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Apple Today - 8/25/2016 (AAPL)

seymour_greenz • August 25th 2016 09:33:23 AM

Good Morning,

NASDAQ Futures are down 10 with -7 Fair Value, S&P Futures are down 4 with -2 Fair Value and Dow Futures are down 34 on this Thursday with a packed economic schedule, including jobless claims at 8:30am. Though we have a few more earnings stragglers lining up this morning, all market eyes are likely looking towards the main event at Jackson Hole tomorrow. Futures were up in early morning and took a spill at 2am dipping to a low at 5am before bouncing sharply and nearly recovering green just 30 minutes later, instead 5:30am brought another slide with fresh lows shortly before 7:30am. Though there has been a very slight bounce since, we're near the lows as we approach the open.

Asian markets ended mostly down. China dropped0.57%, Hong Kong went up 0.03% and Japan went down 0.25%. European markets are down. The UK is down 0.21%, France is down 0.69% and Germany is leading the decline, down 0.90%.

Commodities are mixed this morning. Oil is down 0.36%, natural gas is up 0.43% and gold is down 0.27%. Unleaded gas is down 1.38% and heating oil is down 0.77%. Metals are mixed, gold and silver are down while copper and platinum are up. Meat is down. Cocoa, coffee, corn and wheat are up while cotton and soybeans are down.

US jobless claims decline to lowest level in 5 weeks. Orders for US capital equipment climb by most since January. Stocks slip, along with oil prices.

HP Inc. (HPQ) reported Q3 earnings yesterday afternoon that beat expectations but cut outlook due to weak printer demand and is down nearly 6% in pre-market. Workday (WDAY) announced a Q2 loss that topped expectations and weak guidance and is up over 7.5%. Guess? Inc. (GES) reported a Q2 earnings beat that topped expectations and is up nearly 17%. Williams-Sonoma Inc. (WSM) announced Q2 results that met expectations and is up over 0.5%.

Dollar Tree, Inc. (DLTR) reported Q2 results this morning that missed estimates and is down nearly 7.5% in pre-market. JinkoSolar Holding Co., Ltd. (JKS) announced a profitable Q2 and is down nearly 5.5%. Medtronic plc (MDT) reported Q1 results that topped expectations but a drop in quarterly revenue and is down over 3%. Burlington Stores, Inc (BURL) announced Q2 earnings that beat expectations and upbeat guidance and is up 3.5%. Dollar General Corporation (DG) reported Q2 results that missed forecasts and is down nearly 9%. The Michaels Companies (MIK) is up slightly after announcing Q2 results that met expectations but light on revenue. Tiffany & Co. (TIF) is up 6% after reporting Q2 results that topped estimates and confirmed outlook. Movado Group, Inc. (MOV) announced disappointing Q2 results and is down over 14.5%. 1-800 FLOWERS.COM, Inc. (FLWS) reported a Q4 loss that met expectations and is up nearly 1%. Seadrill Limited (SDRL) announced Q2 results that beat on earnings and missed on revenue and is up over 4.5%.


This afternoon after the bell, look out for earnings from Autodesk, Inc. (ADSK) and GameStop Corp. (GME).

Tomorrow morning before the open, Big Lots, Inc. (BIG) and Tata Motors Limited (TTM) are expected to report.


AAPL bears crawled out onto the ice yesterday and AAPL dropped 0.75% on low volume. AAPL opened lower at 108.56 to high volume and quickly put in an intra-day high of 108.75 on strong volume before conceding the mid-108 area on moderate volume and pushing downward to 108 on low volume, which was later was pierced to expose the upper-107 area in late morning and as the lunch bell was ringing. AAPL recovered and held 108 pretty well, pushing up through the low-108 area on low volume with sights on mid-108 later in the afternoon but stalled under market weight and generally floundered around the low-108 area for the rest of the afternoon until the last 30 minutes of the day when AAPL and the market took a turn for the worse, leaving AAPL to set an intra-day low of 107.68 on moderate volume with less than 10 minutes to go. Fortunately, though, AAPL "picked it up by the bootstraps" and somehow managed to close above 108. AAPL ended the day down 82 cents at 108.03 and continued a drop of 13 more cents in after-hours to 107.90.

This morning in pre-market, AAPL opened up slightly higher than yesterday's intra-day close and drifted down in conjunction with souring Futures, passing through yesterday's lows with no resistance on a trajectory to mid-107 and setting a low of 107.52 at 9:07am. AAPL is currently down 48 cents at 107.55 as we approach the open.


Classic max-pain is 108.


US jobless claims decline to lowest level in 5 weeks:
http://www.bloomberg.com/news/articles/2016-08-25/jobless-claims-in-u-s-decline-to-lowest-level-in-five-weeks

Orders for US capital equipment climb by most since January:
http://www.bloomberg.com/news/articles/2016-08-25/orders-for-u-s-capital-equipment-climb-by-most-since-january

Stocks slip, along with oil prices:
http://www.nasdaq.com/article/stocks-slip-along-with-oil-prices-20160824-00541

Raising the inflation target would be a risky challenge for the Federal Reserve:
http://www.bloomberg.com/news/articles/2016-08-25/raising-the-inflation-target-would-be-a-risky-challenge-for-the-federal-reserve

FTSE 100 skids below 6,800 as investors await Janet Yellen's Jackson Hole speech:
http://www.telegraph.co.uk/business/2016/08/25/ftse-100-skids-below-6800-as-investors-await-janet-yellens-jacks/

HP beats revenue and profit expectations for fiscal Q3, but weak outlook sends shares tumbling:
http://www.techtimes.com/articles/174977/20160825/hp-beats-revenue-and-profit-expectations-for-fiscal-q3-but-weak-outlook-sends-shares-tumbling.htm

Tiffany's profit unexpectedly rises on lower costs, higher prices:
http://www.reuters.com/article/us-tiffany-results-idUSKCN11014M

Is Apple creating its own Snapchat?
http://www.theverge.com/2016/8/25/12638212/apple-iphone-snapchat-app-rumor

New leak may have just solved the only iPhone 7mystery left:
http://bgr.com/2016/08/24/iphone-7-rumors-last-mystery-revealed/

US sends nastygram to European Union over alleged Apple tax dodging:
http://arstechnica.com/tech-policy/2016/08/apple-tax-eu-probe-us-treasury-whitepaper/

WhatsApp to start sharing user data with Facebook:
http://www.theverge.com/2016/8/25/12638698/whatsapp-to-start-sharing-user-data-with-facebook

How AMD designed what could be its most competitive processors in a decade:
http://venturebeat.com/2016/08/24/how-amd-designed-what-could-be-its-most-competitive-processors-in-a-decade/

The HTC Vive is the preferred VR headset among game developers:
http://www.techtimes.com/articles/174951/20160824/the-htc-vive-is-the-preferred-vr-headset-among-game-developers-and-its-easy-to-see-why.htm

Pack your bags...
http://www.cnn.com/2016/08/24/health/proxima-b-centauri-rocky-planet-habitable-zone-neighbor-star/

He is:
http://www.businessinsider.com/starshot-proxima-centauri-habitable-planet-2016-8

Meet "Octobot":
http://www.bbc.com/news/science-environment-37169109

Firefighter describes life after historic face transplant:
http://www.cnn.com/2016/08/24/health/face-transplant-patrick-hardison/

Get movin':
http://www.techtimes.com/articles/175021/20160825/obesity-now-linked-to-8-more-cancer-types.htm


Today's Economic Calendar:
Monetary policy symposium
8:30 Durable Goods
8:30 Initial Jobless Claims
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $28B, 7-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet


Notable earnings this afternoon after the bell: ACET, UEPS, ZAYO, BRCD, *ADSK*, AMSWA, SPLK, QADA, ULTA, *GME*, FFHL, ULTR, EPAY, PSTG, AVTS

And tomorrow before the open: SGAZF, *BIG*, GTOFF, *TTM*

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