7 Headlines From Apple's Big Week
Last week was an important week for Apple Inc. (NASDAQ: AAPL) and its shareholders. Deutsche Bank analyst Sherri Scribner released a new report on Monday with a list of all the big headlines from Apple’s big week.
Disappointing Earnings
The most important piece of news last week was Apple’s Q2 earnings report, which fell short of the market’s expectations. While revenue, earnings per share and gross margins all topped Wall Street expectations, Apple’s stock sank because the company’s reported 47.5 million iPhone sales disappointed the market.
Capex Reduction
Apple revealed in its latest 10-Q filing that its fiscal 2015 capex expectations of $12 billion are now $1 billion lower than previous expectations. An Apple spokesperson told The Wall Street Journal that the reduction is due to cost cutting and not changes in product plans.
Related Link: Paul La Monica: 'No Matter How You Slice It,' Apple's Stock Is 'Dirt Cheap'
Apple Hires Auto Exec
Apple announced that it has hired Doug Betts, former head of global quality at Fiat Chrysler Automobiles NV (NYSE: FCAU). “We believe recent hires indicate that Apple is clearly working on something related to cars, but whether it’s an actual car or more related to car connectivity is still unclear,” Scribner noted.
Car Production?
A report by German magazine Manager Magazin claims that Apple has reportedly been in talks with BMW to utilize BMW’s production platform for a car project.
Apple-Brand Appliances?
The removal of Nest’s connected thermostats, smoke detector and security camera from Apple’s stores have led Deutsche Bank to wonder if Apple is planning to launch its own Apple-brand home devices.
2016 Honda Accord
Honda Motor Co Ltd (NYSE: HMC) debuted its 2016 Accord last week, the first Honda model to support Apple’s CarPlay and Google Inc (NASDAQ: GOOG)(NASDAQ: GOOGL)’s Android Auto, protocols to link smartphones to a car’s dashboard.
35 New Apple Pay Issuers
Apple added 35 new Apple Pay issuer banks in the United States, bringing the U.S. total up to 375 issuers. Apple Pay also launched in the U.K. last week.
Latest Ratings for AAPL
Jul 2015 | Cowen & Company | Downgrades | Outperform | Market Perform |
Jul 2015 | SocGen | Upgrades | Hold | Buy |
Apr 2015 | Canaccord Genuity | Maintains | Buy |
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