“U.S. stock index futures edged higher on Monday, indicating that the rally that took major indexes to record highs would continue with the latest earnings, including Apple’s much-anticipated results,” Ryan Vlastelica reports for Reuters.
“The largest U.S. company by market cap, Apple Inc (AAPL) will report after the market closes,” Vlastelica reports. “Noting that Apple shares are down slightly this year, Adam Sarhan, chief executive of Sarhan Capital in New York, said that ‘from a valuation standpoint, Apple is something of an underdog. The stock is trying to move back up after consolidating, and since it is such a large percentage of the Nasdaq, what’s good for Apple is good for the market at large.'”
Vlastelica reports, “S&P 500 futures rose 2.1 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 45 points and Nasdaq 100 futures rose 7.25 points.”
Read more in the full article here.
MacDailyNews Note: As usual, we’ll have Apple’s results for you as soon as they are available, right around 4:30pm EDT on Monday, October 28th and then live notes from Apple’s Q413 conference call starting at 5pm EDT.
Related article:
Apple to webcast Q413 earnings release conference call on October 28th – October 8, 2013
Another Record revenue plus about $8 billion new Cash in the Bank 🙂
Same old News in three months on Jan. 2014 🙂
Buy iBuy AAPL stocks!!!!!
Stock futures were in the red the last time I checked.
Why would EVERYONE be concerned about how Apple does today? At most, only Apple shareholders. What’s good for Apple is good for the market at large? How do they figure this. Apple stock doesn’t even reflect the general market’s health. The stock market has been strong all year and only Apple’s stock sucked.
So what happens if Apple’s stock goes down? It’s not going to adversely affect any other tech stocks. In fact, other tech stocks may do better as investors dump Apple and invest into companies that actually return cash to shareholders. In 2013, Apple might only be considered as a huge drag on the stock market. If Apple goes up a bit it will only help Google and Amazon go up even higher. Apple might float all boats, but it sinks by itself.
It just seems if they’re making too big a thing out of Apple meeting expectations. The stock market can do just fine without Apple as it’s already been proven. Google and Amazon are the main market movers now and Apple has been left for dead. Even Microsoft seems to be doing better than Apple despite mediocre Windows and Surface sales.
I guarantee if Apple bombs, only Apple shareholders will be devastated and the rest of the market will continue to rise just as it did when Apple shares collapsed last year. Why would anyone think Apple controls the market? I’d say the market controls Apple. Apple seems to be valued as an underdog because the rest of the stock market would never have risen as much as it did over the past year.
Does anyone think that if Apple went private it would hurt the rest of the stock market? I doubt that very much. Calling Apple the lynchpin of the stock market doesn’t make much sense other than basing it on market cap which has been said to be extremely overvalued.
It’s largely about sentiment. If Apple meets expectations and guides according to expectations then analysts feel confident they understood consumer buying patterns, and consumers have confidence in where their world is headed. Such confidence shows itself in purchases leading into the holidays, which is good for Apple and good for everyone’s economy.
Right along those lines, Apple itself is an economy, and positive figures in Apple’s corner translate into positive results for the companies that supply Apple with goods and services.
So sure, if Apple were poorly managed then a bad quarter by Apple could be completely related to consumer confidence in Apple, but it wouldn’t be completely unrelated to the economy that surrounds Apple.
Grr – lack of edit ability after posting… last sentence should be repaired thusly: “…a bad quarter by Apple could be completely unrelated to consumer confidence in Apple (at least in the quarter being reported)…”