Apple Inc.

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  • Mon, Feb. 8, 4:37 AM
    • Apple (NASDAQ:AAPL) is on course to win clearance to open its first retail stores in India, as the tech giant seeks fresh sources of growth following last month's forecast of a sales decline for the first time in more than a decade.
    • Apple should also qualify as a provider of cutting-edge technology, sources told Bloomberg, exempting the company from a rule forcing foreign businesses that retail a single brand in India to procure 30% of a product's inputs locally. Apple makes most of its devices in China.
    | Mon, Feb. 8, 4:37 AM | 48 Comments
  • Wed, Feb. 3, 4:49 PM
    • A Texas jury has reportedly awarded VirnetX (NYSEMKT:VHC) $544.7M in an infringement suit against Apple (NASDAQ:AAPL). Apple is reportedly ruled to have willfully infringed all asserted claims.
    • VirnetX, crushed in 2014 after an appeals court ruled against the company in a case against Apple, has soared to $8.29 after hours. Shares rose 29.8% in regular trading ahead of the news.
    • Last month: VirnetX soars after new Apple suit ruling
    • Update (5:17PM ET): Markman Advisors has adjusted its reported damages figure to $625M+. Bloomberg reports a figure of $625.6M.
    | Wed, Feb. 3, 4:49 PM | 15 Comments
  • Tue, Feb. 2, 1:03 PM
    • Digitmes reports Asian camera lens makers 'have sent dual-lens camera samples to Apple (AAPL -1.2%) for testing," and that Apple is reportedly planning to include a dual-lens camera within a next-gen iPhone.
    • Dual lenses can allow users to zoom in without diminishing imaging quality - one lens can be wide-angle, and the other a zoom lens - and also improve low-light performance. Most interestingly, they can also enable depth analysis, which in turn enables features such as 3D image capture, background removal, and automatic blurring.
    • The report follows Apple's purchase (reported last April) of LinX Computational Imaging, a startup that was working on multi-sensor camera modules promised to deliver SLR-like image quality, superior low-light shots, and the ability to simultaneously take multiple shots at different apertures.
    • Separately, 9to5 Mac reports Apple plans to hold its expected March event on the 15th (a Tuesday). In-line with past reports, 9to5 states Apple plans to reveal a new 4" iPhone (believed to be called the 5se and feature improved internals), an iPad Air 3, and an Apple Watch software/band update.
    • The Air 3 is expected to include (per 9to5) an improved camera and speakers, and a smart connector for attaching peripherals. Other reports have indicated the tablet will sport a 4K display and improved battery life.
    | Tue, Feb. 2, 1:03 PM | 69 Comments
  • Tue, Feb. 2, 9:00 AM
    • January monthly performance was: -4.6%
    • AUM of $539M
    • 52-week performance vs. the S&P 500 is: -1%
    • $0.02 in dividends were paid in January
    • Top 10 Holdings as of 12/31/2015: Coca-Cola Co (KO): 4.05%, Microsoft Corp (MSFT): 3.61%, Apple Inc (AAPL): 3.27%, Altria Group Inc (MO): 3.17%, AbbVie Inc (ABBV): 2.84%, International Business Machines Corp (IBM): 2.21%, McDonald's Corp (MCD): 2.01%, Intel Corp (INTC): 1.95%, Cisco Systems Inc (CSCO): 1.9%, Home Depot Inc (HD): 1.84%
    | Tue, Feb. 2, 9:00 AM | 1 Comment
  • Tue, Feb. 2, 9:00 AM
    • January monthly performance was: -3.31%
    • AUM of $1.63B
    • 52-week performance vs. the S&P 500 is: -2%
    • $0.10 in dividends were paid in January
    • Top 10 Holdings as of 12/31/2015: Exxon Mobil Corporation (XOM): 3.35%, AT&T Inc (T): 3.15%, Microsoft Corp (MSFT): 3.11%, Apple Inc (AAPL): 2.84%, Verizon Communications Inc (VZ): 2.5%, General Electric Co (GE): 2.36%, Johnson & Johnson (JNJ): 2.21%, Chevron Corp (CVX): 2.2%, Wells Fargo & Co (WFC): 2.06%, Procter & Gamble Co (PG): 1.93%
    | Tue, Feb. 2, 9:00 AM
  • Mon, Feb. 1, 11:04 AM
    • Netflix (NASDAQ:NFLX) is up 5% on speculation that Apple (NASDAQ:AAPL) might be interested in a takeover.
    • Forbes contributor Jay Somaney kickstarted the discussion in an article that was posted yesterday, but is gaining unexpected steam today.
