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Apple Today - 6/01/2016 (AAPL)

seymour_greenz • June 1st 2016 09:30:01 AM

Good Morning,

Welcome to June! NASDAQ Futures are down 13 with -11 Fair Value, S&P Futures are down 7 with -8 Fair Value and Dow Futures are down 67 on this first trading day of June as the economic data schedule heats up. Futures were up in the green but struggling in early morning and dropped hard starting at 3am and are now near lows as we await the open.

Asian markets ended down. China lost 0.11%, Hong Kong dropped 0.26% and Japan sunk 1.62%. European markets are down today. The UK is down 1.08%, Germany is down 0.75% and France is down 0.8%.

Commodities are mixed this morning. Oil is down 1.18%, natural gas is up 2.1% and gold is up 0.35%. Unleaded gas is down 0.82% and heating oil is down 0.97%. Metals are mixed. Meat is up. Coffee and wheat are up while cocoa, cotton, corn and soybeans are down.

UK manufacturing stays subdued as Brexit referendum looms. Japan PM delaying sales tax rise, fiscal reform on back burner.

Workday (WDAY) reported a Q1 earnings loss yesterday afternoon that beat expectations as well as increased guidance and is down over 2.5% in pre-market.

Cracker Barrel Old Country Store, Inc. (CBRL) reported Q3 earnings this morning that beat expectations and an increased dividend and is up over 1% in pre-market. Michael Kors Holdings (KORS) announced impressive Q4 results with an earnings beat and a strong forecast this morning and is up nearly 7.5%. On the other hand, Lands' End, Inc. (LE) reported a Q1 earnings loss and is down nearly 7%. Vera Bradley (VRA) announced Q1 earnings with mixed results and is down slightly.

This afternoon after the bell, look for earnings from Box (BOX).

Tomorrow morning, Ciena Corporation (CIEN) is expected to report.


AAPL took "a little drop" on higher than average volume yesterday and bounced back to an overall decline of 0.49% for the day. Despite some early optimism in pre-market, AAPL opened down below 100 at 99.67 to high volume and quickly moved up above 100, setting a high of 100.40 just 22 minutes after the open on moderate volume. After peaking at 9:52am, AAPL rapidly drifted back down below 100 and struggled until lunchtime when AAPL conceded to the upper-99 area and then took a big dip at 2pm to a low of 98.82 on high volume before bouncing sharply at 3pm to recover the upper-99 area by close. AAPL ended the day down 49 cents at 99.86 and gained 9 cents in after-hours to 99.95.

This morning in pre-market, AAPL picked up where yesterday's after-hours left off and initially peaked at 100.05 early on light volume before registering a strong dip to 99.01 later on higher volume. After 6:30am, AAPL bounced back to the mid-99 area and is currently down 30 cents at 99.56 as we approach the open.


Classic max-pain is 99.


UK manufacturing stays subdued as Brexit referendum looms:
http://www.bloomberg.com/news/articles/2016-06-01/u-k-manufacturing-stays-subdued-as-brexit-referendum-looms

Japan PM delaying sales tax rise, fiscal reform on back burner:
http://in.reuters.com/article/japan-economy-tax-idINL4N18T1SY

Mortgage rates fall to record low as Bank of England mulls rate cut:
http://www.telegraph.co.uk/business/2016/06/01/mortgage-rates-fall-to-record-low-as-bank-of-england-mulls-rate/

Michael Kors rises after forecast impresses:
http://www.bloomberg.com/news/articles/2016-06-01/michael-kors-profit-tops-estimates-as-new-products-draw-shoppers

Salesforce to buy Demandware for nearly $2.8 billion:
http://www.reuters.com/article/us-demandware-m-a-salesforce-com-idUSKCN0YN4C8

SoftBank to sell a stake in Alibaba:
http://www.nytimes.com/2016/06/01/business/dealbook/softbank-to-sell-a-stake-in-alibaba.html

Painful Apple rumors?
http://techcrunch.com/2016/06/01/on-painful-apple-rumors/

Bezos says AI's impact is "gigantic":
http://www.usatoday.com/story/tech/2016/05/31/amazon-founder-s-impact-gigantic/85200740/

Microsoft sells patents to Xiaomi, builds "long-term partnership":
http://www.reuters.com/article/us-microsoft-xiaomi-idUSKCN0YN2VM

Microsoft says partners can build Windows Holographic devices with wider fields of view:
http://www.theverge.com/2016/6/1/11827538/microsoft-myerson-windows-holographic-partners

What's Microsoft got under wraps?
http://www.zdnet.com/article/whats-microsoft-got-under-wraps-a-windows-10-2-in-1-designed-by-porsche/

AMD shows off a working 8-core Zen processor:
http://www.pcworld.com/article/3077459/hardware/let-the-cpu-battles-begin-amd-shows-off-a-working-8-core-zen-processor.html

Rise of ad-blocking software threatens online revenue:
http://www.nytimes.com/2016/05/31/business/international/smartphone-ad-blocking-software-mobile.html

Meet the shrimp that's inspiring next-generation 3D printed armor:
http://www.zdnet.com/article/meet-the-mantis-shrimp-inspiring-next-generation-3d-printed-helmets/


Today's Economic Calendar:
Auto Sales
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 Gallup U.S. Job Creation Index
8:55 Redbook Chain Store Sales
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
2:00 PM Fed's Beige Book


Notable earnings this afternoon after the bell: CCORF, GWRE, ALOG, SMTC, MGCD, *BOX*, OLLI, WUBA

And tomorrow before the open: AMWD, SFUN, DCI, *CIEN*, JOY, HOV, REX, CONN, CCCL, CRVL, SAPIF

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