Apple will most likely show off new iPhone and iPad models, along with a new Apple TV, at its September 9 media event, but Wells Fargo analyst Maynard Um thinks it may not live up to expectations. He sees a lack of a product line that brings in significant revenue like the iPhone as an issue, and that's not going to change next Wednesday.
Wells Fargo analyst Maynard Um upgraded Apple's stock rating to Outperform on Tuesday following Monday's rollercoaster market correction. He thinks Apple's stock dip yesterday was an overcorrection and that investors have a new buying window.
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Some days the stock market is a crazy roller coaster ride—like yesterday. Today, Wells Fargo thinks Apple is the ride to be on.
What happens when the stock market goes crazy and starts dumping value because of the market in China? If you're Tim Cook, you send an email to CNBC's Jim Cramer telling people to chill out. That's unheard of for Apple, and is probably a sign that—at least for a while today—the stock market really was that crazy.
Shares in Apple Inc. have taken a bit of a beating in the last two weeks of trading, losing some 12 percent of their value. The stock has been pressured by worries about iPhone growth, concern that Apple Watch won't be a revenue game changer, and ever-present concerns about China's economy, but what sent investors into a tizzy Tuesday was $AAPL falling below its 200 day moving average.
Apple reported revenues for the June quarter of $49.6 billion on Thursday, with earnings of $10.7 billion, or $1.85 earnings per share (EPS). The results exceeded Apple's own guidance and consensus estimates from Wall Street, and it was fueled by record third quarter sales of both Mac (4.8 million) and iPhone (47.5 million), all-time high revenue from services, and what Apple called "the successful launch of Apple Watch."
Apple's third fiscal quarter earnings report is set to start at 5PM eastern time this afternoon. Analysts will be watching the numbers closely to see how many iPhones and iPads Apple sold, and are hoping to coax Apple Watch sales figures out of the company, too. The Mac Observer will be following Apple's announcements as they happen, so be sure to check in with us this afternoon for the latest earnings report news and analysis.
How many Apple Watches were sold during Apple's third fiscal quarter? That depends on which analyst you ask: it could be as low as 2.85 million, or as high as 5.7 million. They're all hoping to have a better idea just how many Apple Watches made it onto consumer's wrists, but unless Apple decides to specifically state how many were sold—which most likely won't happen—those analysts will have to try to extrapolate an answer based on the company's other numbers.
Apple on Friday officially scheduled its quarterly conference call with analysts for Tuesday, July 21st, at 5:00 PM EDT, 2:00 PM PDT. The company will be taking questions about its June quarter performance, and Wall Street appears optimistic at what the company will announce.
Apple released GarageBand 10.1 for OS X Yosemite on Tuesday, as well as GarageBand 2.0.7 for iOS 8. Both updates add support for Apple Music Connect, allowing artists to upload content directly to Connect. The Mac version also adds ten new drummers, new patches, 1,000 new Apple Loops, support for Force Touch trackpad (which is currently only available on Apple's new MacBook), and more.
Apple on Monday scheduled its fiscal 3rd quarter earnings announcement for July 21st. The company will release its earnings report after the closing bell, and then hold its conference call with analysts at 5:00 PM EDT/2:00 PM PDT. Apple will stream that call to the public.
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