“Investors are hoping Apple can deliver first-quarter results that get the company’s stock going again,” Priya Ganapati reports for TheStreet.com.
“Apple shares are now off nearly 20% from their [closing] high of $198.95 on Dec. 26. The Cupertino, Calif.-based company reports first fiscal-quarter results after the market closes on Tuesday,” Ganapati reports.
MacDailyNews Note: Today, the U.S. Federal Reserve took the rare step of making a 75-basis-point cut ahead of its scheduled meeting. The Fed said it made the move in light of a “weakening economic outlook and increasing downside risks to growth.” Before this morning’s Fed action, Wall Street had been expecting a 75-basis point cut at the Fed’s upcoming meeting, scheduled for the end of the month.
Ganapati continues, “Over the last eight quarters, Apple has beaten consensus estimates by an average of 23%, with the highest earnings surprise of 45.3% in the quarter ended December 2006 and the lowest of 7.1% in the quarter ended December 2005.”
Full article here.
Apple’s results will likely be very nice indeed, but it’ll be Apple’s guidance upon which many on Wall Street will focus.