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Apple Today - 10/03/2016 (AAPL)

seymour_greenz • October 3rd 2016 09:37:57 AM

Good Morning,

Welcome back. NASDAQ Futures are down 5 with -5 Fair Value, S&P Futures are down 4 with -5 Fair Value and Dow Futures are down 23 on the first trading day of October as the British pound fell in the wake of UK Prime Minister Theresa May's comments that the country would trigger a "hard Brexit" by the end of March, earlier than some expected. Today's economic calendar brings us the PMI Manufacturing Index, among other things and the earnings calendar is basically in a "calm before the storm" mode. Futures were up in early morning, dipped into the red at 3am and then set new highs about an hour later, only to slide sharply shortly before 8am and are at the lows as we approach the open.

Asian markets ended up. China was closed for a National Day, Japan gained 0.91% and Hong Kong led the advance, up 1.23%. European markets are also up. Germany is up 1.01%, France is up 0.14% and the UK is leading the advance, up 1.23%.

Commodities are mixed this morning. Oil is up 0.66%, natural gas is up 0.24% and gold is up 0.20%. Unleaded gas is down 0.49% and heating oil is up 0.26%. Metals are down except gold. Meat is down sharply. Cocoa and soybeans are up while coffee, cotton, corn and wheat are down.

US Futures slip before reading on manufacturing. Pound falls as Theresa May indicates Brexit date. Sterling sinks to three-year low on Brexit, European banks struggle again. Deutsche Bank races against time to reach US settlement.

This afternoon after the bell, look out for earnings from Container Store Group Inc (TCS).

Tomorrow morning before the open, Darden Restaurants Inc (DRI) is expected to report.

AAPL had a fair week, up 0.30% on low volume. On Monday, AAPL initially continued over the waterfall but splashed off the 111 and recovered back to 113, ending up 0.15% on low volume. On Tuesday, AAPL took a smack from above 113 to sub-112.5 at 11am before bouncing back to end the day positive by 0.19% on low volume. On Wednesday, AAPL floated up into the 114-area, ending up 0.76% among ominous red curtains. On Thursday, AAPL dropped into the sub-112 zone and splashed back to mid-112, ending down 1.56% on average volume. On Friday, AAPL landed up 0.78% on average volume. AAPL opened up at 112.47 to high volume and quickly popped over 113 on strong volume before reversing sharply towards the red zone at 10am, hitting an intra-day low of 111.80 at 10:24am on high volume. AAPL subsequently bounced back sharply on mild volume and regained the upper-112 area shortly after 11am on moderate volume. AAPL proceeded to gain on low volume and captured 113 by early lunchtime and set an intra-day high of 113.37 at 3:16pm on low volume before dipping towards 113 into the close. AAPL ended the day up 87 cents at 113.05 and remained flat in after-hours at 113.05.

This morning in pre-market, AAPL opened slightly lower with little activity until 7am, then popped up into the low-113 area setting a pre-market high of 113.40 later in the morning. Afterwards, AAPL dipped below 113 in conjunction with Futures and in light of the $302 million verdict against Apple in the long running and "painfully annoying" VirnetX patent trial. AAPL is currently down 16 cents at 112.89 as we approach the open.


Classic max-pain is 111. Happy October.


US Futures slip before reading on manufacturing:
http://www.bloomberg.com/news/articles/2016-10-03/s-p-500-futures-hold-steady-after-stocks-best-quarter-of-2016

Pound falls as Theresa May indicates Brexit date:
http://www.bbc.com/news/business-37538459

Sterling sinks to three-year low on Brexit, European banks struggle again:
http://www.reuters.com/article/us-global-markets-idUSKCN1220Z8

Deutsche Bank races against time to reach US settlement:
http://www.reuters.com/article/us-germany-deutsche-bank-idUSKCN1220NA

Japan big manufacturers' mood flat in fragile economic recovery:
http://www.reuters.com/article/us-japan-economy-tankan-idUSKCN12301L

ING to cut 5,800 jobs in digital plan:
http://www.bbc.com/news/business-37538722

Will the Wells Fargo scandal finally change things?
http://www.huffingtonpost.com/rj-eskow/two-million-felonies-will_b_12309194.html

Engineer said he went 10 mph into Hoboken station:
http://www.newsday.com/news/region-state/ntsb-engineer-said-he-went-10-mph-into-hoboken-station-1.12396538

Apple told to pay $302m in patent trial:
http://www.telegraph.co.uk/technology/2016/10/03/apple-told-to-pay-302m-in-patent-trial/

Apple to launch trio of iPad Pros in spring 2017, including 7.9-inch mini model:
http://www.macrumors.com/2016/10/03/trio-new-ipad-pro-models-spring-2017/

iPhone 7 Plus review:
http://www.macworld.com/article/3126301/iphone-ipad/iphone-7-plus-review-the-dual-lens-camera-makes-it-a-winner.html

Google, lagging Amazon, races across the threshold into the home:
http://www.nytimes.com/2016/10/03/technology/google-lagging-amazon-races-across-the-threshold-into-the-home.html

Amazon's simpler, cheaper Echo Dot is still pretty great:
http://www.theverge.com/circuitbreaker/2016/10/3/13137890/amazon-echo-dot-second-generation-review-alexa

Toyota unveils robot baby to tug at maternal instinct in aging Japan:
http://www.reuters.com/article/us-toyota-robot-baby-idUSKCN1230BR

What spiral "arms" around a star tell us about planet formation:
http://www.csmonitor.com/Science/2016/1003/What-spiral-arms-around-a-star-tell-us-about-planet-formation

How soon could Elon Musk send people to Mars?
http://www.newsweek.com/elon-musk-spacex-mars-nasa-cruiser-return-explorer-space-rocket-505334

Yoshinori Ohsumi of Japan wins Nobel Prize in medicine:
http://www.nytimes.com/2016/10/04/science/yoshinori-ohsumi-nobel-prize-medicine.html

Your attractiveness depends on who else is around:
http://www.aol.co.uk/living/2016/10/03/attractiveness-dating-study-compare/

Thailand considers Zika tests for all pregnant women:
http://www.reuters.com/article/us-health-zika-thailand-idUSKCN1230HX

3-parent babies, how are they made?
http://www.wired.co.uk/article/what-is-three-person-ivf

Montana man tells of 2 ferocious battles with same grizzly bear:
https://www.washingtonpost.com/news/morning-mix/wp/2016/10/03/drenched-in-blood-montana-man-tells-tale-of-surviving-two-run-ins-with-same-grizzly-bear/


Today's Economic Calendar:
Auto Sales
8:30 Gallup US Consumer Spending Measure
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending


Notable earnings this afternoon after the bell: *TCS*

And tomorrow before the open: *DRI*, VLGEA

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