“The stock took off from $96 and trades today at $117. The consensus earnings estimate for Apple, which reports on October 25, is $1.64–which would be a third consecutive year-over-year decline,” Rich writes. “The recent revisions to that estimate have been down (not surprisingly), which sets up for a beat.”
“So we have earnings ahead, and an ECB meeting on Thursday. Then the Bank of Japan on November 1. And then another jobs number for the Fed to digest on November 4. Then we get U.S. Presidential election results on November 8,” Rich writes. “OPEC meets November 30 and then the widely anticipated Fed meeting on December 14. Markets have been calm as we head into ECB and BOJ, with currencies going their way. Expect them to preserve bullets in case of any confidence fall out surrounding the elections or OPEC.”
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MacDailyNews Note: Apple’s conference call to discuss fourth fiscal quarter results is scheduled for
Tuesday, October 25, 2016 at 2:00 p.m. PT / 5:00 p.m. ET.