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5 Reasons Apple Stock Is Still a Buy, According to Citi
By: Barron's | July 13, 2022
Apple won’t escape an economic downturn unscathed. A slowdown in consumer spending and ongoing supply-chain challenges will weigh heavily on the company’s June earnings report. But that doesn’t mean investors should give up on the stock, according to Citi.
“Despite macro woes, we continue to see several positive drivers for Apple’s products/services,” wrote Citi analyst Jim Suva in a research note.
Suva outlined five reasons investors should look past the stock’s recent lagging performance.
For one, he believes an iPhone 14 model could still be on track for a September release, which could be a short-term catalyst for the stock. Other product launches, such as the long-awaited artificial reality headsets and the Apple Car, could energize investors. Those products could be ready for market as early as 2025, Suva added.
In the long run, Apple (ticker: AAPL ) will benefit from a consumer shift away from lower-priced competitors toward mid-end and premium products, such as the ones Apple offers, Suva wrote. The company also could capitalize on expanding its services segment, which has the potential for stickier, more regular revenue, he added.
Apple’s current share repurchase program — which totals $90 billion, or about 4% of the company’s market capitalization — will continue lending support to the stock’s value, he added. The $90 billion buyback program comes on the heels of $81 billion in fiscal 2021. In the past, Suva has argued that an accelerated repurchase program should make the company a more attractive investment and help lift its stock price.
That said, Apple will still need to navigate a host of challenges in the near term. Suva predicts that supply-chain problems could drive a revenue impact of between $4 billion to $8 billion. Worsening headwinds from the company’s Russia exit and fluctuating foreign exchange rates are also weighing on growth, he added.
“Macroeconomic conditions or shifting consumer demand could cause greater-than-expected deceleration or contraction in the handset and smartphone markets,” Suva wrote. “This would negatively impact Apple’s prospects for growth.”
The analyst trimmed his price target on the stock to $175 from $200, but maintained a Buy rating. Most analysts remain bullish on the shares, with 74% rating them a Buy and 23% rating them a Hold, according to FactSet. Only one analyst, or 2.3%, rated them Underweight.
Apple was up 0.3% to $146.26 in premarket trading on Wednesday.
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Apple (AAPL) generates more revenue per employee than $GOOGL, $META, $MSFT, or $AMZN
By: Markets & Mayhem | July 14, 2022
• $AAPL generates more revenue per employee than $GOOGL, $META, $MSFT, or $AMZN.
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Apple income statement from last quarter's earnings analyzed
By: Markets & Mayhem | July 14, 2022
• $AAPL income statement from last quarter's earnings analyzed.
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WSJ reviews Apple’s M2 MacBook Air: Better display, processor, and webcam; a worthy upgrade
Thursday, July 14, 2022 9:38 am
The Wall Street Journal’s Nicole Nguyen on Thursday reviews Apple’s all-new M2 MacBook Air and deems it “a worthy upgrade” with a better display, faster processor, and improved webcam.
Nicole Nguyen for The Wall Street Journal:
The MagSafe charger returned with last year’s M1 Pro MacBook Pro and has finally come to the Air. The magnetic charger releases if anyone (people or pets) yanks on the cable, making it less likely your computer will topple to the ground.
The display measures 13.6 inches diagonally, up from 13.3 inches in the M1. The extra screen real estate isn’t immediately evident. More noticeable is its improved brightness, so it’s easier to look at outdoors.
Although the Air was redesigned with a beefier, flat-sided look than its predecessor, it’s slightly lighter than the previous version.
A 1080p camera replaces the M1’s 720p camera. The picture is sharper and more natural…
I fired up Messages, Slack, Signal and Photos, then opened Chrome, a notorious memory hog. I didn’t close any tabs until I experienced a slowdown. That happened at around 75 tabs. In my colleague Joanna’s review, the M1 Air showed signs of sluggishness at 65 tabs. The older Intel-powered Air began revving its fans at 35.
For most Mac users, if your current computer is feeling slow… the M2 MacBook Air is a worthy upgrade.
MacDailyNews Take: Apple’s new M2 MacBook Air is pretty much the perfect road machine – and a tremendous value starting at just $1,199!
https://macdailynews.com/2022/07/14/wsj-reviews-apples-m2-macbook-air-better-display-processor-and-webcam-a-worthy-upgrade/
Apple supplier TSMC’s Q2 profit up 76%
Thursday, July 14, 2022 9:14 am
Major Apple supplier TSMC posted a 76.3% rise in second-quarter net profit on Thursday on high demand for the Taiwanese chip maker’s market-leading semiconductors.
Reuters:
Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chipmaker and a major Apple Inc supplier, saw net profit for April-June rise to T$237.0 billion ($7.94 billion) from T$134.4 billion a year earlier.
That compared with the T$219.13 billion average of 19 analyst estimates compiled by Refinitiv. ($1 = 29.8600 Taiwan dollars).
MacDailyNews Take: Apple is set to report third fiscal quarter results after market close on Thursday, July 28, 2022.
https://macdailynews.com/2022/07/14/apple-supplier-tsmcs-q2-profit-up-76/
Citi gives five reasons to buy Apple stock
Wednesday, July 13, 2022 4:35 pm
“Despite macro woes, we continue to see several positive drivers for Apple’s products/services,” Citi analyst Jim Suva writes in a research note to clients this week.
Sabrina Escobar for Barron’s:
Suva outlined five reasons investors should look past the stock’s recent lagging performance.
For one, he believes an iPhone 14 model could still be on track for a September release, which could be a short-term catalyst for the stock. Other product launches, such as the long-awaited artificial reality headsets and the Apple Car, could energize investors. Those products could be ready for market as early as 2025, Suva added.
In the long run, Apple (ticker: AAPL) will benefit from a consumer shift away from lower-priced competitors toward mid-end and premium products, such as the ones Apple offers, Suva wrote. The company also could capitalize on expanding its services segment, which has the potential for stickier, more regular revenue, he added.
Apple’s current share repurchase program — which totals $90 billion, or about 4% of the company’s market capitalization — will continue lending support to the stock’s value, he added.
MacDailyNews Note: Suva adjusted his Apple price target to $175 from $200 while maintaining a “Buy” rating. 74% of analysts rate AAPL a “Buy” and 23% rating them a “Hold,” according to FactSet. Escobar notes that only one analyst, or 2.3%, rate AAPL as “Underweight.”
https://macdailynews.com/2022/07/13/citi-gives-five-reasons-to-buy-apple-stock/
Apple supplier Foxconn backs top China chipmaker after $9 billion rescue
Wednesday, July 13, 2022 3:53 pm
A Shanghai-listed arm of Apple supplier Foxconn Technology Group acquired a stake in China’s top chipmaker during its $9 billion bailout, the latest in a series of investments the Taiwanese-run firm has made in the Chinese semiconductor industry, Bloomberg News reports citing “people familiar with the matter.”
Bloomberg News:
Foxconn Industrial Internet Co. invested in state-backed Tsinghua Unigroup through a fund it set up with investment house Wise Road Capital, according to people familiar with the deal. The fund paid about 5.3 billion yuan ($788 million) for a minority stake in Unigroup, one of the people said, asking not to be identified discussing a private deal.
The investment by the unit of Apple Inc.’s main iPhone assembler, known also as Hon Hai Precision Industry Co., could raise eyebrows as tensions rise between Beijing and Taipei over issues including technology and supply chain security. The deal requires a green light from Taiwan’s investment commission, which oversees sensitive deals, but Foxconn hasn’t submitted an application for approval, an official with Taiwan’s Ministry of Economic Affairs told Bloomberg News by phone.
Apple is considering new sources for the memory chips that go into iPhones, including its first Chinese producer of the critical component, to limit supply disruptions, Bloomberg News has reported. This year, it tested sample NAND flash storage made by Hubei-based Yangtze Memory Technologies Co., which is owned by Unigroup.
Memory is typically a gateway to more complex chipmaking because it requires production capabilities and heavy investment rather than the intricate designs needed for advanced processors and other logic chips. Washington is now considering leveling sanctions on Yangtze Memory, The Information has reported.
MacDailyNews Take: Oh what a tangled web we weave.
https://macdailynews.com/2022/07/13/apple-supplier-foxconn-backs-top-china-chipmaker-after-9-billion-rescue/
Apple could build a $20 billion advertising business by 2026 – analyst
Thursday, July 14, 2022 4:21 pm
Bank of America analysts are the latest on Wall Street to suggest the Apple could earn billions from advertising in Maps and Apple TV+ streaming.
Eric J. Savitz for Barron’s:
In a research note Thursday, BofA Global Research analyst Wamsi Mohan explores the potential for Apple to build a more substantial ad business. He estimates that Apple in the September 2022 fiscal year will rake in about $5.3 billion in revenue from search ads in the App Store, and he sees the total reaching $9.8 billion in fiscal year 2024.
But that’s just the start: Mohan says Apple can generate additional revenue by creating its own ad platform, which in theory would allow other mobile apps on the iOS platform to sell ads. He also thinks the company could sell ads on Apple Maps and offer an ad-supported version of the Apple TV+ streaming service.
Mohan asserts that Apple’s biggest asset is its large installed base—there are about 1.8 billion devices in around the world, which he sees as potential conduits for advertisers to reach a large population. By moving beyond the App Store, Apple could build a $20 billion advertising business by 2026, he estimates.
MacDailyNews Take: In his note, Mohan notes that Apple can preserve user privacy even while building out a profitable advertising business:
Apple, having access to both the hardware and software, is in the unique position to allow for targeted advertising, while also maintaining user privacy,” Mohan writes. “Apple devices have information about what websites a user visits, what apps the user opens, what music or video the user listens to or watches, where the user travels. Based on this info, a profile of the user can be created and stored on the device itself, perhaps encrypted. — Wamsi Mohan
A free* ad-supported version of the Apple TV+ would do wonders for the reach of the service (and, via halo effect, for selling Apple devices) as $4.99/month (or less via Apple One) is a pittance for those who’d rather have an ad-free service; the vast majority of subscribers wouldn’t be dropping their subscriptions. A free ad-supported Apple TV+ tier would add new viewers, not convert subscribers to free users.
*It’s not really free. Those who use ad-supported tiers trade the monthly fee for their time / attention.
https://macdailynews.com/2022/07/14/apple-could-build-a-20-billion-advertising-business-by-2026-analyst/
Apple (AAPL) PT Lowered to $166.00
By: MarketBeat | July 12, 2022
• Apple (NASDAQ:AAPL - Get Rating) had its price target decreased by stock analysts at Barclays from $167.00 to $166.00 in a research note issued on Wednesday, MarketBeat Ratings reports. The firm presently has an "equal weight" rating on the iPhone maker's stock. Barclays's price objective indicates a potential upside of 13.81% from the company's previous close...
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Re: At $100................................
At that price it would call for me to add about 35% to my current holding.
Even that wouldn't exhaust the cash I hold in reserve for AAPL.
Best wishes,
OAG Tom
No problem, under 100, I'll buy more!
Is Apple’s Eddy Cue About to Get NFL’s Sunday Ticket?
By: Puck.news | July 14, 2022
• As I learned at Sun Valley, and in subsequent conversations, the deal will likely come in significantly higher than $2 billion a year.
Of all the mega-success machines who roam the annual Allen & Company conference in Sun Valley—the tech titans and Hollywood executives, the politicians and TV personalities, the investors and bankers—the most curious and intriguing cohort are always, in my view, the sports owners and commissioners: Roger Goodell and Robert Kraft, Adam Silver and Don Garber, John Henry and Bill DeWitt. Though quite distinct from one another in stature and temperament, they move around the village grounds with a similar, unmistakable self-confidence, comfortable in the knowledge that they are gatekeepers to the media industry’s most coveted and enduring asset: live sports.
Observing them all in the wild last week, I couldn’t help but think of the integral role they will play in the fortunes of the major tech and media companies going forward. Live sports, particularly football, has long been the linchpin of the entire broadcast and cable ecosystem. The most popular show on television every year is Sunday Night Football, followed by Thursday Night Football, followed by Monday Night Football. And now the value of live sports has become even more apparent in recent months as legacy media executives, spooked by the Netflix selloff and a market recalibration, take solace in their vast reserves of linear revenue. As I reported last week, Disney chief Bob Chapek has decided to scrap plans for an ESPN spin-off for precisely this reason.
Meanwhile, cash-rich tech firms like Amazon and Apple continue to see live sports as a way to dramatically amplify audiences for their streaming services. Earlier this year, Amazon landed exclusive rights to Thursday Night Football for the next decade.