    • Intra-day Netflix rumor rallies are nothing new.
    | Mon, Feb. 1, 11:04 AM | 66 Comments
  • Fri, Jan. 29, 6:03 PM
    • The FT reports Apple (NASDAQ:AAPL) "has assembled a large team of experts in virtual and augmented reality and built prototypes of headsets that could one day rival Facebook's Oculus Rift or Microsoft's HoloLens."
    • The team is said to include "hundreds of staff from a series of carefully targeted acquisitions, as well as employees poached from companies that are working on next-generation headset technologies." The FT also notes Apple has bought Flyby Media, a developer of software that lets mobile devices "scan" real-world objects and add them to a virtual collection.
    • The report shortly follows positive earnings call remarks by Tim Cook regarding VR's potential, and the hiring of VR expert Doug Bowman. Motion sensor technology provider PrimeSense was acquired in 2013.
    • For now, hardware costs and processing demands remain challenges for the budding VR/AR headset market. Facebook has priced its first consumer Oculus Rift model (it's due to ship in March) at $599, and requires the device to be paired with a PC containing a high-end GPU. The much less powerful Gear VR, which uses Samsung phones to power and provide a display for an Oculus VR platform, goes for only $100.
    • Earlier: Apple reportedly working on over-the-air wireless charging technology
    | Fri, Jan. 29, 6:03 PM | 68 Comments
  • Fri, Jan. 29, 5:47 PM
    • The best-performing U.S. stock over the past 30 years is one that few have heard of: Balchem (NASDAQ:BCPC), a New York-based maker of flavorings, fumigating gases and nutritional additives for animal feed.
    • Since the end of 1985, Balchem has gained an average of 26.2%/year - a total gain of 107,099% - vs.10.3% for the S&P 500.
    • But with flattening profitability and shares at a lavish 27x earnings, Balchem looks expensive for now, WSJ's Jason Zweig writes.
    • Over the past 30 years, 44 U.S. stocks generated cumulative total returns of 10,000% or more; the 10 behind Balchem are HD, AMGN, NKE, UNH, DHR, OTCPK:ATCD, KSU, JKHY, AAPL and MO.
    | Fri, Jan. 29, 5:47 PM | 36 Comments
  • Fri, Jan. 29, 8:22 AM
    • Energous (NASDAQ:WATT) has risen to $4.98 premarket following an overnight Bloomberg report stating Apple (NASDAQ:AAPL) is "working with partners in the U.S. and Asia" to develop over-the-air wireless charging technology that could be deployed on its hardware as soon as next year.
    • Energous' name isn't mentioned in the report. However, Bloomberg's description of the technology Apple is working on bears some resemblance to Energous' WattUp; it should be noted others have also been working on OTA wireless charging.
    • For its part, Energous has said it has a deal with an unnamed tier-1 licensee, and that it aims to "release products to the consumer through our licensing partnerships in late 2016, early 2017." There has been some speculation among bulls the tier-1 licensee is Apple.
    • Update (9:46AM ET): Energous is now up 24%.
    | Fri, Jan. 29, 8:22 AM | 71 Comments
  • Fri, Jan. 29, 4:35 AM
    • Apple (NASDAQ:AAPL) is working with partners in the U.S. and Asia to develop new wireless charging technology that could be deployed on its mobile devices as soon as next year, Bloomberg reports.
    • Will it be enough of a holy grail to change the industry dynamic? Most current technology requires devices to be laid on mats or close to docks while charging, but the company is seeking a method that allows gadgets to be wirelessly charged from further away.
    | Fri, Jan. 29, 4:35 AM | 50 Comments
  • Wed, Jan. 27, 12:40 PM
    • Down just moderately after hours in the wake of its mixed FQ1 results and soft FQ2 guidance - some bad news was priced in following chip supplier warnings and iPhone order cut reports - Apple (AAPL -4.5%) is seeing steeper losses today. Several chip suppliers are also off.
    • Not surprisingly, many on the Street are nervous about earnings call remarks regarding macro pressures in general, and Chinese pressures in particular. However, bulls are also taking heart in Apple's efforts to highlight services growth - reported FQ1 services revenue rose 26% Y/Y to $6.1B, and Apple asserts its installed base drove nearly $9B in related purchases (+24% Y/Y). With revenue guided to drop 9%-14% Y/Y in FQ2, future iPhone growth is also the subject of much debate.
    • Macquarie's Ben Schachter (Outperform, $117 target): "The company rang the alarm bells loud and clear on macro weakness ... Cook put something of a line in the sand in implying that the March qtr would be the trough for iPhone unit growth ... the new disclosures confirm our thesis that the % of profit contribution from Services is almost 2x its % of revs, i.e., Services should contribute almost 20% of profits in FY’16 despite representing only about 10% of revs."
