Dow plunges more than 600 points; Apple shares fall

“U.S. stocks fell sharply on Friday after a stronger-than-expected jobs report sent interest rates higher,” Fred Imbert and Silvia Amaro report for CNBC. “The Dow Jones industrial average dropped 600 points, with Exxon Mobil sliding 6.5 percent. The 30-stock index also fell below 26,000. Friday also marked the first time since June 2016 that the Dow fell at least 500 points. The S&P 500 fell 2 percent, with energy as the worst-performing sector. The Nasdaq composite declined 1.7 percent as a decline in Apple and Alphabet offset a strong gain in Amazon shares.”

“The U.S. economy added 200,000 jobs in January, according to the Bureau of Labor Statistics. Economists polled by Reuters expected growth of 180,000. Wages, meanwhile, rose 2.9 percent on an annualized basis,” Imbert and Amaro report. “The report sent interest rates higher. The benchmark 10-year yield rose to 2.85 percent on the back of the report, hitting a four-year high. Investors have been jittery about the recent rise in interest rates, worrying they may be rising too fast.”

“‘The reaction in the bond market is due to the rise in average hourly earnings,’ said James Ragan, director of individual investor group research at D.A. Davidson. ‘I think the market is now thinking of the possibility that the Fed could raise rates four times this year rather than three.’ The Federal Reserve has forecast three rate hikes for 201,” Imbert and Amaro report. “Exxon Mobil reported weaker-than-expected earnings on Friday, sending its stock lower. Tech giant Apple reported better-than-expected quarterly results. But the stock fell 4 percent after the company said it expects profit margins of 38 percent to 38.5 percent, tighter than the expected 38.9 percent. Apple also reported lighter-than-expected iPhone sales for its previous quarter.”

Read more in the full article here.

MacDailyNews Take: “Lighter-than-expected iPhone sales” by those who failed to realize that they were comparing a 14-week Q417 to a 13-week Q418 or who are intentionally misrepresenting Apple’s results because they’re shorting the stock.

“Be fearful when others are greedy and greedy when others are fearful.” ― Warren Buffett

SEE ALSO:
Apple breaks record for biggest ever company profit – February 2, 2018
So much for worries over Apple’s iPhone X – February 1, 2018
MacDailyNews presents live notes from Apple’s Q118 conference call – February 1, 2018
Apple smashes Street with biggest quarter in company history – February 1, 2018

41 Comments

  1. Amazon up…..nok up .. go pro up. ….lol
    Appl’s quarter was nothing short of amazing, 21 billion in net profits.. mind boggling . ..absolute record breaker…. specially when the 13 to 14 week difference is taken into consideration.
    Had we had 14 week as we did last year.. Apple would have shown a 21% growth rate.. as opposed to the 13%
    Yet the manipulative, dishonorable media.. is reporting this earnings as a disappointment.. and not reporting all the facts.. specially 13 vs 14 weeks..( they are comparing apples to oranges )
    Its nauseating how ignorant, dishonest , deceptive and unaccountable media has become . On every front.
    Absolute bull crap !

    1. Classic video: years back younger ex-Hedge Fund manager Jim Cramer explaining how to Foment (manipulate) stock “It’s a very quick way to make money and very satisfying” (talks Apple at 3.35 min) :

      (BTW: I Just bought another $8000 worth of aapl. )

    2. Fools libs doing what they do best.. acting foolish to a point of hurting themselves out if spite for others.. and distorting facts and truth..

      Go ahead down vote out of spite rather than reflect on content . Lol distort opinion pools regardless.

      You guys are mind boggling small minded … and blinded!.. yet foolishly proud of it.

    3. Funny Trump does not claim it. He probably blames it on Obama. Or the democrats. Does anyone see a pattern in the pronouncements of this lying, two-faced, immoral, unstable dolt of a self-promoter ?

      1. Lol… that was first class, classic NeoDem deluded and twisted post …..
        Thanks for the laugh. I needed it after a stressful day ..

        You know.. he may be self promoting…..so what!….but he is one hell of a strong person and he actually gets shit done…..Unlike your Mr. lame elitist, puppet …the all talk and no walk bullshitter.