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Breaking: @SpeakerPelosi reports selling $1MM - $5MM worth of Visa $V, sells $AAPL calls, and exercises $NVDA calls
By: congresstrading.com | July 14, 2022
• Breaking: @SpeakerPelosi reports selling $1MM - $5MM worth of Visa $V, sells $AAPL calls, and exercises $NVDA calls.
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KEEP THINKING.....KEEP THINKING
YOU WILL SEE AAPL BELOW 100 SOON.
LOL... TSMC just posted its biggest profit in 8 Qtrs on iPhone chip demand.
I would think that bodes well for Apple profits in the coming Qtrs.
$200 a share later in the year!
Apple Bull sweepers hitting the October $165 calls with SIZE today
By: TrendSpider | July 13, 2022
• $AAPL Bull sweepers hitting the October $165 calls with SIZE today.
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Not straight down loook for $120 first then $100 once recession full bloom in fall
No more stimulus money will definitely keep on crushing Apple going forward. Best of breed when it comes to handsets doesn’t mean sales won’t be hurt as consumers are now as broke as could be.
Last year was helped by Apple forcing older smartphones off their eco system so users were forced to upgrade their Apple phones. This software cycle won’t repeat again for a few years now..
Reuters reports that the supply chain crisis has now resolved, leaving a glut of chips.
Radio frequency chips used in smartphones, "we're seeing a pullback because of handsets."
"Like nervous shoppers raiding supermarket aisles for toilet paper ahead of a COVID-19 lockdown, manufacturers stockpiled computer chips during the pandemic," adding that "hoarding is making it worse."
Now, they'll be wrestling with an oversupply amid cooling demand.
Like nervous shoppers raiding supermarket aisles for toilet paper ahead of a COVID-19 lockdown, manufacturers stockpiled computer chips during the pandemic.
Before that, "just in time" manufacturing was the norm for fiscally conservative companies, which ordered parts as close to production time as possible to avoid excess inventory, reduce warehouse capacity and cut upfront spending.
During the pandemic that shifted to what some jokingly call a "just in case" practice of stockpiling chips.
...
Chip shortages turned into a glut in some sectors, taking Wall Street by surprise. By late June, memory chip firm Micron Technology Inc (MU.O) said it would reduce production. The market reversal caught Micron off guard, admitted Chief Business Officer Sumit Sadana. read more
As U.S. chip earnings reporting season kicks off later this month, TechInsights' chip economist Dan Hutcheson warned of more bad news following Micron's grim forecast. "Micron kind of plowed the ground, with their honesty," he said. -Reuters
"Hoarding is a sign they think it's essential until one day they look at it and say, 'Why do I have all this inventory?" according to TechInsights' chip economist Dan Hutcheson, who has been forecasting for over 40 years. "It's kind of like toilet paper."
Who's going to be hardest hit?
According to Tristan Gerra, Baird's senior analyst for semiconductors, big suppliers of chips to consumer electronics makers, particularly low-end smartphones, are basically doomed.
More Americans are beginning to hold off on booking flights, getting haircuts, building backyard pools and replacing old, leaky roofs — in some of the new signs that the consumer engine of U.S. economic growth could be losing steam.
Americans are starting to pull back on travel and restaurants
Over the past several weeks, households had already cut back on big-ticket purchases because of soaring prices, but in a worrisome twist, data suggests consumers are also beginning to tap the brakes on dining out, vacation plans and even routine services like manicures, hair cuts and home-cleaning appointments. Business owners around the country say rising prices, dwindling savings and concerns of a souring economy are taking a toll on household spending decisions.
At Olentangy Maids in Columbus, Ohio, more customers are putting off or canceling home-cleaning appointments. Some regulars are trying to negotiate lower prices, while others have stopped tipping altogether, co-owner Keith Troyer said.
“It hasn’t been a massive drop off, but enough that it’s been noticeable,” Troyer said. “Quite a few clients have called saying, ‘Hey, my wife got laid off. We need to cancel,’ or ‘Can I switch from biweekly to monthly?’ Prior to this month, that’s something that hardly happened.”
Consumer spending, which makes up more than two-thirds of the U.S. economy, has held strong through April even with inflation at historic highs. But there are growing signs that the spending streak could be ending.
Retail sales slowed last month for the first time this year, driven by a 4 percent drop in car sales. U.S. flight bookings dipped 2.3 percent in May from a month earlier, according to data from Adobe Analytics. And both high- and low-income Americans have begun pulling back, particularly on services, in the past four to six weeks, according to an analysis of credit card data by Barclays. The slowdown in spending is now concentrated in services, not goods, the bank found in a new analysis of credit card data.
© Spencer Platt/Getty Images
People walk along a busy shopping street in Brooklyn on June 15.
“All through 2022, the narrative has been that as COVID faded, households would ramp up spending on services,” Barclays analysts wrote in a note this week. “And indeed, that narrative has been true for much of this year. But … services spending seems to be slowing considerably.”
Spending on services like travel and restaurants, which was growing more than 30 percent from 2021 rates this year, has now slowed to half that pace, according to the Barclays analysis.
© Provided by The Washington Post
Americans are starting to pull back on travel and restaurants
Customers at Salon Simis in Fairfax, Va., have begun cutting back in new ways. Clients who used to come in every four weeks are now going 12 weeks in between appointments, owner Ahmet Sim said. Others are bargaining for lower prices or opting for partial treatments instead of highlights all over. Overall sales are down 20 percent from a year ago. Average tips have also fallen, from about 20 percent to 10 percent.
“Just in the last month, I’ve started noticing that clients are bargaining like crazy,” Sim said. “They’ll say, ‘My bill is usually $500 for color and highlights. What can you do to reduce it?’ ”
He tries to work with them, he said, by using lower-priced color lines or passing blow drying services to less-experienced stylists. But he’s feeling the pinch of inflation, too: Boxes of disposable gloves have gone from $7 to nearly $25 in two years. Hair dyes that used to cost $25 are now closer to $40. Sim raised prices during the pandemic, once, but he’s worried another markup would alienate more customers.
Hana Wasugh helps a client pay her bill at Salon Simis in Fairfax on June 16. (Amanda Andrade-Rhoades for The Washington Post)
“People are cutting back left and right,” he said. “They’re saying, ‘I’m sorry. I can’t afford this anymore.’ ”
These early signs of slowdown across a broad range of products and industries, including travel and restaurants, challenge the notion that Americans have simply shifted their spending from goods to services. The hope until now had been that after two years of stocking up on products like cars, furniture and appliances, Americans would splurge more on vacations, dining out, manicures and other services they’d mostly put off for much of the pandemic.
Related video: Not Ready To Travel Internationally? These Are Some Great American Vacation Spots (Buzz60)
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Meanwhile, one benchmark showed growth in the U.S. services industry slowed in May to its lowest level since February 2021, according to a closely watched index from the Institute for Supply Management.
Most Americans expect inflation to get worse, Post-Schar School poll finds
“The goods side [of spending] is definitely weakening, but if you look closely, services are, too,” said Kevin Gordon, senior investment research manager at Charles Schwab. “Restaurant sales have eased, travel-related spending is weakening. The weight on the consumer is becoming too much — whether because of inflation or other factors — and that’s across income groups.”
Overall, flight searches on booking site Kayak are down an average 13 percent so far this month, compared with the same period in pre-pandemic 2019. Restaurant dining data from the reservation platform Open Table, meanwhile, shows that the number of people eating at restaurants fell 11 percent in the week ending June 16, compared with the same week in 2019.
© Provided by The Washington Post
Americans are starting to pull back on travel and restaurants
While low-income families have been hardest-hit by inflation, higher-income households are also beginning to cut back, especially as they watch investments — from stock portfolios to homes — lose value, Gordon said. Household wealth fell for the first time in two years in the most recent quarter, in large part because of a $3 trillion plunge in the stock values, Federal Reserve data shows.
© Provided by The Washington Post
Stocks stem losses but still close out worst week since March 2020
The markets continued their volatile descent this week, with three major stock indexes deepening losses for the year and the S&P 500 index closing out its worst week since March 2020.
Recession fears grow as Dow closes below 30,000 and mortgage rates spike
At Posh Luxury Imports, a Los Angeles car dealership that also rents high-end vehicles, owner Omar McGee said both consumer demand and their credit scores are markedly lower than six weeks ago.
“I see more credit problems,” McGee said. “More people have maxed-out cards or have fallen behind on payments. At the end of the day, that means people have to be much more cautious about their spending.”
Credit card debt, which nosedived during the pandemic as Americans used government stimulus to pay down balances, has rebounded to all-time highs. As of June 1, Americans had $868 billion in consumer debt, up nearly 16 percent from last year, according to Fed data.
7 ways to lower your credit card debt after the Fed rate hike
And while the wealthiest continue to rent Lamborghinis and Bentleys, McGee said there has been a notable decline in the number of tourists opting for high-end rentals.
“I can tell that traveling is down, the tourism is down,” he said. “A lot of higher-middle-class customers used to come into town and splurge, but you can see that dropping pretty dramatically.”
© Caroline Brehman/EPA-EFE/Shutterstock
Cars on Interstate 110 during rush hour as gasoline prices in Los Angeles continue to rise this month.
That consumer hesitation follows months of inflation at 40 year highs. Prices have risen 8.6 percent in the past year, driving up costs for a range of essentials, including gas, which reached a record of $5 per gallon.
The biggest bright spot in the economy remains the strong jobs market, with the unemployment rate at a pandemic low of 3.6 percent. Demand for workers neared record highs in April, with about twice as many openings than job seekers. Weekly claims for unemployment insurance have recently begun to creep up, but they are far lower than they had been during most of the pandemic.
World Bank warns global economy may suffer 1970s-style stagflation
With workers still able to find jobs, the Fed made a sharper move this week to hike interest rates by three-fourths of a percentage point in hopes of cooling the economy enough to curb inflation without tipping it into recession. Despite the central bank’s assurances that it can pull off a “soft landing,” businesses and households are increasingly worried about the state of the economy as well as their personal finances. Indeed, U.S. consumer sentiment plummeted this month to its lowest level on record, according to an index by the University of Michigan.
Markets and households lose faith that Fed can handle inflation
“The consumer is coming under stress,” said Douglas Duncan, chief economist at mortgage giant Fannie Mae, who expects a recession next year. “We see that in decreasing retail sales and in rising credit card usage. We don’t expect things to fall apart immediately, though. It’ll be a slower decline.”
Indeed, small businesses nationwide are reporting small signs of customers pulling back. Morehead Pools, which specializes in luxury backyard pools in Louisiana, is booked through next summer, according to chief executive Michael Moore. But in a sign that higher-income consumers may be thinking twice before splurging, new queries are down 30 percent so far this year.
“Once you get past $4 [per gallon of gas], everybody’s feeling it at the pump and they’re not making enough on the front end to overcome that,” Moore said in an analyst call hosted by Jefferies this week. “The cost of energy and inflation and then the cost of money … that’s really going to pull back demand in our sector.”
Noffke Roofing in Mequon, Wis., has seen insatiable demand during the pandemic. But lately, economic jitters are leading many customers to patch up their roofs instead of replacing them. Many are also trading down to cheaper materials, like shingles made of asphalt instead of cedar.
“We’re definitely starting to see a pause,” president Ben Noffke said. “Customers are saying, ‘I know it’s time to get a new roof, but can we get a little more time out of this one?’ They’re thinking about their budgets a lot more.”
https://www.msn.com/en-us/travel/news/americans-are-starting-to-pull-back-on-travel-and-restaurants/ar-AAYBEka
The group age 18-29 that buys a big chunk of smartphones is in debt…
U.S. credit card debt hit an all-time high of $930 billion
Debt surpassed the $870 billion peak during the 2008 financial crisis
Credit card delinquency rates increased .16% from the prior quarter to 5.32%
Younger Americans (18 to 29) have a 76% higher delinquency rate than anyone else
Apple’s 6.7-inch iPhone 14 Max production is behind schedule – analyst
Tuesday, July 12, 2022 1:18 pm
Display Supply Chain Consultants (DSCC) CEO Ross Young reported today that production of the 6.7-inch iPhone 14 Max is behind schedule.
Chance Miller for 9to5Mac:
According to Young, panel shipments for the iPhone 14 Max are still lagging far behind the iPhone 14 Pro Max. In a post on Twitter today, Young said that panel shipments are still “way behind” where they should be. Young’s data is based on supply chain information through the month of August.
