Wed, Jul. 27, 12:00 PM
Wed, Jul. 27, 11:33 AM
- Apple's (AAPL +7%) cash on hand was reduced to $231.5B in Q3 vs. $233B in Q2, the first time in seven quarters this figure has decreased.
- Research and development expenses rose for the nine-months-ended June 25 period to $7.475B vs. $5.847B Y/Y. The three-month-ended time frame saw an increase to $2.56B vs. $2.034B Y/Y.
- Strategic investments in the nine-month-ended period are $1.376B vs. $0 Y/Y.
- The majority of investment activity stems from the company's $1B investment in Didi Chuxing, a Chinese transportation service and Uber competitor.
- Tim Cook on yesterday's conference call: "In terms of the investment in Didi, it was an unusual investment in that, as you know, we don't have a long history of doing a lot of these. . . . From a Didi point of view, we see that as one, a great investment. Two, we think that there's some strategic things that the companies can do together over time. And three, we think that we'll learn a lot about the business and the Chinese market beyond what we currently know. Didi has an incredible team there. That's sort of the rational for why we did that."
- Although Apple appears to be utilizing a larger than usual (though still relatively small) portion of its vast cash pile, investors and consumers alike are waiting on the company's next innovative move, whether that be through existing product lineups, a Project Titan car initiative or any other surprise moves the company has on deck.
Wed, Jul. 27, 10:25 AM
- Apple (AAPL +7.4%) posted better-than-expected results yesterday and analysts are having their say.
- BTIG Research analyst Walter Piecyk restates a Buy rating, raising his price target to $124 up from $115 citing a potential return to growth due to upcoming new products.
- Citigroup analyst Jim Suva restates a Buy rating, raising his price target to $120 up from $115 citing allayed fears regarding results and outlook.
- Needham & Company analyst Laura Martin restates a Strong Buy rating and $150 price target citing the worst is now behind the company.
- Raymond James analyst Travis McCourt upgrades to an Outperform rating from Market perform and $129 price target.
- William Blair analyst Anil Doradla restates an Outperform rating.
- Wells Fargo analyst Maynard Um restates an Outperform rating.
- Deutsche Bank analyst Sheri Scribner restates a Hold rating, maintaining her price target of $105. She cites unchanged views regarding slowing smartphone growth and an extended iPhone refresh cycle.
- UBS analyst Steve Milunovich restates a Buy rating and maintains his $115 price target.
- R.W. Baird analyst William Power restates an Outperform rating and $115 price target.
- RBC Capital Markets analyst Amit Daryanani restates an Outperform rating and $115 price target.
- Pacific Crest analyst Andy Hargreaves restates an Overweight rating and $121 price target.
- Piper Jaffray analyst Gene Munster restates an Overweight rating, lowering his price target to $151 down from $153.
- Cowen & Company analyst Timothy Arcuri restates an Outperform rating and $125 price target.
- Canaccord Genuity analyst Mike Walkley restates a Buy rating and $120 price target.
- Bernstein analyst Toni Sacconaghi before yesterday's release restated an Outperform rating, lowering his price target to $125 down from $135.
- Another pre-earnings call by Colin Gillis at BGC Partners pegged Apple at $85 with a Sell rating, a now stark outlier among this group.
Wed, Jul. 27, 9:23 AM
Tue, Jul. 26, 5:36 PM
Tue, Jul. 26, 5:15 PM
- Apple (AAPL) exceeded this quarter's expectations while posting sales down 14.5% Y/Y.
- 40.399M iPhone units shipped (vs. 40.02M expected and 51.2M Q/Q).
- 9.95M iPad units shipped (vs. 9.1M expected and 10.9M Q/Q).
- 4.252M Mac units shipped.
- Gross margin 38% vs. 39.7% Y/Y.
- International sales contributed to 63% of Q3 revenue.
- Services business +19% Y/Y.
- App Store revenue highest ever.
- $13B returned via share repurchases and dividends ($177B of $250B already committed to program).
- Q4 guidance of $45.5B-$47.5B revenue, 37.5%-38% gross margin and $6.05B-$6.15B of operating expenses.
- $0.57 per share dividend declared.
- From Apple CEO Tim Cook: "We are pleased to report third quarter results that reflect stronger customer demand and business performance than we anticipated at the start of the quarter. We had a very successful launch of iPhone SE and we’re thrilled by customers’ and developers’ response to software and services we previewed at WWDC in June."
- Apple is down 21.26% from this period last year as of market close.
- Earnings call
- Press release
Tue, Jul. 26, 4:31 PM
Fri, Jun. 17, 9:36 AM
- Earlier reports said Beijing had halted sales of the iPhone 6 and iPhone 6 Plus in that city over patent infringement issues, but CNBC reports Apple (NASDAQ:AAPL) as having immediately appealed that ruling and that all company products are still for sale throughout the country.
- In other news, RBC Capital cuts its price target on Apple to $115 from $120, with analyst Amit Daryanani noting longer replacement cycles, increased conservatism about the iPhone 7, and an unfavorable mix shift towards the lower-priced SE. The stock remains rated Outperform.
- Shares are lower by 1.6% in early Friday action.
Tue, May 31, 2:13 PM
- In a report stating Apple (NASDAQ:AAPL) is moving to a 3-year iPhone upgrade cycle, Japan's Nikkei reports 2017 iPhones will be able to "create more complex tactile vibrations on the display because of a tiny, but high-performance motor equipped inside."
