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News For AAPL From The Last 14 Days
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November 10, 2015
12:25 EDTAAPLOn The Fly: Top stock stories at midday
Stocks on Wall Street opened in negative territory and drifted throughout the morning, with the Dow and S&P recovering more quickly than the Nasdaq. The Nasdaq remains down by about 0.5% amid a slide in Apple (AAPL) following cautious analyst comments around weakness seen in its supply chain. ECONOMIC EVENTS: In the U.S., import prices fell 0.5% in October and export prices slipped 0.2%. Wholesale sales rose 0.5% in September, with inventories rising 0.5% in the month as well. In China, the consumer inflation rate fell to an annual 1.3% in October, which was down from 1.6% the month before and below the 1.5% consensus forecast. COMPANY NEWS: Shares of Apple declined nearly 3% after Credit Suisse analyst Kulbinder Garcha and the firm's Asia Technology Team said that iPhone supply chain orders have weakened recently. Garcha reduced his calendar year 2016 iPhone estimate to 222M from 242M units, but believes weakness in the stock creates an attractive entry point, given the scope of the iPhone installed base and its ability to drive future upgrades... Gap (GPS) tumbled about 4% after the apparel retailer reported that its same-store sales declined last month and gave lower than expected profit guidance for its just completed quarter... Shares of Valeant (VRX) were down about 5% near noon after the company held another call this morning with investors to update on the impact of recent negative press and the termination of its relationship with specialty pharmacy Phillidor on its business. Shares of Mallinckrodt (MNK), which was mentioned cautiously yesterday by the same short-seller that has previously targeted Valeant, are also down 5% near midday. MAJOR MOVERS: Among the noteworthy gainers was D.R. Horton (DHI), which rallied 7% after it reported quarterly earnings and provided an outlook for fiscal 2016. Also higher was Liongate (LGF), which gained 4.5% after reporting Q2 earnings and stating that Discovery (DISCA) and Liberty Global (LBTYA) each agreed to take 3.4% stakes in the company. Among the notable losers was Wayfair (W), which fell nearly 12% after it reported better than expected Q3 earnings but was also mentioned by investor Whitney Tilson as his largest short position. Also lower was Flotek (FTK), which dropped 33% after it said, in response to a cautious report yesterday, that an analysis of its FracMax database suggested that certain production data was misinterpreted by the company and understated the production of a small subset of wells. INDEXES: Near midday, the Dow was up 4.24, or 0.02%, to 17,734.72, the Nasdaq was down 22.14, or 0.43%, to 5,073.16, and the S&P 500 was up 0.34, or 0.02%, to 2,078.92.
10:10 EDTAAPLVIX methodology for Apple VXAPL up 10.8% to 30.11
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10:07 EDTAAPLApple November volatility increases
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09:37 EDTAAPLActive equity options trading on open
Active equity options trading on open: AAPL TGT VLO BAC FB W RAX V PHM
08:48 EDTAAPLApple heads lower in pre-market
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07:23 EDTAAPLApple's Asia supply chain weakens, says Credit Suisse
Credit Suisse's Asia Technology Team has noted that iPhone supply chain orders have weakened recently. Analyst Kulbinder Garcha said the weak supply chain news could weigh on shares for the next few weeks or quarters. Garcha lowered Apple's FY16 earnings estimate by 6% to $9.81 from $10.40 and reduced his CY16 iPhone estimate to 222M from 242M, and introduced a a CY17 unit estimate of 235M. While Garcia believes shares could be range bound near-term, he continues to believe weakness creates an attractive entry point given the scope of the iPhone installed base and its ability to drive future upgrades, and the increasing probability that Apple will launch a 4-inch "iPhone 6c." Apple shares remain Outperform rated with a $140 price target.
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