Young went on to say that supply volumes for the iPhone 14 Pro Max are more than three times higher than volumes for the iPhone 14 Max.
The iPhone 14 Max and iPhone 14 Pro Max will share a screen size, but the panels themselves will be different. This is because the iPhone 14 Max will lack support for ProMotion, Apple’s adaptive refresh rate technology that is exclusive to the iPhone 14 Pro and iPhone 14 Pro Max.
Whether or not this means the iPhone 14 Max will be delayed remains to be seen.
MacDailyNews Take: In another difference, the iPhone 14 Max display will continue to sport the inelegant kludge (notch), but the 6.7-inch iPhone 14 Pro Max will offer the pill and hole punch design which Apple has reserved for Pro models only this year:
https://macdailynews.com/2022/07/12/apples-6-7-inch-iphone-14-max-production-is-behind-schedule-analyst/
AAPL Larger Block *Size* 1,300,000 Shares @147.68 #darkpool Activity Coming in
By: Money Flow Mel | July 12, 2022
• $AAPL Larger Block *Size* 1,300,000 Shares @147.68 #darkpool Activity Coming in.
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WE WILL SEE BUDDY. I TRUST MY SOURCES IN CHINA AND I AM
TELLING YOU YOU ARE NOT GONNA BE HAPPY WHEN THE NEWS
COMES OUT. 100 TARGET.
Hi TU, Re: the time to add to AAPL positions..............................
It's not often AAPL drops enough to trigger buying in my portfolio.
I've struggled to find a good time to make significant additions to this holding, choosing instead to be conservative and not allowing risk to expand too much without cash expanding, too.
Best wishes,
OAG Tom
The stock price of AAPL is going UP today because Wall Street knows that the earnings report for AAPL (7-28) will be HUGELY PROFITABLE!! $200.00 coming soon. Don't miss out.
Total BS. AAPL earnings will be HUGE especially from China. $200.00 coming soon.
AAPL IS THE LAST MAN STANDING AND WALL STREET IS HIDING
IN AAPL. MY SOURCES IN CHINA ARE GIVING US A WARNING.
YOU WILL SEE AAPL TRADE BELOW 100 SOON.
Interesting post
Those who paid $130 must be happy
POWER11 SAYS SELL HERE AND BUY BELOW 100
THE EARNING THIS QUARTER AND GUIDANCE WIL !!L BE VERY WEEK.
THE NUMBERS FROM CHINA ARE GONNA SHOCK INVESTORS.
BE CAREFUL !! EXTREMLY CAREFUL !!
THER WILL BE A 15$ DROP WHEN EARNINGS COMES OUT.
Larger Block *Size* 2,739,000 Shares @144.87 #darkpool Activity Coming in to AAPL
By: Money Flow Mel | July 11, 2022
• Larger size #darkpool activity coming in to $AAPL.
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Cowen Sees Apple Results in Line With Consensus on Healthy iPhone and Mac Demand
By: Investing.com | July 11, 2022
Cowen analyst Krish Sankar said the firm believes Apple will report its June quarter results in line with consensus despite supply shortages.
The analyst, who has an Outperform rating and $200 price target on Apple (NASDAQ:AAPL) shares, said their fieldwork suggests "NT iPhone builds remain stable (46M/51M in Jun/Sep Q)," however, they have lowered their "CY23 unit view on potential macro risks."
"In our recession scenario analysis, we estimate $5.69/$5.06 EPS assuming HW units are -10%/-20%. AAPL remains a defensive name given strong FCF and capital returns," wrote Sankar. "We expect AAPL to report Jun '22 quarter (F3Q) in line with consensus on healthy iPhone and Mac demand and despite ongoing component supply constraints and pandemic lockdowns in China."
The analyst previously stated that Apple's revenue could be impacted by $4 billion to $8 billion from the challenges.
However, Cowen is revising its forecasts due to possible near-term improvements in the shortages, strong China demand, and a broader macro slowdown.
"We raise Jun Q iPhone shipment estimate (leads to overall Jun Q revenue +1% Y/Y vs prior -1%) based on recent fieldwork but trim Dec Q and CY23 numbers assuming macro slowing will affect premium smartphone demand."
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‘Apple Car’ reportedly has ‘no steering wheel or brake pedal’
Monday, July 11, 2022 11:00 am
The Information‘s Wayne Ma on Monday published a report which claims that Apple is aiming to gain exemptions from the U.S.’s National Highway Traffic Safety Administration to release a vehicle “Apple Car” without a steering wheel and brake pedal.
Joe Rossignol for MacRumors:
The latest design of the vehicle is said to feature four seats that face inward, allowing passengers to have face-to-face conversations with one another, along with a curved ceiling that resembles the roof on a Volkswagen Beetle.
Apple’s former design chief Jony Ive has remained involved with the project as a consultant, according to the report. Ive, who left Apple in 2019 to start an independent design firm named LoveFrom, apparently advised the Apple Car team that they “should lean into the weirdness of the vehicle’s design and not try to hide its sensors.”
Interestingly, the report claims that Apple has even discussed allowing passengers to lie flat and sleep in the vehicle.
MacDailyNews Take: Seems like a difficult sell unless somehow proven in actual real-life practice, by real customers on real roads, to be extremely safe and reliable. We can see the Doonesbury strip already.
If Apple ever gets around to releasing the first iteration of their vehicle with “no steering wheel or brake pedal,” they should name that model “Boondoggle.”
https://macdailynews.com/2022/07/11/apple-car-reportedly-has-no-steering-wheel-or-brake-pedal/
Self-driving ‘Apple Car’ reportedly ‘smacked into curbs, veered out of lanes, nearly hit jogger’
Monday, July 11, 2022 2:04 pm
Apple’s self-driving cars had trouble navigating streets, frequently bumped into curbs and veered out of lanes in the middle of intersections during test drives near the company’s Silicon Valley headquarters, according to a Monday report by The Information.
Ariel Zilber for the New York Post:
Apple’s self-driving cars had trouble navigating streets, frequently bumped into curbs and veered out of lanes in the middle of intersections during test drives near the company’s Silicon Valley headquarters, according to a report…
Engineers at the iPhone maker were dismayed when the test vehicles struggled to conduct basic navigation maneuvers on city streets near the company’s Cupertino, Calif., headquarters.
