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Apple Today 10/26/2016 (AAPL)

seymour_greenz • October 26th 2016 10:10:05 AM

Good Morning,

NASDAQ Futures are down 20 with -17 Fair Value, S&P Futures are down 7 with -6 Fair Value and Dow Futures are down 41 as Apple Inc. (AAPL) reports the first annual drop in revenue in 15 years, dragging AAPL down over 3% along with the broader markets amidst an all out earnings assault with dozens and dozens of companies reporting, including Tesla Motors Inc (TSLA) and Groupon, Inc. (GRPN) this afternoon, followed by Ford Motor Company (F) and Dow Chemical Co. (DOW) tomorrow morning. Apple wasn't alone, as Chipotle Mexican Grill, Inc. (CMG) also took a 3%+ hit. The Twitter (TWTR) drama continues as the latest buzz from the finance blog Betaville indicates Disney (DIS) may be a buyer of the little blue bird. The economic calendar has a few key reports rolling in today including New Home Sales at 10am and EIA Petroleum Inventories shortly afterwards. Futures were down in early morning, reaching a low just before 5:30am and then bounced slightly but have been drifting lower since and are near the lows as we approach the open.

Asian markets ended mostly down. China went down 0.50%, Hong Kong fell 1.02% and Japan went up 0.15%. European markets are down. Germany is down 0.76%, France is down 0.44% and the UK is leading the decline, down 1.01%.

Commodities are mostly down this morning. Oil is down 1.66%, natural gas is down 1.41% and gold is down 0.12%. Unleaded gas is down 1.70% and heating oil is down 1.13%. Metals are mostly down, gold, silver and platinum are down while copper is up. Meats are mixed. Cocoa, cotton, corn, wheat and soybeans are up while coffee is down.

Apple reports the first annual drop in revenue in 15 years. Consumer stocks fall as Whirlpool, GM and others skid.

Apple Inc. (AAPL) reported Q4 results yesterday afternoon with income that declined 19% and is down nearly 3% in pre-market. Chipotle Mexican Grill, Inc. (CMG) announced Q3 earnings that missed expectations and is down nearly 4%. Akamai Technologies, Inc. (AKAM) is up nearly 8% after reporting Q3 results with adjusted profit of 68 cents per share that beat expectations. Panera Bread Company (PNRA) announced Q3 results that exceeded expectations and is up nearly 5%. Pandora Media (P) dropped nearly 9% after reporting a Q3 miss and lower than expected guidance. Express Scripts, Inc. (ESRX) met Q3 expectations and is down slightly. Juniper Networks (JNPR) announced Q3 results with adjusted profit of 58 cents per share and is up 7.5%. Vertex Pharmaceuticals Incorporated (VRTX) is up nearly 4% after reporting a Q3 loss. iRobot Corporation (IRBT) is up 7% after beating Q3 profit forecasts.

The Boeing Company (BA) reported Q3 results this morning that beat expectations and strong outlook and is down over 0.5% in pre-market. Garmin Ltd. (GRMN) announced Q3 earnings that beat expectations and raised outlook and is up over 5%. Hess Corporation (HES) is down over 0.5% after reporting a Q3 loss of $1.12 per-share. Southwest Airlines Co. (LUV) announced Q3 results that topped expectations but lowers guidance and is down nearly 9%. The Coca-Cola Company (KO) is up nearly 1.5% after reporting Q3 results that beat expectations.

This afternoon after the bell, look out for earnings from NETGEAR, Inc. (NTGR), Limelight Networks, Inc. (LLNW), Equifax Inc. (EFX), Forrester Research, Inc. (FORR), Tesla Motors (TSLA), Groupon, Inc. (GRPN), The Cheesecake Factory Incorporated (CAKE), ARRIS International plc (ARRS), Extra Space Storage, Inc. (EXR), Nutrisystem Inc (NTRI), Planet Fitness (PLNT), VMware, Inc. (VMW), F5 Networks, Inc. (FFIV), Raymond James Financial Inc. (RJF), Briggs & Stratton Corporation (BGG), NXP Semiconductors (NXPI), Buffalo Wild Wings, Inc. (BWLD), Cimpress N.V. (CMPR), Rent-A-Center Inc. (RCII), Shutterfly, Inc. (SFLY), Texas Instruments Inc. (TXN), Western Digital Corporation (WDC).

