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News Breaks
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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October 8, 2014
09:38 EDTAAPLActive equity options trading on open
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08:20 EDTAAPLQualcomm opportunity at Xiaomi almost rivals iPhone, says FBR Capital
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06:57 EDTAAPLApple's iPhone 6 Plus more popular than iPhone 6, WantChinaTimes says
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06:13 EDTAAPLNon-Apple notebook, tablet demand to be weak till 2Q15, DigiTimes reports
Demand for non-Apple (AAPL) notebooks and tablets may remain weak until the second quarter of 2015, reports DigiTimes. Citing Taiwan makers, the pressure due to booming sales from Apple products may decrease sales until Microsoft (MSFT) launches Windows 10 next year. Demand for Samsung (SSNLF), Sony (SNE) , And HTC smartphones have also dropped worldwide recently. Reference Link
06:10 EDTAAPLQuantom begins small-volume production of 12-inch Macbook Air, DigiTimes says
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05:54 EDTAAPLTeen interest in Apple Watch 'tepid,' says Piper Jaffray
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October 7, 2014
17:05 EDTAAPLApple iPhone gains market share among teens, says Piper
Piper Jaffray analyst Gene Munster concluded from Piper's 2014 Teen Survey that interest in Apple's technology remained strong among teens. According to the survey, teen iPhone ownership rose to 67% from 61% in the Spring, and iPad ownership among teens that owned a tablet remained at 66%, the same as in the Spring. However, teen interest in the Apple Watch remained "tepid," as only 16% of teens would be interested in an Apple Watch at $350. Shares are Overweight rated with a $120 price target.
16:00 EDTAAPLOptions Update; October 7, 2014
iPath S&P 500 VIX Short-Term Futures up 2.16 to 32.24 Option volume leaders: AAPL TSLA TWTR AMZN FB VZ AA HTZ NFLX PBR according to Track Data.
15:01 EDTAAPLDunkin Donuts testing mobile ordering system, considering Apple Pay, NRN reports
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14:46 EDTAAPLApple supplier GT Advanced recovers some of yesterday's losses
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14:00 EDTAAPLGT Advanced sapphire not used for iPhones because 'proved brittle,' WSJ says
Apple's (AAPL) decision to choose glass screens over GT Advanced's (GTAT) sapphire screens for the iPhone 6 was because of "tests in which the synthetic sapphire proved brittle, cracking when phones were dropped from various heights and angles," The Wall Street Journal reported last night, citing people familiar with the matter. Apple's decision to withhold GT Advanced's expected $139M payment was the tipping point for GT Advanced to declare bankruptcy, people familiar with the matter added. Reference Link
10:29 EDTAAPLGT Advanced lists Apple, Airgas, GrafTech, Ultra Clean among top 30 creditors
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10:17 EDTAAPLSamsung outlook miss weighs on suppliers
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09:36 EDTAAPLActive equity options trading on open
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08:46 EDTAAPLFireEye announces targeted attack protection for Apple platform
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08:15 EDTAAPLApple leaks point to iPad Air 2 with Touch ID, gold color, Michael Report says
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06:14 EDTAAPLSamsung may find difficulty competing with TSMC for Apple chips, DigiTimes says
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06:11 EDTAAPLApple adjusts supply ratio for iPhone 6 and iPhone 6 Plus, DigiTimes reports
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06:09 EDTAAPLApple 12-inch tablet may integrate both Mac OS and iOS, DigiTimes reports
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06:06 EDTAAPLApple reinstated with a Buy at BofA/Merrill
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