Apple Today 12/22/2016 (AAPL)
seymour_greenz • December 22nd 2016 10:38:07 AM
Good Morning,
S&P Futures are flat with -1 Fair Value, NASDAQ Futures are up 2 with flat Fair Value and Dow Futures are up 5 on this economic-filled Thursday as Italy prepares for a bank bailout, Nintendo stock slips further and the Dow continues on with 20,000 still in the cross-hairs.
The economic calendar is in a pre-holiday frenzy with Durable Goods, 8:30 Initial Jobless Claims, GDP Q3, Corporate Profits, Chicago Fed National Activity Index, FHFA House Price Index, Bloomberg Consumer Comfort Index, Personal Income and Outlays, Leading Indicators, EIA Natural Gas Inventory and Kansas City Fed Mfg Survey all raining down at once this morning, followed by the Fed Balance Sheet and Money Supply in the afternoon.
The earnings winner is Micron Technology Inc. (MU), up nearly 12%, on the other hand Red Hat, Inc. (RHT) is down nearly 12% and Bed Bath & Beyond Inc. (BBBY) is down nearly 4.5%.
Futures were down modestly in early morning, recovered ground over the course of the morning and are now at the highs as we approach the open.
Asian markets ended mostly down. China went up 0.07%, Hong Kong dropped 0.80% and Japan went down 0.09%. European markets are flat. The UK is down 0.01%, Germany is down 0.06% and France is flat.
Commodities are mixed this morning. Oil is down 0.23%, natural gas is up 0.17% and gold is down 0.19%. Unleaded gas is down 1.48% and heating oil is down 0.58%. Metals are down. Meats are up. Cotton is up while cocoa, coffee, corn, wheat and soybeans are down.
US economic growth revised up to 3.5% pace in Q3. US capital goods orders rise solidly, GDP revised up. US jobless claims increased to 6-month high last week.
Micron Technology Inc. (MU) reported Q1 earnings yesterday afternoon that beat expectations and is up nearly 12% in pre-market. Red Hat, Inc. (RHT) announced Q3 results with mixed results that missed revenue forecasts and is down nearly 12%. Bed Bath & Beyond Inc. (BBBY) is down nearly 4.5% after reporting Q3 results with net income of 85 cents per share that missed expectations. Herman Miller, Inc. (MLHR) reported Q2 results with adjusted earnings of 54 cents per share and has yet to react.
ConAgra Brands, Inc. (CAG) reported Q2 results with adjusted earnings of 49 cents per share that topped expectations and has yet to react.
This afternoon after the bell, look out for earnings from Cintas Corporation (CTAS).
A leading bearish X trade strategy is: When the 4 SMA is Below the 13 SEMA AND the 6 day Smoothed Stochastics is Bullish, daily bars.
AAPL made some artwork yesterday with splashes of green and red bars, ultimately ending up 0.09% on very low volume. AAPL opened at 116.80 to high volume and quickly brushed up above 117.25 at 9:34am on high volume then dropped sharply and set an intra-day low of 116.78 at 9:40am. AAPL bounced back to the 117-area and held a narrow range into the afternoon aside from a brief afternoon dip at 1:12pm on high volume. AAPL subsequently moved up into towards the mid-117 area and set an intra-day high of 117.40 at 2:28pm on low volume before fading back down towards 117 into the close on low volume. AAPL ended the day up 11 cents at 117.06 and lost 6 cents in after-hours to 117.
This morning in pre-market, AAPL opened lower in conjunction with Futures, scraping a pre-market low of 116 at 4:34am before orderly recovery back to 117 through the morning alongside Futures and news from Brean Capital maintaining a Buy rating and $135 target. AAPL is currently down 12 cents at 116.94 as we approach the open.
Classic max-pain is 115.
