“The Nasdaq Composite Index slumped as disappointing results from Apple Inc., Microsoft Corp. and Yahoo! Inc. rippled through technology stocks,” Callie Bost reports for Bloomberg.
“Apple fell 4.6 percent after iPhone sales and revenue forecast missed estimates,” Bost reports. “Microsoft lost 3.8 percent after posting its largest-ever quarterly loss. Yahoo forecast sales that were below projections, sending its shares lower.”
“Apple slid after releasing results late Tuesday. iPhone shipments for the fiscal third quarter and the company’s revenue forecast for the current period missed analysts’ projections, raising questions over whether demand for the device has peaked,” Bost reports. “The Chicago Board Options Exchange Volatility Index fell 0.7 percent Wednesday to 12.14. The gauge, know as the VIX, tumbled 29 percent last week, the biggest such slide since January. ‘It’s a question of where leadership will come from,’ said Yousef Abbasi, the global market strategist at JonesTrading Institutional Services LLC in New York. ‘Commodities are getting trounced again. That’s going to hurt energy, materials and industrials. Apple and Microsoft earnings didn’t look great, so you can rule tech out.'”
Read more in the full article here.
MacDailyNews Take: The only expectations Apple “missed” were faulty targets created by inept analysts.
In reality, Apple posted yet another blowout quarter. The company’s guidance was exceeded. iPhone and the Mac are growing sales, 59% and 9% respectively, in markets where competitors are struggling – due to iPhone and Mac strength, no less.
Regardless, the game has been set in motion. Play it well or enjoy it from the relative safety of the sidelines!
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