According to The Information, the cars slammed into curbs and often had trouble staying in their lanes after crossing intersections.
A source told The Information that a local jogger was nearly hit by one of Project Titan’s cars as the runner was crossing the street. The car apparently did not recognize that the jogger had the right of way.
Apple’s self-driving car would differ from those being developed by rivals such as Google-backed Waymo, General Motors’ Cruise, and Amazon’s Zoox since it would have no steering wheel and pedals, with interiors designed around hands-off driving.
MacDailyNews Take: Obviously, the vehicle and systems are still in testing, so errors are to be expected (and test drivers are onboard to grab the wheel and/or slam on the brakes). That said, regarding a first-release vehicle without a steering wheel or brake pedal, as we wrote earlier this morning:
We can see the Doonesbury strip already.
If Apple ever gets around to releasing the first iteration of their vehicle with “no steering wheel or brake pedal,” they should name that model “Boondoggle.”
https://macdailynews.com/2022/07/11/self-driving-apple-car-reportedly-smacked-into-curbs-veered-out-of-lanes-nearly-hit-jogger/
Apple Watch set to go ‘Pro’ with ruggedized case made of ‘premium, non-aluminum metal material’
Monday, July 11, 2022 8:54 am
The next generation of Apple Watch (Series 8) is set to go “Pro” with ruggedized case made of “premium, non-aluminum metal material,” Mark Gurman reports for Bloomberg News in his weekly newsletter “Power On.”
Mark Gurman for Bloomberg News:
Whether it will be called the Apple Watch Extreme, Apple Watch Max, Apple Watch Explorer Edition or the Apple Watch Pro, Apple Inc. is set to give the Apple Watch its “Pro” tier.
That expansion into a higher-end Apple Watch that sits above the standard model follows a long history of Apple widening its product portfolio with pro models. The MacBook Pro, iPad Pro, iPhone Pro and AirPods Pro are just a few examples. In the case of the Pro products, except the earbuds, Apple differentiates with better performance and screens plus, of course, a higher price.
For the new more-expensive Apple Watch coming this fall, which I detailed this past week, the pro features will be a larger and more shatter-resistant display, enhanced hiking and swim tracking, longer battery life and a heftier and rugged case made from a premium, non-aluminum metal material…
Given that the new high-end Apple Watch will pack in a slightly larger display, new sensors and higher-end materials, I wouldn’t be surprised if it starts closer to $900 to $999, the starting price of an iPhone 13 Pro.
MacDailyNews Take: “Apple Watch Extreme” would be too good of a name, so Apple will never use it, but hope springs eternal, so maybe they’ll go that route and sell millions more simply due to proper naming.
Now, about this “premium, non-aluminum metal material” which Gurman parenthetically guesses is “probably titanium given it’s much more durable than steel.”
We’ve seen titanium Apple Watches before. Yes, they’re strong, but they’re nothing new. Apple’s selling them right now. They’re not tagged “Extreme,” or even “Pro.” But Apple might finally have the potential to offer an Apple Watch with a metal case that’s 2.5X stronger than titanium:
If ever there was a time for Liquidmetal to finally appear in an Apple product beyond an iPhone SIM ejector, this would be it. That said, cost (and manufacturing capacity) may be an issue, so we’ll have to wait and see. Even if the “Apple Watch Extreme” uses titanium, it will be a costly model. Currently, the 45mm Titanium Apple Watch Series 7 costs $849. The 50mm “Apple Watch Extreme” would seem to slot in around $999 in Titanium. Your guess is as good as ours how much it would cost in a Liquidmetal case, but a relatively high price might be well worth it as such a case (2.5X stronger than titanium) would likely prove to be pretty near indestructible. — MacDailyNews, July 6, 2022
See also:
• Apple Watch patent applications cover use of Liquidmetal and polymers – March 27, 2020
• Apple patent describes Liquidmetal housing for electronic devices – January 27, 2017
• Apple’s exclusive Liquidmetal pact could see future Apple products encased in metallic glass – August 11, 2010
https://macdailynews.com/2022/07/11/apple-watch-set-to-go-pro-with-ruggedized-case-made-of-premium-non-aluminum-metal-material/
$AAPL Nice break out this week, leading. Markets always trade better when this one strong
By: Options Mike | July 9, 2022
• $AAPL Nice break out this week, leading. Markets always trade better when this one strong. 148-150 is a mess of resistance.
Up 5 Days in a row needs a rest now.
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Apple (AAPL) The target for this multi week bounce is the 40 week MA at 158.53
By: CyclesFan | July 9, 2022
• $AAPL closed above its 10 week MA which confirms that it made a weekly cycle low in mid June. The target for this multi week bounce is the 40 week MA at 158.53.
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Apple Consolidating on top of the 8/21 EMA cloud after this week's massive breakout
By: TrendSpider | July 8, 2022
• $AAPL Consolidating on top of the 8/21 EMA cloud after this week's massive breakout.
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Much-improved Apple Maps roll out to France, Monaco, and New Zealand
Friday, July 8, 2022 2:09 pm
According to Apple Maps tracker Justin O’Beirne, the much-improved, more detailed Apple Maps experience has rolled out this week to three new countries – France, Monaco, and New Zealand.
Justin O’Beirne:
After thirty-nine days of public testing, Apple’s new map data was expanded to France, Monaco, and New Zealand on July 7, 2022.
This is the fifteenth time that Apple has expanded its new map data since its public launch in September 2018 and France, Monaco, and New Zealand are the fourteenth, fifteenth, and sixteenth countries to receive it.
Covering 70.4 million people, this is also Apple’s fourth largest expansion to date, in terms of population covered.
After almost four years of expansions—and eight years of data collecting—Apple’s new map data now covers 19.0% of Earth’s land area and 9.4% of the global population (i.e., 743 million people worldwide).
MacDailyNews Take: See all of the maps in the full article here.
https://www.justinobeirne.com/new-apple-maps-france-monaco-new-zealand
https://macdailynews.com/2022/07/08/much-improved-apple-maps-roll-out-to-france-monaco-and-new-zealand/
Apple supplier TSMC’s sales surge 44%
Friday, July 8, 2022 9:16 am
Apple supplier Taiwan Semiconductor Manufacturing Co. (TSMC) reported better-than-expected quarterly revenue, posting NT$534.1 billion ($17.9 billion) of revenue for the second quarter versus the average analysts’ estimate of NT$519 billion.
