AAPL - Apple Inc.
203.80 +1.21 (0.60%)
Pre-Market: 8:43AM EDT
| Previous Close | 205.66 |
| Open | 205.79 |
| Bid | 203.40 x 4000 |
| Ask | 204.39 x 900 |
| Day's Range | 202.36 - 206.50 |
| 52 Week Range | 142.00 - 233.47 |
| Volume | 20,929,307 |
| Avg. Volume | 26,711,182 |
| Market Cap | 932.133B |
| Beta (3Y Monthly) | 1.09 |
| PE Ratio (TTM) | 17.04 |
| EPS (TTM) | 11.89 |
| Earnings Date | Jul 30, 2019 |
| Forward Dividend & Yield | 3.08 (1.50%) |
| Ex-Dividend Date | 2019-05-10 |
| 1y Target Est | 211.32 |
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Breaking up big tech would be a big mistake
Congress, with some goading from their competitors, appears eager to apply antitrust enforcement to Facebook (FB) , Apple (AAPL) , Google (GOOG) and (AMZN) (FAGA). This would be a terrible misuse of the law for market-dominance problems that emerging technologies will resolve and for privacy and security issues where bigness contributes little. To put one complaint aside — the increasing size of American tech companies has not caused stagnant wages.
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- TipRanks•23 hours ago
Apple Upgraded Ahead of Earnings
Earnings season is in full swing, and Wall Street’s top analysts are getting busy re-evaluating stocks ahead of the quarterly releases. Apple, Inc. (AAPL) is one of these, having just received an upgrade from Raymond James. This upgrade comes in the face of mixed expectations on earnings and the business outlook; and so now let’s take a closer analysis of the tug-of-war between the bears and bulls on AAPL. The Earnings SituationApple-watchers know what to expect in the two key bottom-line numbers – revenues are expected to come in at $53.4 billion, about the same as last year’s Q3, while EPS is projected at $2.10, a 10% drop from a year ago. Apple’s Services segment showed 16% growth last quarter, and is expected to show further growth for fiscal Q3. Apple has been pushing hard to promote established offerings like App Store, iCloud, and Apple Music, while building expectations on new products like Apple Card, Apple TV+, and Apple Arcade.The full-court press on Services is part of Apple’s strategy to offset slowing iPhone sales. The flagship mobile device has been buffeted by a series of demand hits in the past year or so, including: customer complaints about slow modems; the drawn-out legal battle of Qualcomm, Inc. (QCOM), over modem chips, that was only resolved this past spring; multiple issues in China, including increased competition from Chinese handset makers and the simmering US-Chinese trade tensions.While iPhone made up 63% of Apple’s revenue in the last quarter, management knows that its iconic product is on a downswing and is taking action. In addition to pushing Services, the company is streamlining and promoting its iMac, iPad, and Wearables lines. As CEO Tim Cook said back in January, “If you sort of back up and look at Apple, in our last fiscal year, we had $100 billion of revenue that was not iPhone... And in this last quarter, if you take everything outside of iPhone, it grew at 19 percent.”The main questions for Apple investors approaching the Q3 earnings are, will the boost to non-iPhone revenue streams increase quickly enough to effectively counter the slip in handset sales; and, can iPhone recover sufficiently to hold its market share niche in a maturing smartphone environment? The answers to those questions, especially the second, brings us to the analyst reviews and Apple’s recent upgrade. First, the Bear CasesIn recent days, the analysts have been pulling both ways on AAPL. The bearish case is set forth by Nomura’s Jeffrey Kvaal and Goldman Sachs’ Rod Hall. Looking at the just-finished June quarter, Kvaal says to have “low expectations for the impending iPhone cycle and do not expect Apple's new services to add materially to earnings. However, the company's ecosystem and buyback program remain strong.”Hall takes a similar view, saying that Services boosts in the spring were derived mainly from two successful game launches in China. He writes, “We believe that increased growth in App Store revenues in March/April/May was likely driven by the launches of Perfect World and Game