        U guys have discredited yourselves through your bigoted attitudes and behavior , drowned in dogma and ignorant herd mentality …while foolishly patting eachother on the back so proudly…
        As your own (Your OWN !) bigoted, prejuduce biased , gang style mentlity on this site and everywhere else has proven …
        If anyone qualifies to be called two faced.. is you Neodem hypocrites !

        Feel sorry for your cowerdly type. Hiding behind bushes and throwing rocks..

        And believe it or not.. im not and have not been a partisan individual. I loved Reagan and i loved Bill ( but despise the wife ).
        But you guys are taking things nauseatingly toooooo far.. serving yourselves selfishly through manipulation and lies and disinformation…yet pretending to be compassionate and emphatatic B.S!
        Hypocrisy….. controling intolrant attitude, greed, ungratefulness, .. lies and division and anarchy is what u guys are bringing to the picture now a days….at least most of u !

        Now a days;
        Nothing liberal about liberals…… rather closemided intolerant elitists.
        Nothing democratic about democrats… democracy is only valid and good if u win or u promote anarchy and violance!
        Nothing progressive about naive pseudo intellectualism….. you are stuck in dogmatic misguided naive idealism..and act like ignorant lemmings.
        Nothing compassionate about freeloading and ungratful expectations of handouts.
        You guys have just pushed things way too far with your attitudes.. ( all u have to do is look at the thing called Pelosi… she represents allright )

        You Paint the other side in the exact image that you are.. and then go on bashing what u painted…. hoping to gain through deceit and disinformation ! Manipulating the simple minded…while hiding behind your decetful facade.

        Worst thing that happend to USA was your lame puppett .. the talker.
        He took division to new hights and you lemmings are following blindly… To US’s demise.. and eventualy your own .

        Wisen up.
        Stop throwing rocks.
        Trump is the President and he was ellected (to your shock ) by Americans!! fairly and squarely!!!
        Rather than create anarchy and BS all day… try and respect the system.. .. there is another election in a few years.

        Leave your spitful attitudes behind.. and see the good he does and tries to bring to the picture…..Rather than throw the baby out with the bath water on every turn. ( its foolish)

        At the state of the Union.. this man called for unity many many times in many differnt ways …and offered a reasonable pathway forward. ( yet u guys choose to distort it to shit )

        Try to adhere to the call for unity and respect for the system …..rather than dogmatic Spite and promotion of Anarchy .

          1. Yup NeoDem .. the new fanatical lib movment .. it’s nauseating!!
            But hey To each his/ her own..
            including those who are fantasized …

            I will never support a fanatical or radical approach from any one or any group !

            Not a hypocrite!
            Black, brown, yellow white or grey,

            1. O ye of open mind. You have read all of the accounts of “the memo” from various sources, right ? And formed your own calm, level-headed, non-fanatical conclusion that it is misleading, self-contradictory, and shameful partisan side show and hit piece.

              You do know that George Papadopoulus triggered the investigation in to Carter Page several years _before_ the Steele Report. I could go on. But surely you have read all the news, so you know for yourself how shameful the Devin Nunes memo is.

              Keep being non-fanatical. You are doing a good job unifying the rest of us. /s

            2. O, non-bigoted One ! You gave me a really good chuckle when you say I am bigoted. Thanks for that moment of levity.

              PS. I see you have taken over from bottie and GoeB, by the way. Convenient troll name change ?

            3. O non -xxx-one

              Read my post again bigot .. your holiness.
              It may take a while for u to see yourself in there.. which i assure u u are.. but given dogatic, naive and idiotic notions consuming libs of the today ….i i believe it will take some time.

              Brainwashed , dogmatic , bigots libs are the biggest threat to this country .

    1. It is a speed bump… or better yet it is more like being thrown a rock at..while traveling on an open freeway..
      Things will quiet down.. and resume on a good path… Imo… the numbers are just too staggering to be ignored or manipulated.
      1.3 billion user base… services growth based on the user base… repatriation… 21% yoy growth given equal length quarters( this is HUGE for a company this size)…. Sept lineup will be just amazing…….
      good buying opportunity for those who can afford it.

      1. Yes, it is a good deal, but the price per stock is getting up there. I think there might be another split sometime soon, possibly when it gets around the 200$ mark and stable.

        I think we are both aware of the ups and down of Apple but as you point out, over the years it’s had a great path.

