Former Apple Employee Sues $5 Million, Accusing Company of Violating New York Pay Act

Apple Inc. was charged in a lawsuit that flouted New York’s labor law by not issuing weekly paychecks to his manual labor store associates.

Apple Inc. was charged in a lawsuit that flouted New York’s labor law by not issuing weekly paychecks to his manual labor store associates.

Raven Ramos, who worked at Apple’s Fifth Ave. store in Manhattan for more than seven years, claims the company paid her every other week, rather than weekly, as required by state law.

The complaint, filed Monday as a class action on behalf of other employees, is seeking Apple “well over” $5 million in delayed compensation payments under a law commonly invoked in lawsuits against employers. Ramos says her manual duties included unpacking products, emptying cash registers and helping customers on the sales floor.

Apple did not immediately respond to a request for comment.

JP Morgan drops Apple and Qualcomm from top picks as technology demand slows

(Reuters) – Slowing demand for smartphones is likely to hit growth at Apple and chipmaker Qualcomm, analysts at JP Morgan said Friday as they dropped the companies from its most preferred stock list.

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The removal from the brokerage’s “Analyst Focus List” comes as analysts warn that new coronavirus lockdowns in China and rising costs of goods due to the conflict in Ukraine could hurt smartphone demand in 2022.

Analyst Samik Chatterjee said a moderation in consumer spending would dampen higher expectations of the recent iPhone SE launch, while a slowdown in gaming in China could weigh on Apple’s services.

Apple is already planning to cut production of iPhone and AirPod due to a slowdown in demand, Nikkei newspaper reported Monday.

Qualcomm, meanwhile, will likely bear the brunt of weakness in the smartphone market for low- to mid-end Android handsets, Chatterjee said.

“There has understandably been a lot of noise around the weakness in demand in global technology, but we believe the macro weakness seeping through the sector will have a greater impact on consumer end markets,” he said.

The brokerage still rates Apple and Qualcomm as “overweight” — the equivalent of a “buy” rating — based on their longer-term potential.

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JP Morgan said it has added Arista Networks and Ciena to its list of network equipment companies in an environment of declining consumer demand, in hopes of more resilient demand for telecom and cloud-related spending.

Arun Agarwal
I am Arun Agarwal, a passionate blogger and gamer. I love to share my thoughts on games and technology through blog posts. I’m also an avid reader of books about history, philosophy, science-fiction, and other genres as well as an anime fan. I like reading books that give me new perspectives or help me think differently about the world around us.