    • Deutsche's Sherri Scribner (Hold, $105 target): "We remain concerned about the lack of growth in iPhone units this year, the slowdown in China sales, and gross margin pressure from FX as we move through the year ... With AAPL becoming a recurring revenue story, we expect the valuation to rerate in line with other mature, services-type companies."
    • Susquehanna's Chris Caso (Positive, $140 target): "We think the question about whether iPhone can grow was, however, a more relevant argument when the stock was higher. With the stock at its current level (AAPL’s free cash flow yield is now in excess of 10%), we think the more relevant question now is whether iPhone can continue to generate cash at similar levels over a reasonable investment horizon ... Nonetheless, what’s ultimately needed for AAPL to be viewed as a growth stock once again is for them to once again simply invent something new that will have the impact of the iPod, iPhone or iPad." (ed: could an electric car do the job?)
    • Other opinions: 1) Jan Dawson still sees plenty of room to cross-sell new products/services to a base of 1B+ active users. 2) VentureBeat's Chris O'Brien thinks more transparency is needed on Apple Watch/Apple TV sales and services revenue (among other things). 3) 9to5 Mac's Ben Lovejoy argues it's time for Apple might need to rethink iPhone pricing in light of macro/forex pressures and competition.
    • On SA, Bill Maurer notes Apple disclosed 60% of iPhone owners haven't upgraded to an iPhone 6/6+ or 6S/6S+, and that a rumored new 4" iPhone could appeal to some of them. Paulo Santos, on the other hand, is skeptical a new 4" iPhone will provide a big lift, and considers FQ1's 25% Y/Y iPad unit drop "more serious than it looks."
    • Prior Apple coverage
    | Wed, Jan. 27, 12:40 PM | 37 Comments
  • Wed, Jan. 27, 8:18 AM
    • Though expectations were low following warnings from Cirrus Logic, Qorvo, Analog Devices, and others, iPhone/iPad suppliers are down after Apple missed FQ1 (calendar Q4) revenue estimates (while beating on EPS), and offered soft FQ2 guidance - revenue of $50B-$53B vs. a $55.6B consensus and year-ago sales of $58B.
    • FQ1 iPhone sales of 74.8M were close to Street expectations, but iPad and Mac shipments (16.1M and 5.3M, respectively) were below. On its earnings call, Apple mentioned forex swings and Chinese macro pressures are weighing on sales.
    • Cirrus Logic (NASDAQ:CRUS), which reports this afternoon, is down 2% premarket. Qorvo (QRVO - reports Feb. 4) -2.7%, Skyworks (SWKS - reports tomorrow) -2%, Analog Devices (NASDAQ:ADI) -3%. Apple (NASDAQ:AAPL) itself is down 3.7%. Nasdaq futures are off 0.7%.
    | Wed, Jan. 27, 8:18 AM | 14 Comments
  • Wed, Jan. 27, 5:17 AM
    • Here are the most-recent price-target changes for Apple (NASDAQ:AAPL). All of them are reductions, although none of the firms changed their generally bullish ratings on the stock.
    • Morgan Stanley: new PT (price target) of $135, previous $143. Rating remains Overweight/Cautious.
    • JPMorgan: new PT of $141, previous $145. Rating remains Overweight.
    • Baird: new PT of $130, previous $150. Rating remains Outperform.
    • FBR: new PT of $130, previous $150. Rating remains Outperform.
    • Cross Research: new PT of $140, previous $150. Rating remains Buy.
    • Barclays: new PT of $142, previous $150. Rating remains Overweight.
    • Macquarie: new PT of $117, previous $133. Rating remains Outperform.
    • Stifel: new PT of $120, previous $140. Rating remains Buy.
    • Piper: new PT of $172, previous $179. Rating remains Overweight.
    • BMO: new PT of $130, previous $133. Rating remains Outperform.
    • Street high is Drexel Hamilton at $200. Street low is ABG Sundal Collier at $65.
    | Wed, Jan. 27, 5:17 AM | 126 Comments
  • Tue, Jan. 26, 6:35 PM
    • In its supplemental slides (.pdf), Apple (NASDAQ:AAPL) notes forex had a 600 bps impact on FQ1 revenue growth (2% vs. 8%). The effect was particularly strong in Europe (+4% vs. +18%) and Rest of Asia-Pac (excludes China/Japan, +4% vs. +19%).