for Peace (PUBG)… we calculate that the persistence of weaker June growth in the September FQ4 would drive another 1.1pp of downside to our Services growth estimate.”While both of these analysts are bearish on AAPL, both have also raised their price targets on the stock. Kvaal sets his at $180, Hall at $187. Both are well below the current trading price. Checking in with the BullsThe bullish news this week for Apple is the ratings upgrade from Raymond James. Analyst Chris Caso took a forward-looking stance on the stock, basing his upgrade not on this year’s performance but on “the impact of a 5G iPhone product cycle in 2020.”He sees Apple gaining materially from its recent settlement with Qualcomm. While the settlement included a lump-sum payment from Apple to the chipmaker, it also resolved the patent dispute and allowed Apple access to Qualcomm’s high-quality modem chips. During the course of the dispute, Apple had fallen back on Intel Corporation’s (INTC) chips, and customers had noticed – and complained about – the difference. It’s a hazard of building a niche on a devoted fan base.Expanding on this in his note, Caso said: “Our call may well be early – we expect this year’s iPhone cycle to be the weakest in years, and today may not be the right time to buy ahead of that weakness… But since the near-term market moves are being driven by macro conditions as much as fundamentals, we’ve decided to upgrade now and let our clients decide the best time to execute on our idea.”In line with this general optimism on Apple’s longer-term outlook, Caso upgraded his rating to ‘buy’ and set a $250 price target. His price target, significantly higher than other analysts’, suggests an upside potential of 23% for AAPL shares.Caso is not alone in taking the bull stance on AAPL. Merrill Lynch’s Wamsi Mohan has long maintained a buy rating on the stock, and recently reiterated it, along with this $230 price target. He based his rating on third part sales data showing “F3Q19 App Store revenue is ~$3.9bn (+18% y/y). This represents a slight acceleration from F2Q growth of 17%.” Mohan’s price target is indicative of a 13% upside.Five-star blogger D.M. Martins Research also sees long-term positive trends ahead for Apple. Laying out a detailed bull case, the blogger concludes: “I believe AAPL continues to be a solid investment. In fact, I have recently called it ‘my FAAMG stock for the rest of 2019.’ Justifying my optimism is the company's long-term prospects, which I believe to be promising yet discounted for short-term worries over trade policy and global economic deceleration.“More specifically, I see in the more stable and predictable services revenue growth and the success of new device form factors, including the Watch and other wearable products…” The Bottom LineApple has shown strong growth in the past year, with the 29% share price gains outpacing both the NASDAQ and S&P 500 indexes, but the company has faced dangerous headwinds, too. To a large extent, Apple management has been able to manage the expectations over the past six months, lower the bar, and then beat the lowered expectations, but that strategy may be running its course.The result, as seen above, is mixed reviews. Respected analysts are lining up on both the bull and bear sides for this stock, and there are strong cases made in both directions. The analyst consensus, however, remains bullish on Apple. AAPL shares get a moderate buy rating, based on 20 buys, 14 holds, and 2 sells assigned in the past three months. Shares are trading for $202, so the $215 average price target implies a 6.36% upside potential.Disclosure: This author is long on AAPL.
- Investing.com•yesterday
Economic Calendar - Top 5 Things to Watch This Week
Investing.com - The European Central Bank’s policy meeting will be front and center this week as investors wait to see what action central bank head Mario Draghi may take to support the euro area economy.
- Engadget•2 days ago
The Morning After: 2020 Corvette adds NFC, 1080p and OTA updates
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Shaky Markets, Rate Uncertainty
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Buy Netflix (NFLX) Stock on the Dip Despite Q2 Subscriber Worries?
