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Apple Today - 8/30/2016 (AAPL)

seymour_greenz • August 30th 2016 09:30:30 AM

Good Morning,

NASDAQ Futures are down 7 with -6 Fair Value, S&P Futures are flat with +1 Fair Value and Dow Futures are up 2 as Apple gets "slapped" with a potential $14.5 billion tax bill by the EU ahead of the big event next month. Futures were flat in early morning and rocked a little both up at 3:30am and then down at 6:30am before stabilizing back to flat as we approach the open.

Asian markets ended mixed. China went up 0.15%, Hong Kong gained 0.85% and Japan went down 0.07%. European markets are up. The UK is up 0.12%, France is up 0.86% and Germany is leading the advance, up 1.04%.

Commodities are mixed this morning. Oil is up 0.83%, natural gas is up 0.69% and gold is down 0.26%. Unleaded gas is up 0.03% and heating oil is up 0.62%. Metals are down except copper. Meat is mostly down. Coffee and wheat are up while cocoa, cotton, corn and soybeans are down.

Dollar firm near 2-week high, investors seek more guidance on rates. US job market "very close" to full strength. Apple must pay Ireland $14.5 billion in taxes, rules European Commission.

Catalent (CTLT) reported Q4 results that missed profit forecasts and is down nearly 4.5% in pre-market. Prospect Capital Corporation (PSEC) announced Q4 earnings that beat expectations and is down slightly.

The Bank of Nova Scotia (BNS) reported Q3 earnings that beat expectations and is up nearly 0.5% in pre-market. Abercrombie & Fitch (ANF) announced a Q2 loss that missed expectations along with a weak forecast and down nearly 13.5%. Deja-vu? G-III Apparel Group, LTD. (GIII) reported a Q2 loss that missed expectations, lowered outlook and is down nearly 18.5%.

This afternoon after the bell, look out for earnings from Palo Alto Networks (PANW), H&R Block Inc. (HRB) and Ooma (OOMA).

Tomorrow morning before the open, Frontline Ltd. (FRO) is expected to report.


AAPL was in murky shark-infested waters yesterday, ending down 0.11% but the real "bites" hit this morning. AAPL opened down at 106.63 to high volume and made an early attempt to turn green on moderate volume, but fell flat and instead sold off to an intra-day low of 106.29 at 9:34am on strong volume. AAPL bounced back from the lows and recovered the upper-106 area on moderate volume within an hour and subsequently dipped into the mid-106 area ahead of lunch on low volume. Lunchtime brought on a small mild-volume rally above 107 and into the mid-107 area to set an intra-day high of 107.44 at 1:02pm on low volume, seemingly escaping the circling sharks below. Alas, AAPL necame weighted down as 2pm rolled around and sank underwater at 2:45pm where AAPL joined the waiting sharks again in the upper-106 area. AAPL ended the day down 12 cents and just below 107at 106.94 and dropped 32 more cents in after-hours to 106.62.

This morning in pre-market, AAPL picked up with yesterday's after-hours before the EU tax news hit hard at 5:38am, dragging AAPL down as low as 103.50 by 6:08am. AAPL bounced sharply back into the upper-105 area and has been making some recovery progress since, perhaps on appeal news or the upcoming September event momentum. AAPL is currently down 1.21at 105.61 as we approach the open.


Classic max-pain is 107.


Dollar firm near 2-week high, investors seek more guidance on rates:
http://www.reuters.com/article/us-global-forex-idUSKCN11501I?il=0

US job market "very close" to full strength:
http://www.reuters.com/article/us-usa-fed-fischer-idUSKCN11518K

Apple must pay Ireland $14.5 billion in taxes, rules European Commission:
http://arstechnica.com/tech-policy/2016/08/apple-must-pay-ireland-13-billion-euros-in-taxes-says-brussels/

Trademark filings indicate iPhone 7, multiple Apple Watch models and "AirPods" wireless headphones on the way:
https://9to5mac.com/2016/08/30/russian-trademark-filings-indicate-iphone-7-multiple-apple-watch-models-and-airpods-wireless-headphones-on-the-way/

New iPad and Mac linup coming?
http://timesofindia.indiatimes.com/tech/tech-news/Apple-to-launch-new-iPad-models-and-Mac-lineup-Report/articleshow/53926522.cms

Uber and Alphabet's rivalry heats up as director chooses sides:
http://www.nytimes.com/2016/08/30/technology/uber-and-alphabets-rivalry-heats-up-as-director-chooses-sides.html?_r=0

Why Amazon is trying out a 30-hour work week with benefits:
http://www.csmonitor.com/Business/2016/0829/Why-Amazon-is-trying-out-a-30-hour-work-week-with-benefits

Facebook purges journalists, immediately promotes a fake story for 8 hours:
http://www.theatlantic.com/technology/archive/2016/08/facebook-steps-in-it/497915/

Intel Kaby Lake announced as the 7th generation Core processor:
http://www.theverge.com/2016/8/30/12698400/intel-kaby-lake-7th-gen-core-cpu

Fitbit's new Charge 2 is the follow-up to the best-selling Charge HR:
http://www.theverge.com/circuitbreaker/2016/8/29/12666722/fitbit-charge-2-fitness-tracker-heart-rate-gps-breathe-meditation

Elon Musk made Tesla a sexy car company but can he make it a viable one?
http://qz.com/769170/elon-musk-made-tesla-a-sexy-car-company-but-can-he-make-it-a-viable-one/

Sony is about to release 2 new PlayStations:
http://www.businessinsider.com/sony-ps4-slim-and-playstation-4-neo-everything-we-know-2016-8

Did Lucy fall from a tree?
http://www.nytimes.com/2016/08/30/science/lucy-hominid-fossils-fall.html

Alien signal found?
http://www.cnn.com/2016/08/30/health/seti-signal-hd-164595-alien-civilization/

Zika around the world: Where do we stand?
http://www.cnn.com/2016/08/30/health/zika-around-the-world/index.html

25-year-old scams Trump supporters out of $1 million:
http://www.krmg.com/news/news/local/report-25-year-old-scams-trump-supporters-out-1m/nsNj7/


Today's Economic Calendar:
8:55 Redbook Chain Store Sales
9:00 S&P Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index


Notable earnings this afternoon after the bell: CLCT, PRCP, CMFN, CCUR, *PANW*, BOBE, CFI, VEEV, *HRB*, AVAV, NCS, CAL, MTRX, *OOMA*, BNIKF

And tomorrow before the open: OPESF, NTIOF, CHS, *FRO*, SFL, BF.B, GEF, NBGIF, EIHDF, MAGS, TRR, BMXMF, BOUYF, GLNG, GMLP

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