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Apple Today - 3/31/2016 EOQ (AAPL)

seymour_greenz • March 31st 2016 09:29:28 AM

Good Morning,

NASDAQ Futures are down 2 with -1 Fair Value, S&P Futures are down 1 with -1 Fair Value and Dow Futures are down 2 on this final day of March, the end of the 1st quarter of 2016 and a busy day of economic data. Futures were down earlier, hitting a low at 4am before bouncing and recovering towards near flat later in the morning as we await the open.

Asian markets ended mostly down today. China gained 0.11%, Hong Kong dropped 0.13% and Japan fell 0.71%. European markets are also down today. The UK is currently down 0.48%, Germany is down 0.65% and France is leading the decline, down 0.92%.

Commodities are mixed this morning. Oil is up 0.05%, natural gas is up 0.2% and gold is up 0.74%. Unleaded gas is down 0.75% and heating oil is up 1.13%. Metals are mostly up except copper. Meat is down. Soybeans are up while cocoa, coffee, cotton, corn, wheat and are down.

S&P cuts China sovereign credit outlook to negative, maintains AA- rating. Initial jobless claims in US rose last week to 2-month high. Oil trades near 2-week low as rising US stockpiles expand glut. Euro zone inflation stays negative in March but "core" prices rise.

Micron Technology Inc. (MU) reported Q2 earnings yesterday with a 4 cent beats but a revenue miss and Q3 EPS guidance below consensus and is down nearly 1% in pre-market.

Movado Group, Inc. (MOV) announced Q4 earnings this morning with a 1 cent beat and a revenue beat but guides FY17 EPS and revenue below consensus, dividend raise of 18% and $50 million buyback and COO retires and is currently down over 5%.

This afternoon after the bell, look for earnings from Voxeljet AG (VJET).

Tomorrow morning, BlackBerry Ltd. (BBRY) is expected to report.

AAPL was a mountain of strength yesterday, gaining 1.75% and solidly holding 109 on decent volume. AAPL gapped up significantly in pre-market yesterday on upgrades from Cowen and Longbow and opened up at 108.64 to high volume, momentarily setting a low of 108.6 on relatively high volume. AAPL rose up above the trees to breach 110 within 30 minutes of the open and peaked at 110.42 at 10:08am on fairly high volume before beginning a sell off that drove AAPL down below 109 by 1:30pm. AAPL recovered somewhat in late afternoon trading and headed toward the mid and upper-109 areas. AAPL ended the day up 1.88 at 109.56 and gained an additional 4 cents in after-hours to 109.6.

This morning in premarket, AAPL picked up in the mid-109 area and settled towards 109 under the shadow of gloomy Futures. As Futures improved later in the morning, AAPL attempted to recover the mid-109 area with a struggle. AAPL is currently down 16 cents at 109.4 as we approach the open.


Classic max-pain is 106.


S&P cuts China sovereign credit outlook to negative, maintains AA- rating:
http://in.reuters.com/article/china-economy-sp-ratings-idINL3N1733DH

Initial jobless claims in US rose last week to 2-month high:
http://www.bloomberg.com/news/articles/2016-03-31/initial-jobless-claims-in-u-s-rose-last-week-to-two-month-high

Oil trades near 2-week low as rising US stockpiles expand glut:
http://www.bloomberg.com/news/articles/2016-03-30/oil-falls-toward-38-in-new-york-after-dollar-s-decline-eases

Fed hand brings stellar quarterly gains for emerging markets:
http://in.reuters.com/article/emerging-markets-idINL5N1732M1

Euro zone inflation stays negative in March but "core" prices rise:
http://in.reuters.com/article/eurozone-inflation-idINL5N173281

Cowen's Apple upgrade and 2018:
http://www.forbes.com/sites/chuckjones/2016/03/31/cowens-apple-upgrade-contains-a-huge-2018-eps-estimate/#75f1c59b7fb7

Lululemon's cost cutting pays off:
http://www.bloomberg.com/news/articles/2016-03-30/lululemon-s-profit-exceeds-estimates-after-cost-cuts-take-hold

Amazon "dashes" on:
http://www.nytimes.com/2016/04/01/technology/amazon-widens-its-push-button-e-commerce-horizons.html

Windows Phone is "on hold":
http://www.pcworld.com/article/3049945/windows-phone-os/microsoft-puts-windows-phone-on-hold.html

HoloLens new 2016 demo:
http://www.tomshardware.com/news/hololens-demo-microsoft-build-2016,31518.html

Model 3 is make or break for Tesla:
http://www.latimes.com/business/autos/la-fi-hy-tesla-model3-unveiled-20160331-story.html

Food cans may be dangerous:
http://time.com/4275601/bpa-replacement-canned-food/


Today's Economic Calendar:
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
8:30 Gallup Good Jobs Rate
9:30 Fed's Evans: U.S. Monetary Policy
9:45 Chicago PMI
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
4:30 Money Supply
4:30 Fed Balance Sheet
5:00 PM Fed's Williams Speech


Notable earnings after today's close: ENSV, CRTN, DPDW, FC, *VJET*

And tomorrow before the open: *BBRY*

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