wednesday at 9P ET.

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Running into dogs "big and small" has become a "new hazard of working at Walmart," CEO Doug McMillon says.
Walmart last month started an in-home delivery option experiment in Kansas City, Pittsburgh and Vero Beach, Florida. It has said it plans to scale this $19.95 a month offering "aggressively."
"We have this place on the app where customers can tell us whether they have a dog or not," McMillon told CNBC's Becky Quick from the network's Evolve Summit in Los Angeles this week. "And sometimes they misinform us about whether the dog is in the house, or not in the house."
"We've had a few instances where we just stop the delivery, exit the home, call the owner and say, 'We'll need to resolve the dog issue before we put your food in the refrigerator.'"
To make deliveries, Walmart said, employees must have at least a year of service with the company, background checks, motor vehicle record checks and extensive training.
Walmart shares have climbed about 28% this year. The retailer has a market cap of about $341 billion.

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