Apple @ $557.75, -$13.95 (-2.44%)
I've had a reasonable day given the towelling that markets took yesterday.
But I am more than a little concerned about Apple ahead of the markets close and their latest quarterly update.
Lots of focus on the company over the last couple of weeks with some quarters calling a bubble and others touting $1000 per share.
Mac sales are in focus as are iPhones given Qualcomm's recent warning about chip availability. I've also just read a report regarding "betting" on Apple options that the shares will shift by more than 7.15% (either way), with these results as opposed to the "normal" 4.25%.
It does seem that there is a subtle sea change in investor support for the shares with many willing the company to falter in order to be proven right.
Given that the shares are off their highs of $636.23 (-12.4%) in a fairly determined trend, which includes today's 2.44% (currently), it is strangely unsettling.
With last quarters record busting $46.33bn of revenues (includes an extra week plus Christmas), the company has been given a little relief with analysts estimates coming in at $36.8bn for this second quarter. Although, it has to be said that this still implies 50% growth on the same quarter last year.
Post Christmas, growth in China will be a big factor I would suggest.
Up to now the company has managed analysts expectations pretty well and I hope that this has continued.
As ever with Apple, the expected numbers are huge and the comparables significant, and more significantly there are voices queuing up to see them fail.
To be fair the company delivered record results in Q4 2011 (Apple update: record breaking 4th quarter results disappoint!)which also managed to disappoint but bounced back strongly in Q1 of this year (Apple blows away Q1 Forecasts with Record Quarterly Sales and Profits. ).
Fingers crossed for a happy outcome but I might end up chewing a few nails whilst I wait in trepidation.
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