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- Bloomberg•3 days ago
Netflix’s Tight-Lipped Culture Makes Surprises Hard to Avoid
(Bloomberg) -- Netflix Inc.’s biggest earnings surprise in years sent the shares plummeting the day after results were released, leaving analysts and investors wondering why they were caught so off guard.When some companies know that their quarterly results are going to fall short of forecasts, they put out a pre-announcement or update their guidance. But not Netflix.Instead, the company dropped a bombshell with no warning: Its customer growth was roughly half what it projected, and Netflix actually lost U.S. subscribers during the period. That hasn’t happened since 2011, when the company made a disastrous attempt to split up its streaming and DVD-by-mail operations.The fallout on Thursday included the worst stock rout in three years, with the stock declining 10% to erase more than $16 billion in market value. Shares in Netflix extended those declines on Friday, falling 3.1% to $315.10 per share, their lowest since January. The stock has fallen for seven consecutive sessions, the longest losing streak in nearly four years.“You would think Netflix would want to update guidance or give a pre-annoucement, as I’m sure they definitely knew about this for a while,” said Nick Licouris, an investment adviser at Gerber Kawasaki. “But they probably didn’t want to do it because they were going to take a hit at that time or during earnings -- especially since subscriber numbers are the No. 1 thing analysts look at -- and in earnings you can spin it better than a stand-alone announcement.”Not Necessary?Another reason not to issue a warning: The company met most of Wall Street’s financial estimates, such as sales and profit. It was only the subscriber numbers that really came up short.“Revenue was very close to guidance and profits were actually above, so I’d guess they didn’t think it was necessary to pre-announce a weak sub number when other financial metrics were fine,” said Andy Hargreaves, an analyst at KeyBanc Capital Markets Inc.There’s also been a broader shift away from giving earnings warnings, said Huber Research Partners founder Craig Huber.“I have noticed companies in media and internet that I follow do not seem to pre-announce pending negative results with the same regularity as years ago,” he said.Netflix, based in Los Gatos, California, didn’t have an immediate comment.The streaming giant’s tight-lipped culture extends beyond earnings. Unlike traditional media companies, it’s very selective about the viewer information it provides. Third parties try to fill the gaps by providing their own data on Netflix’s audience, but that can prove to be unreliable.Third-Party ServicesThose kinds of data services failed to predict the latest shortfall, Wolfe Research analyst Marci Ryvicker said in a note.“For several days,” she said, “investors told us ‘such-and-such data service suggests domestic adds will come in line; while international might be somewhat soft.’ Wrong. I mean -- right in the sense that international was soft but totally wrong on the domestic subs part.”Netflix remains the dominant paid video streaming service, with its sights set on international expansion to counter slowing growth at home. But rising competition abroad -- such as a U.K. streaming venture announced Friday between ITV Plc and the BBC -- could challenge that growth as well.Netflix also delivers its earnings in an idiosyncratic way. Instead of doing a traditional Q&A conference call, the company releases an “earnings interview” on YouTube with a single analyst. It also issues its reports on its website, not through the paid services that many companies use to disseminate information.Though this week’s stock rout was especially severe, it’s common for Netflix’s earnings to spark a huge share move. The average change on the day after quarterly reports is almost 13%, according to data compiled by Bloomberg. Compare that with Apple Inc., where it’s 4.4%. Or Microsoft Corp., where it’s 4.1%.There’s another explanation for the huge swings in Netflix’s stock: overreaction. That was the message from Chief Executive Officer Reed Hastings this week. It’s easy to “overinterpret” subscriber figures, he said.“Sometimes we are forecast high, sometimes we forecast low,” he said. “We’re just executing forward and trying to do the best forecast we can.”(Closes shares in fourth paragraph.)\--With assistance from Morwenna Coniam.To contact the reporters on this story: Kamaron Leach in New York at kleach6@bloomberg.net;Lucas Shaw in Los Angeles at lshaw31@bloomberg.netTo contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Rob GolumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Tinder Bypasses Google Play Joining Revolt Against App Store Fee
