This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Market Preview: Clouded by Question Marks

Stocks in this article: AAPL FNSR FDX SPY ^GSPC ^IXIC ^DJI

"We are increasing our estimates to reflect an earlier-than-expected iPhone 5 launch and likely mini iPad introduction in FQ1 2013," the firm said. "We remain bullish on Apple given its robust product ecosystem, solid product pipeline, continued growth catalysts, and reasonable valuation."

Wedbush is expecting the iPhone 5 to be a grand slam and it bumped its iPhone unit estimate for the fiscal fourth quarter ending in September to 24.1 million from 21.6 million, adding that the higher view could ultimately prove to be conservative.

"Given carrier comments, we expect the iPhone 5 to feature LTE, which we see as a major selling point for the device," the firm said. "We would point to out Mobile Device Survey in July that indicated that 35% of survey respondents were likely to purchase an iPhone while no other competitor was found to have a consumer preference greater than 20%."

The stock finished Tuesday's regular session at $674.97, up 1.5% and just below a session high of $675.14. The shares are up more than 60% in 2012, yet still trade at a forward P/E of 12.9X.

Wednesday's economic calendar is light with just the Mortgage Bankers Association's weekly mortgage application activity index at 7 a.m. ET; and the revised data on productivity and unit labor costs for the second quarter at 8:30 a.m. ET.

And finally, it was a busy after-hours session, highlighted by a warning from package delivery giant FedEx (FDX). Citing weakness in the global economy, the Memphis, Tenn.-based company said it now expects earnings of $1.37 to $1.43 a share in its fiscal first quarter ended in August, well below its original forecast for a profit of $1.45 to $1.60 a share.

FedEx said the global weakness "constrained revenue growth at FedEx Express more than expected in the earlier guidance." The average estimate of analysts polled by Thomson Reuters is for earnings of $1.56 a share in the August-ended quarter. The stock was down more than 4% in extended trading.

Meantime, Facebook (FB) was seeing some buying interest in late trades after CEO Mark Zuckerberg indicated he has no plans to sell any of his stock holdings in the social networking giant for at least 12 months.

3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs