“U.S. stock futures fell after Apple Inc. (AAPL), the world’s biggest company by market value, missed analysts’ profit estimates for the first time since at least 2004,” Nick Baker and Rita Nazareth report for Bloomberg.
“Apple sank 6.4 percent to $395.10. Futures on the Nasdaq-100 Index, which gets 15 percent of its value from Apple, fell 0.9 percent to 2,340,” Baker and Nazareth report. “Apple’s income trailed the average analyst forecast by 3.5 percent after customers delayed purchases before a new iPhone was released.”
MacDailyNews Note: After earlier posting record quarterly revenue of $28.27 billion and record quarterly net profit of $6.62 billion, or $7.05 per diluted share, Apple was down -$28.24, or -6.69%, to $394.00 at the end of after-hours trading.
Baker and Nazareth report, “‘There’s just no conviction that seems to survive,’ John Carey, a Boston-based money manager at Pioneer Investments, said in a telephone interview. The firm oversees about $250 billion. ‘Apple’s results have disappointed some people. People are wondering where the economy is going, what earnings will look like and whether Europe will work its way through this crisis.'”
Read more in the full article here.
MacDailyNews Take: Ah, the glorious charade! Don’t fight it, use it.
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