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January 23, 2013
12:53 EDTAAPLEarnings Preview: Apple down sharply since last report amid iPhone concerns
Apple (AAPL) is scheduled to report Q1 results after the market close on Wednesday, January 23, with a conference call scheduled for 5:00 pm ET. Despite a sharp pullback since its last earnings report, the iPhone and iPad maker remains by far the most valuable technology company in the world, as measured by market cap... EXPECTATIONS: Analysts are looking for EPS of $13.44 on revenue of $54.73B, according to First Call. The consensus range for EPS is $11.97-$15.50 on revenue of $52.01B-$59.55B. Along with last quarter's results, Apple forecast Q1 EPS about $11.75 and revenue about $52B, both of which were far short of consensus at the time. In a note to investors this morning, noted tech analyst Gene Munster at research firm Piper Jaffray summarized the "buy side" expectations for some of Apple's key metrics in Q1, including projections for 50M iPhones sold, 24M iPads sold and gross margin of 39%. According to Munster, the buy side expects Q1 EPS of $13.73 on revenue of $57B, both of which are above consensus... LAST QUARTER: Apple reported Q4 EPS of $8.67 against estimates for $8.75 on revenue of $36B against estimates for $35.8B. The company said it sold 26.9M iPhones, 14M iPads, 5.3M iPods and 4.9M Macs in Q4. Apple reported its gross margin in Q4 fell to 40.0% from 40.3% in the same quarter of the prior year. During its Q4 earnings call, Apple forecast a sequential decline in gross margin in Q1 driven by new form factor changes. The company also mentioned that it was working to get costs down on the iPad Mini and be more efficient in manufacturing. The day after the company's Q4 report, Apple shares fell $5.54, or 0.91%, to $604.00... RESEARCH AND NEWS: Within the last several weeks, first DigiTimes, then The Wall Street Journal, reported that Apple cut its component orders for the iPhone 5. Since Apple's Q4 report, its shares were downgraded to Neutral from Buy at Citigroup on December 17 and to Sector Perform from Outperform at Pacific Crest on January 16. Numerous other research firms have cut their price targets on shares during the last three months, including JPMorgan, Merrill Lynch, Stifel Nicolaus, Scotia Capital and UBS. On the more positive side, Piper's Munster recently raised his forecast for Q1 iPhone sales to 50M from 45M and his margin estimate by 100 bps, noting commentary from AT&T (T) and Verizon (VZ) that indicated solid demand for the higher margin phone. Munster said Apple may guide toward Q2 revenue around $41B, which would be nearly 13% below the Street consensus, but noted that Apple has guided revenue 6%-13% below the Street over the last three quarters. Munster also said Apple's guidance tonight may shed light on the recent reports of component order cuts and that Apple shares have been down less as a function of valuation and more related to the lack of a product catalyst, such as a lower-tier iPhone or Apple TV. Piper Jaffray maintains an Overweight rating and $875 price target on Apple. Jefferies analyst Peter Misek also stated in a note to investors about a week ago that the firm is comfortable with its above Street estimate for 53M iPhones sold in the quarter. Jefferies' estimates for EPS and revenue were also well above consensus and the firm kept a Buy rating and $800 price target on the shares... PRICE ACTION: Since the day after last quarter's report, shares of Apple have declined over 16%. During the last week Apple shares have spent brief stretches below the psychologically and technically important $500 level, but in early afternoon trading ahead of tonight's report, Apple is up over 1% to ~$510.
News For AAPL From The Last 14 Days
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September 3, 2014
09:36 EDTAAPLActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TSLA TWTR PBR C GILD NFLX FB BIDU
08:58 EDTAAPLInvestors should take profits in Apple, says Pacific Crest
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08:06 EDTAAPLApple iWallet poses threat to PayPal, says RW Baird
Baird said an Apple (AAPL) mobile payments platform will pose a headline risk to eBay's (EBAY) PayPal. The firm sees it as a particular threat to growth opportunities at point-of-sale, although Baird notes PayPal has a solid start, a strong fraud detection platform, compliance with bank regulators, and accelerating growth in e-commerce payments. The firm has Outperform ratings on both stocks, with a price target of $63 on eBay and a target of $105 on Apple.
