“A quartet of technology heavyweights will be part of an avalanche of quarterly corporate earnings reports next week that, along with a meeting of Federal Reserve policymakers, could hold the key to whether Wall Street extends its record-breaking rally or loses steam,” Noel Randewich reports for Reuters.
“With second-quarter reporting season kicking into high gear, scorecards from Apple, Alphabet, Amazon.com and Facebook will be front and center for investors eyeing the S&P 500’s already-stretched valuation following a nearly 9-percent rally since June 27,” Randewich reports. “A total of 194 S&P 500 companies are expected report their quarterly earnings next week; that is much higher than normal for any one week, even during most reporting seasons.”
“Apple, Alphabet, Amazon and Facebook account for around 7 percent of the S&P 500 and a fifth of the Nasdaq Composite, which has lagged the broader stock market so far this year,” Randewich reports. “Apple hands in its results on Tuesday, while Facebook reports on Wednesday and Amazon and Alphabet report on Thursday.”
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MacDailyNews Note: On April 26, 2016, Apple provided the following guidance for Q316:
• revenue between $41 billion and $43 billion
• gross margin between 37.5 percent and 38 percent
• operating expenses between $6 billion and $6.1 billion
• other income/(expense) of $300 million
• tax rate of 25.5 percent
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