Tomorrow morning before the open, CME Group Inc. (CME), Sealed Air Corporation (SEE), GNC Holdings, Inc. (GNC), Nokia Corporation (NOK), Travelzoo Inc (TZOO), World Wrestling Entertainment, Inc. (WWE), Dr Pepper Snapple Group, Inc. (DPS), Pinnacle Foods (PF), LendingTree, Inc. (TREE), The Blackstone Group L.P. (BX), Stanley Black & Decker, Inc. (SWK), Barclays PLC (BCS), International Paper Co. (IP), L-3 Communications Holdings Inc. (LLL), Nomura Holdings, Inc. (NMR), Bristol-Myers Squibb Company (BMY), Celgene Corporation (CELG), ConocoPhillips (COP), Dow Chemical Co. (DOW), Ford Motor Company (F), Old Dominion Freight Line, Inc. (ODFL), Potash Corporation of Saskatchewan Inc. (POT), Sirius XM Holdings Inc. (SIRI), Thermo Fisher Scientific Inc. (TMO), Aetna, Inc. (AET), Cliffs Natural Resources Inc. (CLF), Deutsche Bank AG (DB), Raytheon Company (RTN), United Parcel Service, Inc. (UPS), Volkswagen AG ADR (VLKAY) are expected to report.

The AAPL 3-stage circus act continued yesterday, with AAPL ending intra-day up 0.51% on average volume but dropping over 3% in after-hours after beating earnings expectations but reporting the first annual drop in revenue in 15 years. AAPL opened up at 117.98 to high volume and drifted lower through the morning on mild volume, hitting an intra-day low of 117.31 at 12:16pm on low volume before bouncing back for lunch. AAPL recovered green shortly after lunch and lifted into the upper-117 area and then further rallied into the close as the anticipation mounted. AAPL ended the day up 60 cents at 118.25 and initially spiked up to 120 but quickly dropped 3.30 in after-hours to 114.95 after the earnings report sunk in.

This morning in pre-market, AAPL opened in the low-114 area causing Futures to head lower and then inched back to the low-115 area only to drop back to the low-114 zone again into open. AAPL is currently down 3.88 at 114.37 as we approach the open.


Classic max-pain is 115.


Coca-Cola profit beats estimates, helped by smaller packages:
http://www.bloomberg.com/news/articles/2016-10-26/coca-cola-profit-beats-estimates-helped-by-smaller-packages

Southwest Airlines quarterly profit falls 33.6 pct:
http://www.reuters.com/article/southwest-results-idUSL4N1CW3XM

Comcast posts higher third-quarter revenue, adds video customers:
http://www.reuters.com/article/us-comcast-results-idUSKCN12Q1KB

Consumer stocks fall as Whirlpool, GM and others skid:
http://www.nytimes.com/aponline/2016/10/25/world/europe/ap-financial-markets.html

What to expect from Apple’s Mac event this week:
http://arstechnica.com/apple/2016/10/what-to-expect-from-apples-mac-event-this-week/

Did Tim make lemonade out of Apple's Q4 2016 earnings?
http://www.macworld.com/article/3135506/apple-phone/4-ways-tim-cook-made-lemonade-out-of-apples-q4-2016-earnings.html

Apple probably won't compete with the Google Home and Amazon Echo:
http://qz.com/819354/apple-probably-wont-compete-with-the-google-home-and-amazon-echo/

IBM, Apple, bring Watson into the iOS enterprise:
http://www.computerworld.com/article/3135645/apple-mac/ibm-apple-bring-watson-into-the-ios-enterprise.html

Google is trying to reinvent the whiteboard:
http://www.computerworld.com/article/3134878/enterprise-applications/google-is-trying-to-reinvent-the-whiteboard.html

Microsoft looks to reinvent the desktop PC:
http://www.theverge.com/2016/10/26/13402546/microsoft-event-preview-surface-desktop-pc-laptop

Amazon's Alexa now works on tablets, but the best new feature involves an Echo speaker:
http://www.theverge.com/circuitbreaker/2016/10/26/13412110/amazons-alexa-now-works-on-tablets-but-the-best-new-feature-involves

Devs unlock bootloader of Verizon-branded Google Pixel:
http://www.androidheadlines.com/2016/10/devs-unlock-bootloader-verizon-branded-google-pixel.html

AT&T is selling law enforcement access to its customers' data:
https://www.technologyreview.com/s/602728/att-is-selling-law-enforcement-access-to-its-customers-data/

5 cities chosen for self-driving car test
http://www.usatoday.com/story/money/cars/2016/10/26/five-cities-chosen-self-driving-car-test/92757834/

Going to space is a real pain in the back:
http://www.cnn.com/2016/10/26/health/astronaut-back-pain-spine-health-space/

Did a software glitch doom the European Mars lander?
http://www.csmonitor.com/Science/2016/1025/Did-a-software-glitch-doom-the-European-Mars-lander-video

Is it time to rethink the way we search for intelligent alien life?
http://www.csmonitor.com/Science/2016/1026/Is-it-time-to-rethink-the-way-we-search-for-intelligent-alien-life

Carbon dioxide in the atmosphere has passed a worrying threshold:
https://www.technologyreview.com/s/602719/carbon-dioxide-in-the-atmosphere-has-passed-a-worrying-threshold/