07:57 EDTAAPLApple coverage assumed with a Perform at Oppenheimer
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07:05 EDTAAPLNordstrom in talks to be early merchant partner with Apple, Bank Innovation says
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06:20 EDTAAPLSupply chains ramp up component production for 9.7-inch iPad, DigiTimes says
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September 2, 2014
16:25 EDTAAPLOn The Fly: Closing Wrap
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16:00 EDTAAPLOptions Update; September 2, 2014
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14:32 EDTAAPLApple says no breach in iCloud or Find my iPhone
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12:09 EDTAAPLOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq clinging to narrow gains and the Dow and S&P both down about 0.25%. Stocks began the session basically unchanged but turned mixed within minutes of the open. The volume has been light and the market has moved in a narrow range, continuing the type of pattern that was seen all of last week ahead of the holiday. ECONOMIC EVENTS: In the U.S., Markit's final manufacturing PMI for August dipped slightly from the flash print of 58.0 to 57.9, but that was up from July's 55.8 reading. ISM's manufacturing index for August climbed to 59.0 from 57.1 in July, beating expectations. Construction spending bounced back 1.8% in July, beating expectations for it to have risen 1.0% after declining in the prior month. In Asia, HSBC's final manufacturing PMI for China edged down to 50.2 from the preliminary 50.3 August reading, which was already down from the 51.7 report in July. The Chinese government's official purchasing managers index came in at 51.1 for August, which was down from its 51.7 reading in July. In Europe, the Eurozone's final manufacturing PMI for August was revised down to 50.7 from 51.8 in the preliminary reading. COMPANY NEWS: Apple (AAPL) was in the headlines following a celebrity photo hack involving several of its iCloud accounts. Despite the negative publicity from those events, the stock gained nearly 1% after noted Piper Jaffray analyst Gene Munster raised his price target on the tech giant's shares to $120 from $105, citing the upcoming launch of new products and services. Another firm, Cantor, said in its own note to investors that it believes that Apple will have its most exciting product launches "in many years" over the next few months... In M&A news, Dollar General (DG) rose almost 1% after increasing its all-cash proposal to buy Family Dollar (FDO) to $80.00 per share and also increasing the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC. Shares of Family Dollar, which previously rejected Dollar General's prior proposal on the basis of antitrust regulatory concerns, traded above the new offer price, while Dollar Tree (DLTR), which currently has a merger agreement deal in place with Family Dollar, also gained 1.5%. MAJOR MOVERS: Among the notable gainers were two other companies involved in M&A, one which was a buyer and one which was bought. Norwegian Cruise Line (NCLH) advanced 12% after agreeing to acquire upscale peer Prestige Cruises for $3.03B, while Compuware (CPWR) rose over 12% after the company confirmed it agreed to be acquired by private equity investment firm Thoma Bravo in a transaction valued at approximately $2.5B. Among the noteworthy losers was Exelixis (EXEL), which plunged 53% after its phase 3 pivotal trial of cabozantinib in certain men with metastatic castration-resistant prostate cancer did not meet its primary endpoint and the stock was downgraded by at least three Street research firms. Also lower was lease-to-own retailer CONN'S (CONN), which dropped 30% and was downgraded at Piper Jaffray after weakness in its credit operations prompted a Q2 earnings miss and caused the company to cut its fiscal year guidance. INDEXES: Near midday, the Dow was down 43.58, or 0.25%, to 17,054.87, the Nasdaq was up 2.97, or 0.06%, to 4,583.24, and the S&P 500 was down 4.83, or 0.24%, to 1,998.54.
11:03 EDTAAPLApple hits another fresh life high, levels to watch
Despite headlines concerning a high-level iCloud security breach targeting celebrity accounts, the stock is edging to a fresh life high this morning. Traders appear more focused on the upcoming product announcement on September 9th. At the current price of $103.65, there is no overhead resistance. A new upside objective for the bulls would potentially be at $105 or $107, both typical and currently active options strike prices. Support is at $102.50, the prior closing price.
10:33 EDTAAPLApple price target raised by noted analyst ahead of launches
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09:41 EDTAAPLActive equity options trading on open
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07:09 EDTAAPLApple new product launch to be most exciting in years, says Cantor
Cantor believes that over the next few months Apple will have its most exciting product launch "in many years." The firm thinks the 4.7 inch and 5.5 inch iPhones may not be made available for purchase simultaneously, while the company's watch could be announced next week but not be made available immediately. The firm keeps a $123 price target and Buy rating on the shares.
06:34 EDTAAPLApple cuts iPad mini prices as non-Apple vendors may follow, DigiTimes says
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06:34 EDTAAPLApple's iWatch still under EVT stage, DigiTimes reports
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06:14 EDTAAPLT-Mobile planning September 10 'Uncarrier' event, Re/code reports
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06:13 EDTAAPLApple has discussed $400 price tag for wearable device, Re/code reports
Apple has considered putting a $400 price tag on its new wearable device, Re/code reports. It is not clear whether the price will be firmed up before its September 9 press conference. Reference Link
06:05 EDTAAPLApple investigating hack relating to violation of iCloud accounts, Re/code says
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05:54 EDTAAPLApple price target raised to $120 from $105 at Piper Jaffray
Piper Jaffray analyst Gene Munster raised his price target on Apple shares to $120 from $105 citing the company's upcoming launch of new products and services. Munster expects Apple to unveil the iPhone 6 with two new screen sizes at the September 9 event, and he sees a 70% chance of an announcement around payments. Munster pegs at the chances of an iWatch announcement at 50%. He expects Apple shares to move higher through year-end and keeps an Overweight rating on the stock.
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