        That was my big worry about Tim Cook that the stock price would go to like $1.95. I don’t worry about that anymore.

  2. Apple should have the same length holiday quarter every year given that people always search out for the Y/Y comparison rather than query if the length of quarter was 13 or 14 weeks

    1. You are aware that a calendar year is not evenly divisible into four equal quarters, aren’t you? There is an extra day beyond 52 weeks (13×4) in an ordinary year, and two extra days in a leap year. That adds a full extra week in every five years.

      There are two additional complications: (1) Apple’s holiday quarter includes two 31-day months (October and December) and one 30-day month, so there is always one day more than 13 weeks. Except in leap years, the next quarter is one day short of 13 weeks. The second calendar quarter (roughly Apple’s third fiscal) is always exactly 13 weeks, and July-Sept. has an extra day again.

      (2) The big complication, though, is that Apple doesn’t end its quarters on the last day of the month. That would produce fractional weeks, except in the third fiscal quarter. Stores (even online ones) do their accounting weekly, not 13 times a quarter. It is difficult to account for a week that is split between fiscal years or quarters. It is much easier to have each quarter consist of a whole number of complete weeks.

      So, Apple’s official fiscal quarters end on the last Saturday of December, March, June, and September, with the next quarter beginning at midnight Sunday.

      Sometimes (2017) the last Saturday of September is also the last day of the month. Calendar October starts on Sunday, and so does fiscal October (and Apple’s fiscal year). The next quarter starts on Sunday, New Years Eve. If you check it on a calendar, that is 13 weeks.

      In other years (2016), October begins and December ends on Saturday. The last Saturday in September is the 24th of the month, and the last Saturday in December is the 31st. Again, the calendar shows that to be 14 weeks.

      So there is no way to have the same holiday quarter every year. The variability is a problem, but it is less of a problem than having work weeks split between fiscal quarters.

    1. Ya things are a bit too good right… employment skyrocketing.. wages going up .. as a result interest rates slightly moving up…
      Its just do F-ed up out there…

      1. I think you’ve missed the point of his simple, yet very sarcastic sentence. Every time the market went down like this randomly under Obama, people like you would say “thanks Obama”, meanwhile ignoring literally everything else. Trumps perpensity to take credit for literally everything that goes well while blaming any bad thing on somebody else, is the hypocritical and silly position. If you take offense to that simple joke? Then you’ve got some issues.

        1. Ps “people like me …. ”
          i was not and am not a partisan i dividual..
          But the libs in the last few years have made me sick of their attitude and bias and dogma.

          Nevertheless , sarcasm or not…
          My post has its point too and is also sarcastic . Did u catch that ?

  3. Where are the Trump cheerleaders? The Big Cheeto has been in power for over a year and it’s his economy now.

    I smell a correction, hoping for a sharp recession. Like to see 30% +, but do not expect it. We are overdue and the markets are in a bubble. Bitcoin is for sure- 21st Century Tulip Bulbs. Block chain is Bullshit- as Nouriel Roubini.

    Holding the stocks I already own (Apple, Tesla, Amazon, VW, etc) but new money is mostly in cash. My Mutual Funds are in Government Securities and value – mostly international.

    Your mileage may vary

  4. Conspiracy to commit treason by democrat subversives within the Justice Department and FBI makes a temporary fall in the stock market small potatoes.

    The Muslim Usurper himself will pay for this treason.

    1. You are off you meds again. Anyone believing trump = liar is anything but a traitor should examine their life closely. There is no way trump gets out of this. He has given secrets to an enemy. He has allowed the head of the Russian spy agency into this country. trump has got to go. He and his family members must spend the rest of their lives behind bars. Real jail not the country club rich guy pretend jail. They harmed a nation, 300,000,000 plus at risk. Even though you are a racist, and you are, it makes little sense to protect the traitor trump. I get it, it’s hard to admit you missed judged this con man trump = liar, but better sooner than latter.

        1. Trump Republicans, the party of Mother Russia !
          And Family Values !
          And Unity !

          And guns, the KKK, the confederate flag, and hookers. What’s not to like? /s

          By the way, how many innocent people has Putin and his cabal of crime family oligarchs murdered ? Dozens, or is it up to the hundreds? Yes, the USA should really reach out to these guys. They are all stable geniuses, too. /s

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