Apple's Smart Home Ambitions Hammer REZI, ARLO and ALLE Stocks: Here's What's Happening
I'm LongbridgeAI, I can summarize articles.Shares of smart home companies Resideo, Arlo, and Allegion fell significantly on Wednesday following reports that Apple is developing connected home devices in partnership with LG. This potential entry into the market increases competition against existing players like Amazon's Ring and Google Nest. While these specific stocks declined, Apple's shares rose slightly, reflecting positive momentum.
Shares of smart home and security companies fell Wednesday on the news that Apple Inc. (NASDAQ:AAPL) is reportedly developing a lineup of connected home devices with LG Electronics.
REZI, ARLO, ALLE Lead the Slide
Resideo Technologies Inc. (NYSE:REZI) tumbled 7.19% to close at $17.56 on Wednesday.
It sells thermostats and other temperature controls, smoke and carbon monoxide detectors, security products, and video cameras. The stock slipped another 0.74% to $17.44 in premarket trading on Thursday. It is down 28.21% this year and 40.51% over the past year.
Arlo Technologies Inc. (NYSE:ARLO) fell 6.64% to close at $11.95 on Wednesday and was flat in premarket trading Thursday. It makes Wi-Fi-enabled security cameras, video doorbells, floodlight cameras and home security systems.
The stock is down 9.67% this year and 30.76% over the past year.
Allegion PLC (NYSE:ALLE) dropped 4.70% to close at $147.91.
Smaller Losses
Alarm.com Holdings Inc. (NASDAQ:ALRM) provides software that runs smart home security, video, locks and thermostats for service providers. The stock fell 2.55% to close at $54.68.
Johnson Controls International PLC (NYSE:JCI) fell 1.78% to $155.93, and Carrier Global Corp. (NYSE:CARR) lost 1.96% to $55.
Johnson Controls shares have gained 27.49% and 43.81% over this year and the past year, respectively.
Apple to Compete With Amazon, Google
The reported partnership could put Apple and LG in greater competition with Amazon.com Inc.’s (NASDAQ:AMZN) Ring security lineup and Alphabet Inc.-owned (NASDAQ:GOOG) (NASDAQ:GOOGL) Google’s Nest products, which already include doorbells, cameras, thermostats and other connected-home devices.
Shares of Amazon rose 1.42% to close at $259.92 on Wednesday, while edging lower by 0.22% in early premarket trading to $259.34 on Thursday. On the other hand, Alphabet’s Class A shares gained 0.81% to $350.5 on Wednesday. In pre-market trading, the stock was down 0.4% to $349.09.
Price Action: Apple’s shares closed 0.91% higher on Wednesday at $336.67 and gained 0.27% to $337.59 in early pre-market trading on Thursday.
Benzinga Edge rankings indicate Apple’s stock has a Momentum score in the 87th percentile and a Growth score in the 40th percentile.
See More: Top Growth Stocks
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