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Apple Today - 8/17/2016 FOMC (AAPL)

seymour_greenz • August 17th 2016 09:29:05 AM

Good Morning,

NASDAQ Futures are up 6 with +8 Fair Value, S&P Futures are up 1 with +2 Fair Value and Dow Futures are down 9 as we hit mid-week and wait to hear the FOMC this afternoon. Futures were up in early morning, peaked just before 3am and slipped into negative territory by 4am but bounced and are now slightly in the green as we approach the open.

Asian markets ended mixed. China went down 0.02%, Hong Kong dropped 0.48% and Japan gained 0.90%. European markets are down. The UK is down 0.22%, France is down 0.72% and the Germany is leading the decline, down 0.98%.

Commodities are mixed this morning. Oil is down 0.04%, natural gas is down 0.57% and gold is down 0.55%. Unleaded gas is down 0.92% and heating oil is up 0.18%. Metals are down. Meat is down. Cocoa, cotton, corn and soybeans are up while coffee and wheat are down.

Gold slips on hawkish US Fed rate views, July minutes in focus. UK jobs market shows resilience against Brexit fallout.

Urban Outfitters, Inc. (URBN) announced Q2 earnings that beat expectations and is up nearly 12% in pre-market. On the other hand, Cree, Inc. (CREE) reported a Q4 loss with a weak outlook yesterday afternoon and is down over 9%. Popeyes Louisiana Kitchen, Inc. (PLKI) announced Q2 results that met forecasts and is down over 4%.

Target Corporation (TGT) reported Q2 earnings that beat estimates this morning but lowered full-year guidance and is down over 5.5% in pre-market. Lowe's Companies, Inc. (LOW) announced Q2 that missed expectations and cut outlook and is down nearly 5%. Staples, Inc. (SPLS) reported a Q2 loss that met expectations and is down nearly 1.5%. American Eagle Outfitters, Inc. (AEO) announced Q2 results that beat expectations and is down over 5%. On the other hand, The Children's Place Retail Stores, Inc. (PLCE) reported a Q2 loss that beat expectations and is up over 6%. Analog Devices Inc. (ADI) announced Q3 results that topped expectations and is up nearly 1.5%.

This afternoon after the bell, look out for earnings from Cisco Systems, Inc. (CSCO), Agilent Technologies Inc. (A), NetApp, Inc. (NTAP) and Briggs & Stratton Corporation (BGG).

Tomorrow morning before the open, Nestle S.A. ADR (NSRGY), Toro Company (TTC), Wal-Mart Stores, Inc. (WMT), Perry Ellis International Inc. (PERY) and Hormel Foods Corporation (HRL) are expected to report.


AAPL broke above 110 yesterday but dipped back below later in the day, ending down 0.08% on a bit less than average volume. AAPL opened up at 109.67 to very high volume, wound up and took a quick jab at 110 within minutes on high volume, then dropped back to mid-109 by 9:44am on moderate volume and forged ahead to break the 110-barrier on huge volume just as the clock struck 10am. AAPL floated above 110 briefly, setting an intra-day high of 110.23 at 10:08am on moderately high volume but struggled soon after and slipped to the upper-109 area in a narrow range around 109.9 through lunch and into early afternoon. After 1pm however, AAPL dipped into the red on mild volume and continued on to set an intra-day low of 109.21 at 2:26pm on relatively low volume. AAPL bounced back into the green after 2:30pm on mild volume appearing to target 110 again but fell short, running out of steam near the upper-109 area and slipping back into the red into the close. AAPL ended the day down 10 cents at 109.38 and remained flat in after-hours.

This morning in pre-market, AAPL opened up higher in conjunction with Futures, gravitating around 109.5 for most of the morning but slipped into the low-109 area later in the morning. AAPL is currently down 21 cents at 109.17 as we approach the open.


Classic max-pain is 105.