- Haptic tech developer Immersion (IMMR +6.8%) appears to be getting a lift from the report. Immersion, which has haptics licensing deals with many Android OEMs, is less than four months removed from suing Apple and AT&T for allegedly infringing its IP.
Thu, May 26, 9:27 AM
- Netflix (NASDAQ:NFLX) is up 3.7% premarket, and Time Warner (NYSE:TWX) up 0.9%, after the two were linked as takeover targets in a story about Apple's (NASDAQ:AAPL) content ambitions.
- The Financial Times reports that Apple exec Eddy Cue raised the idea of buying Time Warner at a meeting with the company's head of corporate strategy at the end of last year.
- Those ideas didn't get to Apple chief Tim Cook or Time Warner CEO Jeff Bewkes, sources told the FT, but the story does suggest Apple may not be content just talking about licensing others' content for a future TV service.
- Meanwhile, several bankers suggest to the FT that Netflix is a more likely target for Apple, since an Apple service could then still support a wider range of content makers.
- Several media companies would be bad targets for Apple because of dual-share structures that favor founders or family ownership (like Comcast, Fox, CBS, and Viacom). Notable exceptions to that concern are Time Warner and Walt Disney (NYSE:DIS).
Mon, May 16, 7:40 AM
Fri, May 13, 5:52 PM
- David Tepper and Appaloosa have filed their 13F, and while it shows new positions in Valeant (NYSE:VRX), Bank of America (NYSE:BAC), Facebook (NASDAQ:FB) and Fox (FOX, FOXA), a source told CNBC that he's already sold that Valeant stake.
- Shares in Valeant moved accordingly after the release: First up as much as 2.9% after hours, then back again to a 0.6% gain.
- Meanwhile, the firm notes dissolved stakes in Apple (AAPL, sold 1.26M shares), HP Enterprise (HPE, sold 3.66M shares) and Eastman Chemical (EMN, sold 700K shares).
- In energy bets, Tepper heavily increased stakes in Williams Partners (WPZ, +10.87M shares) and Energy Transfer Partners (ETP, +11M shares), while cutting a stake in Kinder Morgan (NYSE:KMI) by 4.95M shares.
Thu, May 12, 10:53 AM
- A 2.4% decline in Apple (NASDAQ:AAPL) -- making a fresh 52-week low today -- is being tied to the Nikkei report pointing to a rough year for iPhone suppliers.
- Nikkei's report said that chip shipments from Taiwan Semiconductor Manufacturing (TSM -1.2%) -- will be 70-80% of 2015 second-half levels.
- CNBC is saying that Apple's decline today makes Google parent Alphabet the largest U.S. company by market value, at about $498.6B.
- Meanwhile, among Apple's suppliers, steep declines are prevalent today: AVGO -2.2%, SWKS -3.9%, QRVO -2.9%.
- Shares in Apple are down 14.3% YTD, and down 28.4% over the past 12 months.
- Now read Apple: Nikkei Declares iPhone 7 Dead Before Arrival »
Thu, May 5, 2:32 PM
- "The near-term weakness in the AAPL supply chain is well known at this point, but with a likely more muted [iPhone 7] cycle and content increases well understood, we would rather move to the sidelines and revisit next year," writes Barclays' Blayne Curtis, downgrading Cirrus Logic (CRUS -4.7%) to Equal Weight and cutting his target by $2 to $35.
- Curtis: "We still like the technology and continue to see LT opportunities, but struggle to identify further catalysts until next year when CRUS could see gains in the mid-tier (OEMs 3-10) for Android, another codec content increase and/or an in-box [smart codec] win at AAPL. We have not seen any evidence yet, but we are also worried that pressure at AAPL could filter down the supply chain, similar to post the [iPhone 5]..."
- He previously asserted Cirrus will likely only ship a basic audio codec ($1 ASP) rather than a smart codec supporting noise cancellation ($2-$2.50 ASP) for the digital headset expected to accompany the iPhone 7, which is widely believed to do away with the standard 3.5mm headphone jack and have all wired headsets connect through a Lightning port. However, Curtis does think Apple (NASDAQ:AAPL) will put another speaker in the space currently occupied by the 3.5mm jack, which would require another amplifier from Cirrus ($0.40-$0.50 ASP).
- Cirrus initially sold off on last week after providing soft FQ1 guidance in its FQ4 report (released in tandem with Apple's FQ2 report), but wound up posting double-digit gains the next day. Earnings call comments about design win activity, including for digital headsets and smart codecs, may have helped. Oppenheimer and Pac Crest previously upgraded on account of expected iPhone 7-related content gains.
Thu, Apr. 28, 2:08 PM
- Apple's (NASDAQ:AAPL) turning lower, now down 1.6%, on the revelation from Carl Icahn to CNBC that he no longer holds a position in the company.
- Icahn had a little less than a percent of the shares. But it's a "great company" and Tim Cook has done a great job, he said.
- The investor pointed to China as the key reason he sold shares.
- Apple has declined 7.9% since Tuesday, when it misses estimates amid a near-13% fall Y/Y in revenues (-18% in iPhone revenue).
- Now read Apple's Dividend And Buyback: No Joke »
Wed, Apr. 27, 9:11 AM
Apple, Inc. engages in the design, manufacture, and marketing of mobile communication, media devices, personal computers, and portable digital music players. The firm offers products and services under the iPhone, iPad, Mac, iPod, Apple Watch, and Apple TV brands; consumer and professional... More
Industry: Personal Computers
Country: United States
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