    • On the earnings call, Tim Cook noted Apple has seen economic turbulence in China/Hong Kong - Intel has also reported seeing Chinese macro pressures. Cook insists Apple remains bullish on China, and predicts rising 4G penetration will continue lifting iPhone sales. 50% of Chinese iPhone sales are said to be to first-time buyers. (live blogs: WSJ, Business Insider)
    • Notably, when asked about virtual realty, Cook suggested he's positive on the technology. "I don’t think it’s a niche. I think it can be … it’s really cool and has some interesting applications." Apple recently hired VR expert Doug Bowman; Facebook is getting set to ship its first consumer Oculus Rift model, and Google/Alphabet has created a dedicated VR unit.
    • When asked about iPhone ASP, CFO Luca Maestri suggested a favorable mix gave a lift - demand for 5.5" iPhones and higher storage tiers could be helping. Regarding forex, Maestri said Apple expects a 4% FQ2 revenue hit, and sees sales dropping 5%-10% Y/Y in constant currency (implies a 9%-14% drop in dollars). Forex had a $49 impact on FQ1 iPhone ASP ($691 vs. $740).
    • Also mentioned: 1) iPhone channel inventory was at the low end of Apple's target range at the end of FQ1, and iPad channel inventory within its target range. 2) App Store revenue rose 27% Y/Y, and App Store customers 18%. 3) Apple plans to update its capital return plan next quarter, and to be active in debt markets.
    • AAPL now -2.2% after hours to $97.80.
    • Apple's results/guidance, FQ1 details/dividend
    | Tue, Jan. 26, 6:35 PM | 138 Comments
  • Tue, Jan. 26, 4:58 PM
    • Helping Apple (NASDAQ:AAPL) beat FQ1 EPS estimates in spite of a revenue miss: Gross margin was 40.1%, up 20 bps Y/Y and above a 39%-40% guidance range. FQ2 GM guidance is at 39%-39.5% vs. a reported 40.8% a year earlier.
    • Product line performance: iPhone revenue (68% of total revenue) +1% Y/Y to $51.6B; units up fractionally to 74.8M. iPad revenue -21% to $7.1B; units -25% to 16.1M. Mac revenue -3% to $6.7B; units -4% to 5.3M. Services (iTunes/App Store, Apple Music, Apple Pay, AppleCare) +26% to $6.1B. Other products (Apple Watch, iPod, Beats, Apple TV, peripherals) +62% to $4.4B.
    • Regional performance: Americas revenue -4% Y/Y to $29.3B. Greater China +14% to $18.4B. Europe +4% to $17.9B. Japan -12% to $4.8B. Rest of Asia-Pac +4% to $5.4B.
    • ASPs: iPhone ASP rose to $691 from FQ4's $670 and FQ3's $660. iPad ASP rose to $439 from FQ4's $433 and FQ3's $419. Mac ASP rose to $1,270 from FQ4's $1,205 and FQ3's $1,257.
    • Financials: Repurchases of common stock totaled $6.9B. GAAP SG&A spend rose 7% Y/Y to $3.85B; R&D spend rose 27% to $2.4B. Apple ended FQ1 with nearly $216B in cash/investments (much of it offshore), and $63B in debt/commercial paper.
    • Dividend: Apple has declared its regular quarterly dividend of $0.52/share (2.1% yield). The next dividend will be paid on Feb. 11 to shareholders on record as of the Feb. 8 close.
    • CFO Luca Maestri: "Our record sales and strong margins drove all-time records for net income and EPS in spite of a very difficult macroeconomic environment." Tim Cook tells CNBC Apple now has over 1B active devices.
    • AAPL -0.3% after hours to $99.74.
    • Apple's FQ1 results/FQ2 guidance, earnings release, earnings call webcast
    | Tue, Jan. 26, 4:58 PM | 226 Comments
  • Tue, Jan. 26, 4:33 PM
    • Apple (NASDAQ:AAPL): FQ1 EPS of $3.28 beats by $0.05.
    • Revenue of $75.87B (+1.7% Y/Y) misses by $720M.
    • 74.8M iPhones (near expectations), 16.1M iPads (below expectations), 5.3M Macs (below expectations).
    • Expects FQ2 revenue of $50B-$53B, below a $55.6B consensus and year-ago sales of $58B.
    • Shares +0.8% after hours.
    • Press Release
    | Tue, Jan. 26, 4:33 PM | 254 Comments
Company Description
Apple Inc designs, manufactures, & markets mobile communication & media devices, personal computers, & portable digital music players, & sells a variety of related software, services, accessories, networking solutions, & third-party digital content.
Sector: Technology
Country: United States