Apple reports earnings after the close as is expected to announce earnings of $14.07 per share on mind-blowing revenue of $57.48 billion.
Apple is no longer one of the generals of the bull market in stocks and has little correlation with the S&P 500 so it’s doubtful that a hit or miss will move the broader needed. That said, sentiment is dicey at the moment and bad news is magnified.
From where I stand, Carl Ichan was publicizing that he bought $500m in Apple shares last week and that couldn’t give the stock a lift. He also called the stock a ‘slam dunk’ ‘no brainer’ and that expression has to be my #1 counter-trend signal.
Then again, the company has a mountain of cash an a buyback announcement would easily be enough to send the stock racing.