(Bloomberg) -- Tinder joined a growing backlash against app store taxes by bypassing Google Play in a move that could shake up the billion-dollar industry dominated by Google and Apple Inc.The online dating site launched a new default payment process that skips Google Play and forces users to enter their credit card details straight into Tinder’s app, according to new research by Macquarie analyst Ben Schachter. Once a user has entered their payment information, the app not only remembers it, but also removes the choice to swap back to Google Play for future purchases, he wrote.“This is a huge difference," Schachter said in an interview. “It’s an incredibly high-margin business for Google bringing in billions of dollars," he said.The shares of Tinder’s parent company, Match Group Inc., spiked 5% when Schachter’s note was published on Thursday. Shares of Google parent Alphabet Inc. were little changed.Apple and Google launched their app stores in 2008, and they soon grew into powerful marketplaces that matched the creations of millions of independent developers with billions of smartphone users. In exchange, the companies take as much as 30% of revenue. The app economy is expected to grow to $157 billion in 2022, according to App Annie projections.As the market expands, a growing revolt has been gaining steam over the past year. Spotify Technology SA filed an antitrust complaint with the European Commission earlier this year, claiming the cut Apple takes amounts to a tax on competitors. Netflix Inc. has recently stopped letting Apple users subscribe via the App Store and Epic Games Inc. said last year it wouldn’t distribute Fortnite, one of the world’s most popular video games, through Google Play.Match declined to answer questions about whether the company was also investigating bypassing Apple’s App Store. Match is expected to discuss the payment flow change with analysts and investors during its next earnings call on Aug. 6.“At Match Group, we constantly test new updates and features to offer convenience, control and choice to our users," Justine Sacco, a spokeswoman for Match, wrote in an email. “We will always try to provide options that benefit their experience and offering payment options is one example of this."Google didn’t immediately respond to requests for comment.Of the high-profile companies that have shunned the App store, Match is the only one that has changed the payment method in-app, Schachter noted. Others have instead forced subscribers back to their own websites to enter payment information.Tinder’s move could spark a domino effect.“Tinder is relatively small and it won’t have a massive impact, but the concern is if this grows and gets into gaming apps as it starts moving forward," Schachter said. “We’re going to see a lot of other companies potentially trying to experiment with this."\--With assistance from Mark Bergen.To contact the reporter on this story: Olivia Carville in New York at ocarville1@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Molly Schuetz, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Zacks•3 days ago
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- InvestorPlace•3 days ago
Friday Apple Rumors: iPhone Dummy Models Leak
Leading the Apple (NASDAQ:AAPL) rumor mill today is news of of iPhone dummy models. Today, we'll look at that and other Apple Rumors for Friday.Source: Shutterstock iPhone Dummy: A new leak gives a look at three 2019 iPhone dummy models, reports MacRumors. These new dummy models show off what the 2019 iPhone lineup may look like. There's are 5.8-inch, 6.1-inch and 6.5-inch dummy models. The models look about the same as the 2018 iPhone line. However, they do all feature a square camera bump on the rear. The 5.8-inch and 6.5-inch are sporting three rear cameras. The 6.1-inch model only has two rear cameras.2020 iPhone: It looks like the 2020 iPhone may be rocking a much more powerful processor, 9to5Mac notes. A recent statement from TSMC CEO CC Wei claims that it will have 5nm chips ready in the first half of 2020. This means that the company may be preparing to supply Apple with the chips for next year's iPhone line. The new chips would offer much more power than the 7nm chips that will likely be in the 2019 iPhone line.InvestorPlace - Stock Market News, Stock Advice & Trading TipsSpyware: A recent claim from NSO Group says it can break Apple's security, reports AppleInsider. The Israeli spyware company claims that it can do this with its Pegasus malware. This would allow it to obtain all cloud data from anyone using the company's services. It isn't just AAPL that the group says it can hack. Alphabet's (NASDAQ:GOOG,GOOGL) Google, Microsoft (NASDAQ:MSFT) and others are also allegedly vulnerable.Subscribe to Apple Rumors As of this writing, William White did not hold a position in any of the aforementioned securities.The post Friday Apple Rumors: iPhone Dummy Models Leak appeared first on InvestorPlace.
- Market Realist•3 days ago
US Stock Markets Are Strong, Larry Fink Is Optimistic
US stock markets made an all-time high earlier this week. BlackRock CEO Larry Fink expects the markets to move even higher.
- Barrons.com•3 days ago
Apple Stock Could Use a 5G Boost. One Analyst Isn’t Sure It Will Get One.
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The Zacks Analyst Blog Highlights: Spotify, Slack, Google, Facebook and Apple
The Zacks Analyst Blog Highlights: Spotify, Slack, Google, Facebook and Apple
