“Wall Street has regained an appetite for Apple as investors bet that the release of a 10th-anniversary iPhone and pent up customer demand will shore up shrinking sales,” Noel Randewich reports for Reuters. “Apple’s 15-percent rally since mid-November pushed the stock to levels not seen in more than a year and boosted over 100 mutual funds that became shareholders in recent quarters.”
“Many on Wall Street expect Apple, which reports its fiscal first-quarter results on Tuesday, to mark the 10th anniversary of the iPhone this year with a dramatically improved model,” Randewich reports. “‘We think this is going to be a pretty solid launch, a really big one,’ said Brian Hennessey, portfolio manager of the Alpine Dynamic Dividend Fund, whose largest holding is Apple. ‘I think even the bears would probably suggest that this product that’s coming out is going to be pretty interesting and hard to ignore.'”
“Strong sales of the iPhone 6S [sic] [recte iPhone 6 and iPhone 6 Plus] two years ago have arguably left a larger-than-normal base of customers now ready to upgrade to new devices in what several analysts have describe as a ‘supercyle,'” Randewich reports. “After three consecutive quarters of declines, Apple in the December-quarter is expected by analysts to report a 2-percent increase in revenue to $77.4 billion, according to Thomson Reuters data. Revenue for fiscal 2017 is expected by analysts to grow 5.5 percent, recovering some of last year’s 7.7 percent decline.”
Read more in the full article here.
MacDailyNews Take: On tap for next Tuesday:
All-time quarterly record earnings.
We’ll bring you Apple’s holiday quarter (fiscal Q117) results next Tuesday right around 4:30pm Eastern. Also, as usual, we plan to cover Apple’s Q117 conference call at 5pm ET on Tuesday, January 31st with live notes. That link will appear on our home page around 4:45pm EDT earnings day.
SEE ALSO:
Apple iPhone to return to growth next week, ending 9-month slump – January 26, 2017
What to expect from Apple’s Q117 earnings call next Tuesday – January 26, 2017
Apple to release Q117 earnings, webcast live conference call on January 31st – January 18, 2017