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Apple Today - 10/21/2016 OPEX (AAPL)

seymour_greenz • October 21st 2016 10:00:02 AM

Good Morning,

NASDAQ Futures are down 2 with -7 Fair Value, S&P Futures are down 6 with -6 Fair Value and Dow Futures are down 37 on this OPEX Friday. The economic calendar is light today while a bunch of earnings roll in from yesterday afternoon and this morning. Microsoft (MSFT) is up 6% this morning after earnings exceeded expectations and sales of cloud platform Azure more than doubled. Paypal Holdings Inc (PYPL) is also up over on a revenue beat and optimistic margin forecast. Futures were down in early morning and have been slowly declining further throughout the morning, now near the lows again as we approach the open.

Asian markets ended mixed. China went up 0.21%, Hong Kong gained 0.30% and Japan dropped 0.30%. European markets are mixed. The UK is up 0.36%, Germany is down 0.02% and France is down 0.15%.

Commodities are mixed this morning. Oil is up 0.63%, natural gas is down 1.50% and gold is down 0.11%. Unleaded gas is up 0.69% and heating oil is up 0.67%. Metals are down. Meats are mostly up. Corn and soybeans are up while cocoa, coffee and cotton are down. Wheat is flat.

Warning lights flashing on Draghi's economy dashboard. Microsoft cloud annualized run rate hits $13bn in strong first quarter. GE beats on profit but cuts revenue target on oil, gas weakness.

Microsoft Corporation (MSFT) reported Q1 results yesterday afternoon with earnings that exceeded expectations and sales of cloud platform Azure that more than doubled and is up over 6% in pre-market. PayPal Holdings, Inc. (PYPL) announced Q3 earnings with profit that met expectations and is up nearly 4.5%. Advanced Micro Devices, Inc. (AMD) reported Q3 results with a soft revenue forecast and is down nearly 3.5%. Skechers USA Inc. (SKX) is down nearly 15.5% after missing Q3 profit forecasts with a net income of 42 cents. Schlumberger Limited (SLB) announced Q3 results that beat forecasts and is down over 0.5%. Athenahealth, Inc. (ATHN) is down over 2.5% after reporting Q3 results that surpassed expectations. Boston Beer Co. (SAM) reported Q3 results that missed profit forecasts and is down over 3%. People's United Financial, Inc. (PBCT) is flat after announcing Q3 results that topped expectations. E*TRADE Financial Corporation (ETFC) is up nearly 2.5% after reporting better than expected Q3 results.

General Electric Company (GE) reported Q3 results that met expectations but trimmed guidance and is down nearly 1.5% in pre-market. McDonald's Corporation (MCD) announced Q3 results with sales up 1.3% and is up over 3%. Honeywell International, Inc. (HON) is flat after reporting Q3 results. Moody's Corporation (MCO) is down nearly 2% after beating Q3 forecasts. Citizens Financial Group (CFG) announced Q3 results that topped expectations and is up nearly 3%. LM Ericsson Telephone Company (ERIC) is down nearly 4.5% after posting a Q3 loss. SunTrust Banks, Inc. (STI) is flat after a Q3 beat. Synchrony Financial (SYF) reported Q3 results that beat expectations and is up over 2.5%.

On Monday morning before the open, B/E Aerospace Inc. (BEAV) is expected to report.

AAPL got snapped at by sharks yesterday, pulling AAPL below 116.5 and ending down 0.05% on low volume. AAPL opened down at 116.86 to high volume and quickly dipped to mid-116 within minutes before bouncing back above 117 at 10:08am on mild volume. AAPL then took a bite and got dragged to an intra-day low of 116.33 at 10:40am on higher volume before reversing and recovering by noon on moderate volume. AAPL went on to set an intra-day high of at 117.38 at 1:36pm on low volume. Shortly afterwards, AAPL sold off to the upper-116 area on strong volume at 2pm, turning red again and then limped around the 117 line for the rest of the afternoon. AAPL ended the day down 6 cents at 117.06 and gained 11 cents in after-hours to 117.17.

This morning in pre-market, AAPL opened lower in conjunction with Futures and wallowed around inthe upper-116 area before a pre-market price target upgrade to 135 from Cowen and Company caused a momentary spike into the low-117 area. AAPL is currently up 9 cents at 117.15 as we approach the open.


Classic max-pain is 114. Today is OPEX. Have a good weekend with your friends and family.


