This Day On The Street
Continue to site
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

Market Preview: Clouded by Question Marks

"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 - Get Report). 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 - Get Report) 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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $132.54 0.00%
FDX $175.18 0.00%
FB $80.54 0.00%
FNSR $21.67 0.00%
GOOG $540.11 0.00%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs