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We're lucky the futures are up. Apple is a big part of the Dow, S&P and Nasdaq.
It's 7:30am and I have not looked at a quote on Apple.
If there is enough support from the analysts and the stock could get up to 580. that would only be about a 3% drop from the $6.00 it was trading around 4pm.
Down 3% won't help the bulls, but that is not much of a decline, when they missed on 5+ metrics: earnings, margins, revenues, guidance, I-phones, etc.
CNBC just said Apple is down 4.6%. That would be $572.50. I have not looked yet.
All the signs pointed to a good quarter. All the compnaies that make parts for Apple and sell Apple products, all had good earnings like Broadcom, and others.
If this is a one quarter problem, as a couple analyst said, Apple will get a "pass."
If it is not, and their own products are becoming cannibalized, then lookout 450, a target price by one Apple bear.
Ouch BIG miss! iPad sales were more than estimated, but iPhone sales were short. I'm surprised the stock isn't down further considering the whisper number was in the 12 range and they announced almost 3 less than that. AAPL will be consolidating until we get near Q1 2013 because Q4 will have much less iPhone sales.
Canaccord Genuity lowered their target price from 800 to 797.
What a joke.
We're lucky the futures are up. Apple is a big part of the Dow, S&P and Nasdaq.
Actually, AAPL does not have any direct impact on the Dow as it is not one of the 30 companies tracked by the index. Agreed that it has a big impact on SP500 and Naz - some would argue too much of an impact.
Apparently Apple planned to release at 4:30pm EST.
CNBC kept saying "imminent"
Between 4 and 4:30 I saw trades under 599, and others above 602.
I had a limit order to sell at 650.
I saw the stock go to 580 before my trading software had the news story.
It was a mere couple of seconds. My news stories only come from Reuters.
Sometimes they get it first and sometimes not.
Traders were expecting a move of up to 9%. I figured that to be 9% of 600. so I had a sell order at 650.
When the earnings and revenues hit the wires it was clearly below estimates, and I saw the stock trade at 580, then down from there. No time to sell, and too late to sell.
I can use weekly covered calls to get out of it, if I desire.
It may be a good trading stock next few weeks.
I think the afternoon low was around 568.
Tomorrow we'll see which brokerage houses have lowered or raised their price targets, and if any downgrade the stock.
My software, or the stock price, often tells me that the news is out, before CNBC gets it.
its in my nature to always expect bad news so i had my sell price stop limit set at $585 ( wasnt even thinking about a sell price in the event of a surge ) , had the trade ready to go , once i heard the results , all i had to do was click a mouse , one second price was $601 , the next it was $ 576 , next thing cnbc point to the stock tanking before having delivered results
Ouch BIG miss! iPad sales were more than estimated, but iPhone sales were short.
I think the iPhone sales has reached market saturation. Pretty much everyone that wants one, has one. People who HAVE to have the latest iPhone released is a limited audience. Competition from other smart manufactures has tightened up the market a lot as well.
its in my nature to always expect bad news so i had my sell price stop limit set at $585 ( wasnt even thinking about a sell price in the event of a surge ) , had the trade ready to go , once i heard the results , all i had to do was click a mouse , one second price was $601 , the next it was $ 576 , next thing cnbc point to the stock tanking before having delivered results
If you had a stop, with no limit, you'd gotten out at 576.
With the stock hitting 580 earlier today, maybe selling at 576 would not have helped you that much.
That is one reason stop loss orders can hurt in some cases.
The news hit 1-2 seconds after I saw the stock go from 602 to 588, and then 580. It was 1-2 seconds. Not enough time for me to act.
I sold 2 of the July 20 $580 calls for $4.50, earlier today.
I'll slowly get my losses back with covered calls.
The stock his 580 earlier today, so it can reach that price again next week, and the week after that.
Yes, the DOW does not contain Apple, my error. I was generally looking at the overall futures of the Dow-S&P-Nasdaq and only the Nasdaq was down, and Apple was most, or all of it.
I think the iPhone sales has reached market saturation. Pretty much everyone that wants one, has one. People who HAVE to have the latest iPhone released is a limited audience. Competition from other smart manufactures has tightened up the market a lot as well.
If that is the trend, then the next 2 quarterly reports will show it.
I'll be more prepared for negative news, next time.
I was hoping Samsung would buy RIMM, but there are no such rumors.
I think the iPhone sales has reached market saturation. Pretty much everyone that wants one, has one. People who HAVE to have the latest iPhone released is a limited audience. Competition from other smart manufactures has tightened up the market a lot as well.
Totally agree with this
Its still a hold for at least a few years.
I am buying MSFT right now on the cheap. Until APPL shows they have what it takes to service cloud data and the whole universe that goes with it, they might just phase themselves out or have to pay an outrageous amount of money to get into the cloud data game outisde of iTunes and their iCloud service.
GOOG and MSFT are positioned for massive growth based on the above.
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