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Apple Is On The Clock

|Includes:Apple Inc. (AAPL)

We are approximately 3 hours away for the news we've been waiting to hear for months: results of Apple's (NASDAQ:AAPL) Q1.

This is the first true quarter for new CEO Tim Cook, and all eyes will be on this one. Here are some quick notes I have going in:

My official preview was released the other day, you can read it here.

Just a little updating my numbers: Since I released my article, street estimates have come up a penny to $10.08. Also, revenue numbers have edged up to $38.85 billion.

From what I've been hearing all morning, it seems like many will be disappointed if Apple doesn't hit $40 billion in revenues.

Another thing to watch, the reaction:

Apple went into last quarter's earnings at $422.24. As of writing, we are only $1 higher than that now. So if you bought before last quarter's earnings, you've made less than 0.25% in three months. That's equivalent to a high yield CD right now. However, if you waited till after the results and got it under $400 or even $380, you've made some decent money.

I'm not telling you not to get in before the results, but I only see potential upside to $450 in the name in the next week or so. A bad report could take us down to $375. That's basically a 1 up, 2 down ratio, which isn't appealing to me. That's why I'm on the sidelines for now. I'm not taking a chance here.

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in AAPL over the next 72 hours.

Additional disclosure: Author will not initiate a position before earnings, but may initiate one after report comes out.

Stocks: AAPL