Warning lights flashing on Draghi's economy dashboard:
http://www.bloomberg.com/news/articles/2016-10-21/there-are-still-warning-lights-flashing-on-draghi-s-economy-dashboard

Microsoft cloud annualized run rate hits $13bn in strong first quarter:
http://arstechnica.com/information-technology/2016/10/microsoft-cloud-annualized-run-rate-hits-13bn-in-strong-first-quarter/

GE beats on profit but cuts revenue target on oil, gas weakness:
http://www.reuters.com/article/us-generalelectric-results-idUSKCN12L1C5

McDonald's revenue tops estimates as breakfast boosts sales:
http://www.bloomberg.com/news/articles/2016-10-21/mcdonald-s-revenue-beats-estimates-as-breakfast-helps-u-s-gains

Ericsson posts 1st net loss in 4 years as demand wanes:
http://www.bloomberg.com/news/articles/2016-10-21/ericsson-posts-net-loss-as-cost-cuts-fail-to-offset-weak-demand

Venmo is on track to process $20 billion in payments per year:
http://fortune.com/2016/10/20/venmo-20-billion/

Hedge funds hurt as investors remove $28 billion in 3 months:
http://www.nytimes.com/2016/10/21/business/dealbook/hedge-funds-hurt-as-investors-remove-28-billion-in-3-months.html

AT&T has 120 billion reasons to approach Time Warner cautiously:
https://www.bloomberg.com/news/articles/2016-10-21/at-t-has-120-billion-reasons-to-approach-time-warner-cautiously

IBM says Macs are up to $543 less expensive than PCs over time:
http://www.macrumors.com/2016/10/20/ibm-macs-less-expensive-than-pcs/

The iPhone has a secret one-handed keyboard you're not allowed to use:
http://www.theverge.com/circuitbreaker/2016/10/21/13356678/iphone-one-handed-keyboard-secret

Google Pixel makes Android's long-press much more useful:
https://www.cnet.com/uk/how-to/how-to-use-the-iphone-like-app-shortcuts-on-the-google-pixel/

Samsung's bigger problem? Its phones can't be fixed:
http://www.chicagotribune.com/news/sns-wp-blm-samsung-comment-3ae8e8ce-96ce-11e6-9cae-2a3574e296a6-20161020-story.html

Samsung releases super-high-capacity 8GB DRAM:
http://www.pcworld.com/article/3133725/storage/samsung-releases-super-high-capacity-8gb-dram.html

Automakers balk at California's proposed self-driving car rules:
http://arstechnica.com/cars/2016/10/automakers-balk-at-californias-proposed-self-driving-car-rules/

How much would you pay for the Nintendo Switch?
http://www.theverge.com/2016/10/21/13356830/nintendo-switch-price-poll

Accidental tools:
http://www.npr.org/sections/13.7/2016/10/21/498807870/accidental-tools-a-difference-in-ancient-man-and-monkeys

We are eating the world's wild mammals to extinction:
http://qz.com/815425/people-are-hunting-wild-mammals-to-extinction-mainly-because-of-hunger-not-for-horn-or-ivory-or-exotic-organs/

2 connected fault lines in California may trigger a big earthquake within 30 years:
http://www.techtimes.com/articles/183054/20161020/2-connected-fault-lines-in-california-may-trigger-a-big-earthquake-within-the-next-30-years.htm

This breathtaking map traces hydrogen throughout the Milky Way:
http://www.smithsonianmag.com/ist/?next=/smart-news/map-leads-way-milky-ways-hydrogen-atoms-180960873/

Mysterious x-ray blasts may reveal new stellar objects:
http://www.space.com/34459-mystery-x-ray-blasts-may-reveal-new-stellar-objects.html

Here's an online tool to manage kids' media use:
http://www.npr.org/sections/health-shots/2016/10/21/498706789/no-snapchat-in-the-bedroom-an-online-tool-to-manage-kids-media-use

New screen time rules for kids, by doctors:
http://www.cnn.com/2016/10/21/health/screen-time-media-rules-children-aap/index.html

Surgeons use nose cells to repair damaged knee joints:
http://edition.cnn.com/2016/10/20/health/nose-cells-used-to-repair-knees/

Your mouth is linked to your migraines:
http://www.cnn.com/2016/10/20/health/migraine-triggers-bacteria/

An autistic boy who can't be touched has connected with a service dog:
http://www.bbc.co.uk/newsbeat/article/37712162/an-autistic-boy-who-cant-be-touched-has-connected-with-a-service-dog


Today's Economic Calendar:
10:15 Daniel Tarullo speech
1:00 PM Baker-Hughes Rig Count


Notable earnings this afternoon after the bell: BAS, BYD, EACO, FTK, JMP, MBCN, ROYT, PFIS, QCRH, TEX, TRST, WSBF

And on Monday before the open: CPXWF, BMRC, SDVKF, *BEAV*, PDMDF, OPB

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