Solar winds spur geomagnetic storm that may affect power:
http://www.bloomberg.com/news/articles/2016-10-25/-solar-winds-spur-geomagnetic-storm-that-may-affect-power-lines

Mosquito army released in Zika fight in Brazil & Colombia:
http://www.bbc.com/news/health-37773274

Autism study shows benefits when parents get involved:
http://www.cnn.com/2016/10/25/health/parents-children-autism-symptoms/


Today's Economic Calendar:
7:00 MBA Mortgage Applications
8:30 International trade in goods
9:45 PMI Services Index Flash
10:00 New Home Sales
10:30 EIA Petroleum Inventories
11:30 Results of $15B, 2-Year FRN Auction
1:00 PM Results of $34B, 5-Year Note Auction


Notable earnings this afternoon after the bell: AHL, ECHO, *NTGR*, SIGI, TTMI, ALIAF, WCN, ACGL, ARI, *LLNW*, MC, SGMO, ACAZF, AEM, CDE, *EFX*, *FORR*, NCIT, O, ORLY, SCI, *TSLA*, PPC, DDR, *GRPN*, INFN, *CAKE*, PSA, ABX, *ARRS*, CHE, NEM, QDEL, TYL, CNSWF, PCMI, SJW, TRN, WIRE, MMSI, *EXR*, JBT, KRA, UCTT, AMSF, ANIK, AR, ATNI, AXTI, CSGP, CW, DEL, EQY, LMAT, MMLP, QEP, SPOK, TILE, WLL, ESV, GG, KWR, *NTRI*, UHS, OCN, *PLNT*, SMSI, GTY, ODPVY, BVX, SHLM, CUBI, *VMW*, ESND, FBHS, *FFIV*, KNX, NOW, PCBK, PLXS, PTC, *RJF*, RUSHA, TIS, *BGG*, OCFC, BANR, MKSI, *NXPI*, AXS, *BWLD*, HUBG, RHI, UVSP, CACB, CACI, CMO, *CMPR*, CRY, DLB, DRE, IBKC, INUV, KEX, LARK, LOB, LUNMF, MN, PRXL, *RCII*, *SFLY*, SU, TER, *TXN*, UNM, VAR, WHG, XL, LYG, RGA, SBCF, *WDC*, NBN, MB, CSII, EPE, MUR, CAA, FISV, QTM, CGIFF, BOOT, EGHT, SSNLF, NUACF

And tomorrow before the open: IBA, *CME*, UFS, AXTA, BGCP, *SEE*, ACOR, ALLE, BWA, COR, CVE, CYS, *GNC*, *NOK*, TCK, *TZOO*, ULBI, UNIEF, *WWE*, BCOR, IPGP, PGSVY, *DPS*, EIG, GCI, BELFB, CFPZF, CHH, CRAI, CVI, CVRR, GOV, IDCC, OCANF, PATK, ROCK, SCG, UAN, WST, THRM, EXLS, MDXG, CFWFF, FMS, MCS, CWT, CRI, EME, FCN, GTLS, HEES, IRDM, LKQ, NEWM, *PF*, SGC, TFX, *TREE*, TRS, UTHR, VALE, VC, IART, AMT, BASFY, HUSKF, TEF, TPH, GSL, PRGX, SRI, AGEN, HSON, SFE, KOPN, ASPS, CMC, SPCB, ABB, *BX*, HFWA, LAZ, SBGSF, SILC, *SWK*, UFI, CBU, CRS, *BCS*, BSMX, *IP*, *LLL*, *NMR*, RDN, SUP, SZCRF, TKR, WEX, AUO, AVT, BMS, *BMY*, CBG, *CELG*, CMS, COLB, *COP*, DFT, *DOW*, DVD, EPD, EQM, EQT, *F*, GWB, IVZ, MHO, MJN, MO, MPLX, MTH, NOV, *ODFL*, PENN, *POT*, PRLB, PSTB, PTEN, *SIRI*, SKM, SQNS, STBZ, STM, *TMO*, *AET*, ALXN, APD, BBVA, BC, BOFI, CCMP, CL, *CLF*, CPF, CRR, CSH, *DB*, DDE, DLX, GLOP, I, KRC, MD, MDP, MEGEF, MPC, MSCI, ORI, PJC, RGS, *RTN*, TKPPY, TPX, *UPS*, *VLKAY*, WCC, XRS, ALV, ASX, MTRN, PX, TUES, ABMD, BBW, CFX, HCA, KMT, BT, NTCT, TDC, VLP, XEL, QSII, ARCVF, STO, ASMIY, CODGF, EQGP, IBCP, WKCMF, EUTLF, FSNUY, UPLMQ, HXGCF, MEOH

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