Debbie Wu for Bloomberg News:
The results from Apple Inc.’s most important chipmaker may allay investors’ worst fears about the impact of weakening demand and soaring costs on the $550 billion semiconductor industry.
TSMC may be able to exceed its goal of growing sales by 30% in US dollar terms this year, said Jeff Pu, an analyst with Haitong International Securities… “The company’s third quarter revenue may outperform consensus, aided by its price hike and Apple’s new product launch.”
TSMC, the world’s most advanced maker of silicon chips, has benefited from its most important customer. Over the past year and a half, Apple has launched five types of Mac chips.
MacDailyNews Take: Good news leading into Apple’s fiscal Q322 earnings report, due after market close on July 28th.
https://macdailynews.com/2022/07/08/apple-supplier-tsmcs-sales-surge-44/
5-Star analyst reiterates ‘Buy’ rating on Apple with $210 price target
Friday, July 8, 2022 1:07 pm
Tigress Financial 5-star analyst Ivan Feinseth has reiterated his “Buy” rating on Apple shares and maintained his $210 price target on AAPL.
TipRanks:
Tigress 5-star analyst Ivan Feinseth recently reiterated a Buy rating on Apple shares, while maintaining a Street-high target of $210. This suggests the stock will be changing hands for a 48% premium a year from now.
Feinseth’s upbeat take is heavily based on the latest product introductions, and a number of “breakthrough announcements” made at the recent WWDC (Worldwide Developer Conference). According to the analyst, these should “continue to drive strong sales momentum.”
So… what does the rest of the Street think lies in Apple store? Based on 22 Buys and 6 Holds, the stock has a Strong Buy consensus rating. The $186.09 average target might not be quite as high as Feinseth’s objective but could still generate returns of 31% over the one-year timeframe.
MacDailyNews Take: From Feinseth’s lips to Mr. Market’s ears.
https://macdailynews.com/2022/07/08/5-star-analyst-reiterates-buy-rating-on-apple-with-210-price-target/
Can Apple Stock Lead a Stock Market Rebound?
By: TheStreet | July 7, 2022
• Apple stock is now up in four straight sessions. Here's how it can continue to lead the market higher.
As the summer days tick by, the bulls are slowly but surely trying to regain control of the stock market.
They will have a hard time doing so without Apple (AAPL) on board.
Apple is the largest company in the market, with a $2.35 trillion market cap. That’s roughly $350 billion larger than the next largest company, Microsoft (MSFT).
For what it’s worth, we recently dissected both of these companies, concluding that they — along with Alphabet (GOOGL) (GOOG) — were in a league of their own.
Sometimes all you need is a bear market to separate the cream from the rest of the crop.
The S&P 500 is working on its fourth straight daily gain, and as it’s currently up 1.4% on the day, it appears poised to notch that victory. If it can do so, it will mark its first close above the 21-day moving average in a month.
Apple stock completed such a feat on Tuesday -- but iti had previously closed above the 21-day as recently as June 27.
Now with Apple powering higher, the bulls are going to need the tech giant to continue its rally if they want the rest of the market to enjoy a sustained move up — even if it is just a bear-market rally.
Trading Apple Stock
Daily chart of Apple stock.
Chart courtesy of TrendSpider.com
Last week, Apple stock rallied to the 61.8% retracement of the recent range and failed. That’s also when Apple last closed above the 21-day moving average, but it did so in sloppy fashion and dropped back below it a day later.
After four robust days, Apple stock has not only cleared last week’s high and the 21-day, but it's now trading up into the 10-week and 50-day moving averages.
These are two very key measures that I think can determine the short-term direction for the stock.
Notice that both the 10-week and 50-day moving averages have been notable resistance over the past few months. If Apple can clear these measures, it creates more upside potential. If it’s rejected, that may indicate the market needs a rest, too, and/or will also struggle with these measures.
If Apple stock clears the 10-week and 50-day moving averages, it puts the $149 to $150 area in play. Not only was $150 the first-quarter low, it was resistance in the second quarter. Additionally, it’s where the 161.8% upside extension comes into play from the current rally.
This would be a really reasonable upside target should Apple continue to exhibit short-term momentum.
If Apple is instead rejected from the 10-week and 50-day moving averages, I want to see the 10-day and 21-day moving averages act as support.
A close below $138.50 does not bode well for the bulls in the short term, putting $133 in play, then the 2022 low near $129.
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$200.00 COMING SOON - DON'T MISS OUT!!
21 days to the E.R. That is the earnings report, not emergency room...
Ha! Good One $AAPL
Apple to release new 'Lockdown Mode' as it battles spyware firms
By: Stephen Nellis | July 6, 2022
(Reuters) - Apple Inc (NASDAQ:AAPL) on Wednesday said it plans to release a new feature called "Lockdown Mode" this fall that aims to add a new layer of protection for human rights advocates, political dissidents and other targets of sophisticated hacking attacks.
The move comes after at least two Israeli firms have exploited flaws in Apple's software to remotely break into iPhones without the target needing to click or tap anything. NSO Group, the maker of the "Pegasus" software that can carry out such attacks, has been sued by Apple and placed on a trade blacklist by U.S. officials.
"Lockdown Mode" will come to Apple's iPhones, iPads and Macs this fall and turning it on will block most attachments sent to the iPhone's Messages app. Security researchers believe NSO Group exploited a flaw in how Apple handled message attachments. The new mode will also block wired connections to iPhones when they are locked. Israeli firm Cellebrite has used such manual connections to access iPhones.
Apple representatives said that they believe sophisticated attacks the new feature is designed to fight - called "zero click" hacking techniques - are still relatively rare and that most users will not need to active the new mode.
Spyware companies have argued they sell high-powered technology to help governments thwart national security threats. But human rights groups and journalists have repeatedly documented the use of spyware to attack civil society, undermine political opposition, and interfere with elections.
To help harden the new feature, Apple said it will pay up to $2 million for each flaw that security researchers can find in the new mode, which Apple representatives said was the highest such "bug bounty" offered in the industry.
Apple also said it is making a $10 million grant, plus any possible proceeds from its lawsuit against NSO Group, to groups that find, expose and work to prevent targeted hacking. Apple said the grant will go to the Dignity and Justice Fund established by the Ford Foundation, one of the largest private foundations in the United States.
