So Apple disappointed Wall Street with record quarterly revenues of $49.61 billion a 32.5 percent rise from a year earlier, beating Wall Street’s expectations of $49.43 billion.
And yet investors shaved $60 billion off Apple’s market capitalization in early morning futures trading, which had the Dow down 70 points in pre-open.
Apple sold a staggering 47.5 million iPhones, up 35 percent from a year ago quarter in a quarter that is usually no that strong.
I’m going to go out on a limb here and say Apple’s stock should be a buy today, although I am not a financial adviser.
The numbers Apple put up are monster compared to any other S&P 100 firm, and the Street is foolishly beating up the company for not giving up numbers or guidance on the Apple Watch.
In this environment top and bottom line growth especially on the top where less accounting magic occurs, should be looked at as bonus and Apple blew them away.
Some disturbing data coming out of the Treasury department.
It appears with very little interpretation that China in the most recent report is a net seller of Uncle Sam’s debt.
Big selling outright and through some proxies should have Fed chief Janet Yellen a bit concerned this morning. Wall Street reports have pegged the sale of all US debt at over $0.5 trillion.
Now we know why the Fed is pushing for rate rise in Sept. Not because the US economy is humming along — it’s not — but because yield hungry Chinese are looking elsewhere to deploy their cash.
We’ll need to keep tabs on this.