“U.S. stocks rose, sending the Standard & Poor’s 500 Index higher for a second straight day, as American voters went to the polls to pick a president,” Rita Nazareth and Adria Cimino report for Bloomberg. “The S&P 500 rose 0.8 percent to 1,428.35 at 4 p.m. in New York. ‘We’re moving closer to a definition on the election front,’ said Mark Luschini, who helps manage $54 billion as chief investment strategist for Philadelphia-based Janney Montgomery Scott LLC. ‘It’s offering investors reason to say: we move from the unknown category regardless of the outcome.'”
“U.S. voters decide today between giving President Barack Obama another four years in office or replacing him with Republican challenger Mitt Romney,” Nazareth and Cimino report. “The next president will need to address a so-called fiscal cliff of more than $600 billion in tax increases and spending cuts that take effect in 2013 unless Congress can reach a budget compromise.”
Read more in the full article here.
“For most of the Election Day, Wall Street has been on a rally mode, with almost every asset category and every stock heading north,” Panos Mourdoukoutas writes for Forbes.
“One popular stock, however, isn’t participating in the rally: Apple (NASDAQ:AAPL). After gaining slightly in early morning trade and touching $590, the stock was heading south towards the $580 mark in the afternoon,” Mourdoukoutas writes. “What’s upsetting traders this time around?”
Mourdoukoutas writes, “My theory is that Apple isn’t an election-sensitive stock. It doesn’t stand to benefit from the election of one candidate or another as are energy, healthcare, materials companies. That means that it is trading on its own merits, and most notably a lackluster earnings report; and a looming tablet war, as I discussed in previous pieces.”
Read more in the full article here.
MacDailyNews Take: Quarterly revenue of $36.0 billion and quarterly net profit of $8.2 billion, or $8.67 per diluted share – record September quarter results – is “lackluster?”
[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]
“lacluster earnings report”. And people wonder how the financial elite brought the world to the brink of collapse.
Because vague promises, speculation amd imaginary future growth outweigh real world, real profit reality.
I agree it is extremely worrying for the future of the American economy that confidence is so low that faith in old traditional stocks seems a better bet than one of the few companies that is not only competing with but winning against foreign economic domination. Its a leader that is a beacon to others. Instead it gains contempt at various levels from those set in their ways who can no longer see the way ahead and have no confidence in innovation and success, indeed they suspect it as unsustainable. Sadly that attitude will create the very future they fear. I would say Lemmings, but as we know they aren’t actually that stupid.
The ‘Lemmings’ that is, the humans are very much that stupid sadly.
If that was lackluster then I want to own a company that has lackluster results – I would be rich
A record quarter for revenue, earnings, and profits and it’s “lackluster”?
Apple’s stock is tanking hard now because at this time, investors are baking into the price the future effect of The Surface. Without a Surface, Apple would be heading for $1000.
They might have been taking the surface into account, before the truly awful reviews… Not now…
For anyone who’s not yet familiar with the Surface’s specs:
Wanna know why there is no 16GB version of this device? Because the RT operating system takes up 16GB of flash memory ON ITS OWN! In a 32GB tablet, HALF OF IT is wasted on the operating system itself!
Lackluster earnings? Where? Apple? NO!
What the f—-! are they talking about? Apple made a profit at record levels. They just released several new products that will make record breaking profits for this quarter as well. Where do they get this stuff from? What world are they living in?
Another report says if Romney wins it would be bad for Apple. So no matter who wins these stupid F___ing! idiots will drive the stock down for no reason. Because it sure isn’t Apple doing anything wrong.
That Microcrap product isn’t going to put even a nick in sales figures compared to the iPad. It’s a bloated Windblows tablet trying to be a full computer yet won’t be able to accomplish either. Not to mention the price of it is way to high.
AAPL is oversold. So… Retail investors will be frightened into giving up their shares now. Large players will buy. Wall Street dealers will pump AAPL and dump when they reach +650 or +700 whatever. Repeat.
If Apple was ever a darling on Wall Street she has rapidly become a old, toothless street hooker that’s being abused and discarded by every investor on Wall Street. Wall Street continues to bet heavily on the rebirth of Microsoft as a hardware company and the market share everywhere Android reaching for the stars.
Apple is being relegated to becoming a tiny niche player in the smartphone and tablet industry. It’s doesn’t matter how much money Apple makes, Wall Street considers Apple doomed to failure. It’s unlikely recent Apple investors will ever recoup their losses. Apple might have stood a chance but Tim Cook is nothing but a 98 lb. weakling trying to wrestle a Hayabusa through the Corkscrew at Laguna Seca. He’s already lost control and should be smacking the pavement any minute now. Unfortunately, only Apple shareholders will feel the pain of impact and accompanying road rash. With wet noodle Tim Cook at the controls, Apple looks to be getting a champagne drenching from Google, Amazon and Microsoft.
I wonder what the market will do on 11-7 with Obama being re-elected.
so Obama won. will he affect on Apple stock? I am not sure because it’s actually nothing to do with election. apple lost another lawsuit on facetime patent by the way. apple is just over no matter what.