Gold slips on hawkish US Fed rate views, July minutes in focus:
http://in.reuters.com/article/global-precious-idINKCN10S08Q

UK jobs market shows resilience against Brexit fallout:
http://www.bloomberg.com/news/articles/2016-08-17/u-k-labor-market-shows-strength-as-jobless-claims-decline

Target cuts full-year profit forecast as sales decline:
http://www.reuters.com/article/us-target-results-idUSKCN10S12D

Cathay Pacific profits plunge amid fierce competition:
http://www.bbc.com/news/business-37103659

Lowe's Q2 results miss forecasts, cuts profit outlook:
http://www.usnews.com/news/business/articles/2016-08-17/lowes-misses-street-2q-forecasts

Fund managers are crying out for governments and businesses to invest:
http://www.bloomberg.com/news/articles/2016-08-16/fund-managers-are-crying-out-for-governments-and-businesses-to-invest

Apple to open 1st Asia-Pacific R&D center in China:
http://timesofindia.indiatimes.com/tech/tech-news/Apple-to-open-first-Asia-Pacific-RD-centre-in-China/articleshow/53740638.cms

You may have to wait longer to buy the iPhone 7:
http://fortune.com/2016/08/17/apple-iphone-7-launch-date/

Cortana says "a keyboard does not make the Apple iPad Pro a real computer":
http://www.techtimes.com/articles/173997/20160817/microsoft-surface-pro-4-commercial-a-keyboard-doesnt-make-the-apple-ipad-pro-a-real-computer-cortana-says.htm

Huawei tops Chinese smartphone market for Q2 as Xiaomi tumbles to #4, Apple continues to sink:
http://www.techtimes.com/articles/173992/20160817/huawei-tops-chinese-smartphone-market-for-q2-as-xiaomi-tumbles-to-no-4-apple-continues-to-sink.htm

Ford will build an autonomous car without a steering wheel or pedals by 2021:
http://www.theverge.com/2016/8/16/12504300/ford-autonomous-car-ride-sharing-2021

Intel doubles down on Project Alloy as the savior of the PC:
http://www.pcworld.com/article/3108434/computers/intel-doubles-down-on-project-alloy-as-the-savior-of-the-pc.html

Intel expects USB Type-C could help kill the 3.5mm audio jack:
http://www.cnet.com/news/intel-expects-usb-type-c-could-help-kill-the-3-5mm-audio-jack/

Powerful NSA hacking tools have been revealed online:
https://www.washingtonpost.com/world/national-security/powerful-nsa-hacking-tools-have-been-revealed-online/2016/08/16/bce4f974-63c7-11e6-96c0-37533479f3f5_story.html

Nearly two decades of data reinforce concerns that pesticides are really bad for bees:
https://www.washingtonpost.com/news/energy-environment/wp/2016/08/16/nearly-two-decades-of-data-reinforce-concerns-that-pesticides-are-really-bad-for-bees/

New species of fossil dolphin found:
http://www.bbc.com/news/science-environment-37108207

Was Hawking right?
http://www.theverge.com/2016/8/17/12514796/black-hole-radiation-stephen-hawking-proof

Floridians fear "Pandora's box" of genetically altered mosquitos:
https://www.theguardian.com/us-news/2016/aug/14/florida-keys-zika-virus-genetically-modified-mosquitoes

How much a decade of obesity raises your cancer risk:
http://www.cnn.com/2016/08/16/health/obesity-overweight-cancer-risk/


Today's Economic Calendar:
7:00 MBA Mortgage Applications
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
1:00 PM Fed's Bullard speech
2:00 PM FOMC minutes


Notable earnings this afternoon after the bell: *CSCO*, *A*, *NTAP*, SNPS, KEYS, LB, NTES, SPTN, TWMC, BORN, YY, *BGG*, ARAY, CACI, IMMU, MSRT, NZTCY

And tomorrow before the open: NNA, *NSRGY*, *TTC*, *WMT*, PLAB, SSI, CSIQ, BONT, ZX, *PERY*, TWIN, LANC, VWDRY, MHG, *HRL*, WUBA, EVRZF, HXGCF, MBT, SCMWY

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