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Apple Today - 3/17/2016 (AAPL)

seymour_greenz • March 17th 2016 09:29:09 AM

Good Morning,

NASDAQ Futures are down 18 with -24 Fair Value, S&P Futures are down 6 with -6 Fair Value and Dow Futures are down 48 on this Thursday as the Fed's rate hike decision "sinks in". Futures were booming last night and early this morning before falling off a cliff at 5am to do a total 180 degree turn. Futures are currently hovering near the lows as we await the open.

Asian markets closed mostly up today. China gained 1.2%, Hong Kong ended up 1.21% and Japan dipped 0.22%. European markets are selling off today. The UK is currently down 0.39%, Germany is down 1.67% and France is leading the decline down 1.77%.

Commodities are mostly up this morning. Oil is up 1.12%, natural gas is up 0.16% and gold is up 3.15%. Unleaded gas is down 0.18% and heating oil is up 0.22%. Metals are up strong. Meat is up. Cocoa, coffee, cotton, corn, wheat and soybeans are all up.

Jobless claims in US climbed less than forecast last week. US current account deficit narrows in Q4. Apple supplier Jabil Circuit Inc. (JBL) reported a weak mobile outlook triggering a drag in AAPL after-hours.

FedEx Corporation (FDX) reported earnings yesterday afternoon that beat estimates and is up over 6%. On the other hand, Jabil Circuit Inc. (JBL) announced a Q2 miss and a weak mobile outlook, causing a nearly 7% drop and a drag on AAPL. Williams-Sonoma Inc. (WSM) also reported Q4 earnings yesterday afternoon and is down over 7% on an earnings miss and low than expected guidance.

The Michaels Companies (MIK) reported Q4 earnings this morning that beat estimates, mixed guidance but added a $200 million buyback and is up nearly 7% in pre-market. On the other hand, Lands' End, Inc. (LE) reported a Q4 loss but has yet to react.

This afternoon after the bell, look for earnings from Adobe Systems Incorporated (ADBE), Aeropostale, Inc. (ARO), New York & Company, Inc. (NWY) and Shoe Carnival, Inc. (SCVL).

Tomorrow morning, Destination XL Group, Inc. (DXLG) and Tiffany & Co. (TIF) are expected to report.

AAPL had another strong buffalo day yesterday, gaining 1.33% on modest volume. AAPL opened at 104.61 to moderate volume, immediately put in the day's low of 104.59 and soon migrated up to the mid-105 area on relatively low volume. AAPL made a break for the upper-105 area on moderate volume as lunch was winding down and then dipped towards 105 as the 2pm Fed announcement approached. After the announcement, AAPL bolted up to 106 on extremely high volume, then wobbled back a bit before charging back up again above 106 again to set an intra-day high of 106.31 at 3:44pm on moderately high volume. AAPL then pulled back to end the day up 1.39 at 105.97. After-hours got interesting with AAPL taking a hit from JBL earnings comment on weak mobile causing AAPL to briefly drop into the upper-104 area before bouncing to end after-hours at 105.52.

This morning in pre-market, AAPL curiously opened over 106, ignoring yesterday's after-hours dip. AAPL struggled around the low-106 area before caving to the mid-105 area under the increasing weight of souring Futures and the buzzing JBL weakness connection. AAPL hit a pre-market low of 105.03 at 7:45am before bouncing back into the mid-105 area. AAPL is currently down 47 cents at 105.5 as we approach the open.


Classic max-pain is still 100.


Jobless claims in US climbed less than forecast last week:
http://www.bloomberg.com/news/articles/2016-03-17/initial-jobless-claims-in-u-s-rose-less-than-forecast-last-week

Dollar dives as Fed pulls in rate hike horns:
http://www.reuters.com/article/us-global-markets-idUSKCN0WJ00K

US current account deficit narrows in Q4:
http://www.reuters.com/article/us-current-deficit-idUSKCN0WJ1Q6

Norway cuts rate and signals more easing ahead amid oil plunge:
http://www.bloomberg.com/news/articles/2016-03-17/norway-cuts-rates-and-signals-more-easing-ahead-amid-oil-plunge

Amazon Echo and Fitbit could make a good fitness coaching team:
http://fortune.com/2016/03/17/amazon-echo-fitbit/

Caterpillar sees Q1 sales, profit below estimates:
http://www.bloomberg.com/news/articles/2016-03-17/caterpillar-sees-first-quarter-sales-profit-below-estimates

WeChat payments deliver good results:
http://www.reuters.com/article/us-tencent-results-idUSKCN0WJ12S

Billionaire Li Ka-shing's warning:
http://www.bloomberg.com/news/articles/2016-03-17/billionaire-li-says-brexit-would-prompt-his-u-k-retrenchment

Apple switching from AWS to Google cloud:
http://www.zdnet.com/article/apple-cuts-aws-spending-signs-with-google-report/

Watch the new Apple Cookie Monster ad:
http://www.cnet.com/uk/news/apple-appoints-cookie-monster-as-its-spokesman/

These are the sneakers you've been waiting for, Marty:
http://www.wired.com/2016/03/nikes-back-future-self-lacing-shoe-hyperadapt-1-0-finally/


Today's Economic Calendar:
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
8:30 Current Account
9:45 Bloomberg Consumer Comfort Index
10:00 Job Openings and Labor Turnover Survey
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet


Notable earnings after today's close: *ADBE*, AGRO, AMDA, AOCIF, *ARO*, BVX, CAPR, CDXC, ELP, EMAN, HART, KINS, *NWY*, *SCVL*, TRQ

And tomorrow before the open: *DXLG*, GMAN, MDLY, *TIF*

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