US economic growth revised up to 3.5% pace in Q3:
https://www.bloomberg.com/news/articles/2016-12-22/u-s-economic-growth-revised-up-to-3-5-pace-in-third-quarter
US capital goods orders rise solidly, GDP revised up:
http://www.reuters.com/article/us-usa-economy-idUSKBN14B1J8
US jobless claims increased to 6-month high last week:
https://www.bloomberg.com/news/articles/2016-12-22/jobless-claims-in-u-s-increased-to-six-month-high-last-week
Apple could face production issues of 2017 iPhone:
http://www.techtimes.com/articles/189756/20161221/apple-could-face-production-issues-of-2017-iphone-with-oled-displays-as-efforts-depend-on-japanese-supplier.htm
Apple in 2016 and 2017:
http://qz.com/869175/apple-didnt-have-a-great-2016-but-2017-is-looking-to-be-a-big-one/
Zuckerberg says Facebook is "not a traditional media company":
https://www.cnet.com/news/zuckerberg-says-facebook-not-a-traditional-media-company/
Honda in talks over self-driving cars with Alphabet's Waymo:
https://www.theguardian.com/technology/2016/dec/22/honda-in-talks-over-self-driving-cars-with-alphabets-waymo
Tesla's vision neural net for Autopilot is "now working well":
https://techcrunch.com/2016/12/22/elon-musk-says-teslas-vision-neural-net-for-autopilot-is-now-working-well/
Alibaba faces growing pressure over fakes:
http://www.nytimes.com/2016/12/22/business/alibaba-ustr-taobao-counterfeit.html
2016 was the year self-driving cars took the wheel:
https://www.wired.com/2016/12/2016-year-self-driving-cars-took-wheel/
Virtual reality in 2016, a review:
http://www.pcworld.com/article/3148754/virtual-reality/the-messy-magical-birth-of-virtual-reality.html
Canada declares high-speed internet essential for quality of life:
http://www.theverge.com/2016/12/22/14052368/canada-broadband-internet-essential-service
Iron "jet stream" detected in Earth's outer core:
http://www.bbc.com/news/science-environment-38372342
A once-devastating supervolcano might be waking up:
http://time.com/4616433/supervolcano-naples-campi-flegrei/
Temperatures around North Pole leap close to melting point:
http://in.reuters.com/article/climatechange-arctic-idINKBN14B198
ET may not be behind dimming of alien mega-structure star:
http://www.techtimes.com/articles/189839/20161222/alien-megastructure-star-eti-not-behind-dimming-of-kic-846852.htm
$20 million XPrize for roving on the moon... but will any science get done?
http://www.sciencemag.org/news/2016/12/heres-who-could-win-20-million-xprize-roving-moon-will-any-science-get-done
Ikea to pay $50 million over 3 toddler deaths from dresser tip-overs:
http://www.npr.org/sections/thetwo-way/2016/12/22/506561189/ikea-to-pay-50-million-over-3-toddler-deaths-from-dresser-tip-overs-lawyers-say
Fighting painkiller addiction at home:
http://www.usnews.com/news/news/articles/2016-12-21/a-novel-approach-fighting-painkiller-addiction-at-home
For young kids' ear infections, longer antibiotic treatment works better:
http://www.npr.org/sections/health-shots/2016/12/21/506308598/for-kids-ear-infections-longer-antibiotic-treatment-works-better
Poor kitty has happy ending:
http://www.dailymail.co.uk/news/article-4057230/Purrfect-new-look-Hidey-cat-gets-makeover-TWO-POUNDS-shocking-matted-dreadlocks-shaved-body.html
Today's Economic Calendar:
8:30 Durable Goods
8:30 Initial Jobless Claims
8:30 GDP Q3
8:30 Corporate Profits
8:30 Chicago Fed National Activity Index
9:00 FHFA House Price Index
9:45 Bloomberg Consumer Comfort Index
10:00 Personal Income and Outlays
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Notable earnings this afternoon after the bell: OHRP, SOFO, *CTAS*, CALM