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Apple Today 4/12/2017 (AAPL)

seymour_greenz • April 12th 2017 11:56:19 AM

Good Morning,

S&P Futures are down 4 with -3 Fair Value, NASDAQ Futures are down 7 with -3 Fair Value and Dow Futures are down 10 as we hit mid-week and the early earners begin to trickle in. Oil is up for the 8th day in a row on a possible extension to supply cut, recovered nearly all of last month's losses. Techwise, Toshiba casts serious doubt on its ability to stay in business and Bitcoin is 1,220 again after topping 1,230 yesterday.

This morning's Economic Calendar includes: MBA Mortgage Applications, Import/Export Prices, Atlanta Fed's Business Inflation Expectations and EIA Petroleum Inventories followed by Results of $12B, 30-Year Note Auction and Treasury Budget this afternoon.

The earnings winner is Delta Air Lines, Inc. (DAL), up nearly 3.5%. On the other hand, Fastenal Company (FAST) is down over 4%.

Futures were down in early morning, then recovered sharply to green territory at 3:30am only to slowly slip back into the red and are at the lows as we approach the open.

Asian markets ended mostly down. China went down 0.46%, Hong Kong gained 0.96% and Japan dropped 1.04%. European markets are mostly up. The UK is down 0.12%, Germany is up 0.08% and France is up 0.15%.

Commodities are mixed this morning. Oil is up 0.34%, natural gas is down 0.06% and gold is up 0.25%. Unleaded gas is up 0.31% and heating oil is up 0.57%. Metals are mixed, gold and silver are up while copper and platinum are down. Meats are up. Coffee, cotton, corn and soybeans are up while cocoa and wheat are down.

Brent oil rises for eighth day on possible extension to supply cut. Yen holds near multi-month highs as risk-aversion persists.

Delta Air Lines, Inc. (DAL) reported Q1 results this morning with adjusted earnings of 77 cents per share that beat expectations and is up nearly 3.5% in pre-market. Fastenal Company (FAST) announced Q1 results with net income of 46 cents per share that met expectations and is down over 4%.

This afternoon after the bell, look out for earnings from Pier 1 Imports Inc. (PIR).

Tomorrow morning before the open, JPMorgan Chase & Co. (JPM), First Republic Bank (FRC), Taiwan Semiconductor Manufacturing Company Ltd. (TSM), Wells Fargo & Co. (WFC), Citigroup Inc. (C), First Horizon National Corporation (FHN) and Infosys Limited, Inc. (INFY) are expected to report.

A leading Bullish JPM trade strategy is: When the 11 SMA is Above the 13 SMA AND the 13 Day Smoothed Stochastics is Bearish, daily bars.

The AAPL milk may have spilled... but don't cry just yet as AAPL bounced off 140, ending down 1.08% on higher than average volume. AAPL opened at 142.94 to high volume and quickly set an intra-day high of 143.34 on strong volume before slipping sharply to an intra-day low of 140.06 at 10:36am on high volume. AAPL bounced back from the lows and recovered the 142-area shortly after 1pm on low volume. AAPL drifted lower later in the afternoon and dipped into the low-141 area at 3:18pm on moderate volume before bouncing back into the close. AAPL ended the day down $1.54 at 141.63 and dropped 14 more cents in after-hours to 141.49.

This morning in pre-market, AAPL opened higher and then slipped to 142.68 before Goldman Sachs maintained AAPL coverage with Buy and a $150 target while Cowen maintained AAPL coverage with Outperform and a $155 target. AAPL is currently down 6 cents at 141.57 as we approach the open.

Classic max-pain is 142.


Brent oil rises for eighth day on possible extension to supply cut:
http://www.reuters.com/article/us-global-oil-idUSKBN17E04V

Yen holds near multi-month highs as risk-aversion persists:
http://www.reuters.com/article/uk-global-forex-idUSKBN17E01R

Toshiba casts doubt on its ability to stay in business:
https://www.nytimes.com/2017/04/11/business/dealbook/toshiba-foxconn-chips-deal.html

BlackBerry wins $814.9 million from Qualcomm in royalty dispute:
https://www.bloomberg.com/news/articles/2017-04-12/blackberry-wins-814-9-million-from-qualcomm-in-royalty-dispute

Amazon's Parent Dashboard helps track kids' online activity:
https://www.cnet.com/news/amazons-parent-dashboard-helps-you-track-your-kids-digital-diets/

Microsoft's Project Scorpio dev kit hints at what the next Xbox could look like:
http://www.theverge.com/2017/4/12/15271182/microsoft-project-scorpio-xbox-dev-kit-features

Recently patched Microsoft Word exploit was used by both governments and criminal hackers:
http://www.zdnet.com/article/recently-patched-microsoft-word-bug-was-exploited-for-surveillance-and-espionage/

Online companies meet FCC in bid to preserve net neutrality rule:
https://www.bloomberg.com/politics/articles/2017-04-12/online-companies-meet-fcc-in-bid-to-preserve-net-neutrality-rule

AutoNation CEO Mike Jackson calls Tesla's valuation "inexplicable":
http://fortune.com/2017/04/12/mike-jackson-tesla-market-value/

NASA to announce new discoveries about ocean worlds:
http://www.cnn.com/2017/04/11/us/nasa-announcement-ocean-worlds-trnd/

Jupiter also has a "great cold spot":
http://www.space.com/36430-jupiter-has-a-great-cold-spot.html

Metal detected in Mars' atmosphere:
http://www.space.com/36422-metal-mars-atmosphere-nasa-maven.html

Mystery of why shoelaces come undone has been unraveled by science:
http://www.bbc.com/news/science-environment-39573642

How climate change is fast-forwarding coral science:
https://www.theatlantic.com/science/archive/2017/04/how-catastrophe-is-changing-the-science-of-coral-reefs/522648/

Scientists discover how to make body cells resistant to HIV:
http://www.techtimes.com/articles/204703/20170412/beating-hiv-scientists-discover-how-to-make-body-cells-resistant-to-the-virus.htm

Giraffe calf yet?
https://www.youtube.com/watch?v=fp-G2-DAXYU


Today's Economic Calendar:
7:00 MBA Mortgage Applications
8:30 Import/Export Prices
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
1:00 PM Results of $12B, 30-Year Note Auction
2:00 PM Treasury Budget


Notable earnings this afternoon after the bell: DTEA, DDC, *PIR*, LEDS

And tomorrow before the open: DEST, APOG, *JPM*, *FRC*, PNC, *TSM*, *WFC*, *C*, *FHN*, *INFY*, YGE

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