With Apple’s fiscal Q324 earnings due on August 1st, is worth remembering that traders can behave in strange ways. Sometimes they’ll buy a stock on a rumor and sell it on the news. Sometimes when companies beat expectations on earnings they sell and take profits. Sometimes they buy even when the companies miss.
All the signs point to that kind of topsy-turvy week. Software maker Microsoft reports Tuesday, with retailer Amazon, iPhone maker Apple, and Facebook owner Meta Platforms over the next few days. These Magnificent 7 technology stocks have driven the market higher for the last two years, but have fallen out of favor lately. Chip maker Nvidia will be the last to report at the end of next month, but by then we may know all we need to know about how investors will treat these big names…
Traders may well still be looking for excuses to sell the Mag 7, which suggests that even if earnings this week come in strong–or perfect–these stocks might go down. For Google, the excuse was inflated spending on artificial intelligence. That reason could be used for others, too.
Alternatively, investors may also decide to differentiate within the Mag 7 group now. They could pick their perceived winners and losers from that group – because their businesses aren’t that similar, and AI means different things to each of them.
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MacDailyNews Take: If we get a deal on Apple following earnings, we’ll gladly take advantage of it. If not, we’ll enjoy the spoils (on paper) as we continue to accumulate. As always, do you own due diligence.
MacDailyNews Note: Apple is scheduled to release fiscal third quarter results and business updates on Thursday, August 1, 2024, after market close, right around at 1:30 p.m. PT / 4:00 p.m. ET. As always, we’ll have the results for you as soon as they are release. The company will hold a conference call with analysts thirty minutes later at 2:00 p.m. PT / 5:00 p.m. ET, which we’ll cover with live notes as usual.
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for what it’s worth…
Barron’s “reports,” Berkshire Hathaway Could Have Sold More AAPL in 2nd Qrt.
If true, it could influence Th’s report. If not, it’s another skid-mark on Barrons.
Wall Street is all about ‘pump and dump’. I see Apple is up today, so likely we will see a dump no matter what they report. AAPL is more of a long term hold and not a trade. So ignore the numbers for a few days.
With Apple, I’m never concerned about the share price directly before or after the earnings report. I’m in for the long term and I don’t mind a slow rise in Apple’s share price even if it takes a month or so. I just hope the earnings are decent and if Apple gives some fair guidance, that’s icing on the cake. I’m certain Apple’s earnings report will be satisfactory and the share price will eventually rise for the remainder of the year. It seems as though Apple will become the first $4T market cap stock. That would be nice but I’ll be happy even if it isn’t the first $4T stock. Apple is taking a very slow and deliberate A.I. approach. I like it that way.
Sounds like an Apple Intelligence press release in action 👆🙄