“J.P. Morgan downgraded Apple, Inc. to neutral from overweight, saying that while the company’s first-quarter earnings whizzed past expectations, Mac shipments of 1.6 million units missed its forecast of 1.9 million units. The broker warned that as the company enters the seasonally weaker period of the year, shipments of iPod digital music players may disappoint heightened expectations,” Abby Deveney reports for MarketWatch.
Full article here.
“For its fiscal second-quarter, Apple estimates it will earn 54 cents to 56 cents a share on revenue in a range of $4.8 billion to $4.9 billion. That’s below the average forecast of Wall Street analysts, who expected Apple to earn 60 cents a share on $5.22 billion in revenue,” Steve Goldstein and Tomi Kilgore report for MarketWatch. “The stock fell 2.1% to $93.01 in pre-open trading. J.P. Morgan cut the stock to neutral in response.”
Full article here.
So, J.P. Morgan hasn’t yet figured out that Apple’s guidance is usually extremely conservative?
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