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Apple (AAPL) Is A Strong BUY Now, Here's Why
By: Tom Bowley | July 6, 2022
In case you haven't followed my work, I was very bearish U.S. equities as we opened 2022. I didn't wait to see the carnage to tell you that there was carnage. I predicted the carnage before we ever saw it. Included in those bearish predictions was a wild prediction about Apple, Inc. (AAPL) on January 4th, 2022. I suggested that AAPL could fall 20-30%. You can check out what I wrote in the following article, "The Great Divide Presents Big Problems....and a Wild Prediction for Apple (AAPL)". After you read the article, make sure you "subscribe" to my Trading Places blog below the article. If you provide StockCharts.com your name and email address in the space provided, all of my Trading Places blog articles will be sent directly to your inbox as soon as my articles are published. That way, you won't miss another one.
In my January 7th ChartWatchers article, I published a chart of AAPL, showing the history of significant declines in its past and, once again, suggesting that AAPL could see a selloff of 20-30%. I went on to show a chart that would illustrate what AAPL would look like if it were to fall 35% - as it did in previous down cycles. Here's the chart I showed then, with the subsequent 2022 market action in the chart as well:
Now REMEMBER, this chart was provided in early January at the market top. There was no Monday morning quarterbacking here. There are a lot of perma-bull AAPL fans out there that criticized me at the time. But I'm sure they wish they had sold back then now.
So what's my current thinking on AAPL? I LOVE IT! Could it move lower? Sure, but its history suggests that we buy these types of corrections. AAPL reached a low of 129.04 on June 16th, which represented a 29.27% decline off of its all-time high of 182.44 on January 4th, 2022. There's a historical component that makes AAPL very compelling right now. Since the S&P 500 broke out to new all-time highs on April 10, 2013 (clearing tops in 2000 and 2007), AAPL's best two consecutive calendar months for relative performance is July and August. You don't have to believe me, just look at this seasonal chart:
Finally, let's take a quick look at the positive divergence (slowing selling momentum) that's printed on AAPL's daily chart:
Note that AAPL flashed a negative divergence to support the notion of slowing buying momentum and the bearish theory back in January.
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Apple Daily. Need to see a break of 144 to negate the potential bearish triangle
By: ReciKnows | July 5, 2022
• $AAPL Daily. Need to see a break of 144 to negate the potential bearish triangle. Failure to break and it sees new low's.
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Apple: Analysts Divided On Stock’s Outlook As Demand Weakens
By: Investing.com | July 5, 2022
• The most significant risk for Apple’s earnings outlook is falling demand for hardware and services due to worsening macroeconomic conditions
• So far, analysts are divided on whether Apple will face the full brunt of a possible recession
• JPMorgan reiterated its overweight rating on Apple, saying in a note that the tech giant will remain resilient
Having fallen around 21.6% this year, the largest company in the US, Apple Inc (NASDAQ:AAPL), has fared much better than most of its mega-cap technology peers amid the ongoing market rout.
AAPL Weekly Chart
Several reasons indicate that the iPhone maker is in a good position to weather the current macroeconomic storm. The Cupertino, California-based company has a massive user base, a remarkable ability to pass on higher costs to its relatively wealthy customers, and a massive cash pile—which can lead to share buybacks and increased dividends.
Furthermore, Apple bulls argue that demand for iPhones, wearables, and other gadgets and services remains strong. Market forecasts for the company’s flagship iPhone sales have hovered closer to 240 million units for this year, driven by an expected significant update to the phone in the fall.
Inflationary Risks
While the outlook remains positive, increasing macroeconomic risks could derail the company's optimism. The biggest one is how Apple consumers will react to inflationary pressures—something they haven't experienced before.
The last time the inflation rate was this high, Apple had been a public company for less than a year, and its best-selling product was the Apple II home computer. In May, the annual inflation rate hit 8.6%, the highest level since 1981, with other major economies facing a similar trend.
That is perhaps why the analyst community remains divided on Apple’s earnings outlook. While most still rate Apple stock as a “buy” in an Investing.com poll of 48 analysts, some have trimmed their price targets in recent weeks.
AAPL Consensus Estimates
Source: Investing.com
Earnings Estimates
Over the past three months, analysts have progressively cut their estimates for Apple’s fiscal third-quarter earnings by 7.8%. Revenue projections are down about 4.2% over the same period.
KeyBanc Capital Markets sees signs of softer US demand, citing credit card data spending. Others have raised concerns about the pace of revenue growth at the company’s App Store, with Morgan Stanley adding that this poses risks to its estimates for Apple’s Services business.
Micron Technology Inc (NASDAQ:MU), the largest US maker of memory semiconductors used in computers and smartphones, told investors last week that it’s seeing a slowdown in demand and expecting its customers in the PC and smartphone businesses to adjust their inventories.
If inflation starts pressuring Apple customers, they could begin to put off their iPhone upgrades hurting the company’s sales projections for this year.
Apple also faces increasing costs from global logistics, rising employee salaries, and supply constraints related to the China shutdowns this year. In April, the company told investors that the combination of headwinds could result in a revenue decrease of around $8 billion.
On the other hand, JPMorgan reiterated its overweight rating on Apple, saying in a note last Friday that the tech giant will remain resilient due to its already conservative future guidance provided during last Q2 earnings release. The note added:
“Contrary to popular investor sentiment and expectations of downside to estimates on account of a slowdown of consumer spending and FX headwinds, we believe near-term estimates are instead resilient relative to the conservative guide already issued by the company on the last earnings call.
[...]We see upside on several aspects of the business as well as financials that remain underappreciated by investors, namely the transformation of the company to Services, growth in the installed base, technology leadership, and optionality around capital deployment—all of which together lead us to expect double-digit earnings growth and a modest re-rating for the shares.”
JPMorgan also maintained a December price target of $200 on Apple, implying a roughly 43% upside potential from the current price.
Bottom line
It’s hard to predict how badly the current adverse macroeconomic environment will hurt Apple sales in the short run. Still, Apple is a reliable company well-positioned to outperform in a challenging operating environment.
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Apple (AAPL) Flipping green after finding support off the volume shelf
By: TrendSpider | July 5, 2022
• $AAPL Flipping green after finding support off the volume shelf.
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