3 Hot Penny Stocks To Watch After Apple Event In September 2023

What’s happening in the stock market today? Chances are, whether you’re looking for penny stocks to buy or trying to follow broader market trends, the Apple Even is on your schedule.

What Was The Apple Event?

The “Apple Event” refers to keynote addresses given by Apple Inc. (NASDAQ: AAPL). The company announces new products, software updates, and other major company news. These events are highly anticipated by tech enthusiasts, industry analysts, and Apple consumers around the world. Apple uses these events to showcase its latest innovations and to set the direction for the company’s product lineup for the coming months. Here are some other frequently asked questions and answers related to the Apple Event

What Time Was Apple’s Event Today

Apple is expected to unveil the iPhone 15 at the September event. It is slated to begin at 1 p.m. ET/10 a.m. PT.

What Did Apple Release in September 2023?

Other than the iPhone 15, Apple unveiled other products, including the Apple Watch, AirPods, and discussed its focus on being more carbon neutral. Apple will be putting this new carbon-neutral label on its products that have achieved this goal.

What Types Of Companies Could Piggyback Off Of The Apple Event?

Apple’s product announcements often create ripple effects across the technology sector. Suppliers providing key components for new devices, like semiconductor chips or camera lenses, may see their stocks rise if Apple unveils innovative products requiring their parts. Accessory makers could also benefit if new devices drive demand for updated cases, headphones, or other accessories.

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Additionally, app developers may gain opportunities to meet new software needs or leverage new device capabilities. Even companies that compete with Apple in certain market segments could gain interest if Apple validates a space without dominating it outright. Beyond hardware and software, Apple’s ecosystem encompasses partnerships across content, cloud services, and retail.

Positive reactions to Apple’s announcements could boost stocks of content providers supplying services, infrastructure partners powering cloud offerings, and retailers selling Apple products. In summary, Apple’s influence spans a wide network, so its product unveilings often create positive ripple effects across many players in the technology sector.

Penny Stocks To Watch

• CXApp Inc. (NASDAQ: CXAI)
• Edgio Inc. (NASDAQ: EGIO)
• Globalstar Inc. (NYSEAMERICAN: GSAT)

CXApp Inc. (CXAI)

Of course, tech stocks will be a focus. In particular, AI and AR have been hot topics of discussion this year, in general. Companies like workplace experience application company CXApp have come into the spotlight amid several industry-related catalysts.

The company offers a Software-as-a-Service platform to enhance the customer experience using AI. Some of its customer base includes Fortune 500 Global companies in industries like tech, finance, healthcare, and media entertainment. This month, the company announced its AI-based augmented reality solution for the “Return To Office” trend in business.

Khurram Sheikh, Chairman and CEO of CXApp, said, “The CXAI SaaS platform is anchored on the intersection of customer experience (CX) and artificial intelligence (AI), providing digital transformation for the physical workplace for enhanced experiences across people, places, and things.”

Sheikh said that it brings the power of AI to the workplace without the limitations of traditional methods. “With our proprietary technology and user-centric design, we are redefining workplace interactions.”

Edgio Inc. (EGIO)

Edge technology is another area of interest for those hunting for sympathy sentiment in tech stocks. Edgio is a company that specializes in just that. It delivers online experiences and content via an architected, scaled-edge network. Edgio’s platform offers the ability to deliver secure web properties and streaming content faster than some of the current market’s offerings.

Earlier this month, the company announced a milestone deal through a strategic partnership aimed at addressing OTT video delivery. Edgio, along with Accedo, Bitmovin, Grabyo, and Vimond, announced the partnership on Monday.

Eric Black, CTO and GM of Media for Edgio, explained, “By bringing together companies at the forefront of streaming and managing the entire process under one service partner, media companies can focus on creating innovative content versus navigating the complexities of a streaming workflow.”

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The news came just a day earlier before Edgio reported an EPS and sales beat for the second quarter. The company is expecting revenue to come in between $392m and $398m for the year. In response, Bob Lyons, President and CEO of Edgio, stated, “Driven by sustained revenue growth, gross margin expansion, and cost savings, we expect to deliver substantial year-over-year improvements in Adjusted EBITDA and free cash flow in 2024.”

Globalstar Inc. (GSAT)

The last week has been strong for Globalstar. The company’s shares climbed from around $1 to highs of $1.60. This move also coincided with news of Dr. Paul Jacobs coming on as CEO. It was also accompanied by details on an agreement to license Jacob’s start-up Xcom Labs to license its tech. Jacobs is also the former CEO of Qualcomm, which brings its own acclaim.

Dr. Jacobs said, “I have devoted my career to advancing and commercializing innovation in wireless technology and am thrilled to continue this journey as CEO of Globalstar. The teams I’ve led have demonstrated the value creation that is possible by applying new technology to enhance capacity of underappreciated spectrum, and that is one of the many opportunities I see at Globalstar.”

As for insiders, Director James Monroe is the latest to purchase shares. He added over 4 million GSAT shares at an average price of roughly $1.13. Details in the purchase notes include the trades representing shares acquired by Thermo XCOM LLC in consideration for its release of debt owed by XCOM Labs, Inc. They also represent shares purchased from XCOM in a private placement in connection with the Intellectual Property License Agreement and other transactions disclosed in the Form 8-K filed with the Commission on August 31, 2023. Monroe added more to this position in September, picking up another 5 million shares at an average price of $1.52.

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