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Apple Downgraded, Chevron, Exxon and P&G Earnings Preview

NEW YORK ( TheStreet) -- Stocks should have a volatile week given the mix of earnings reports, economic data and the FOMC decision. Today I am profiling nine companies that report earnings on Thursday and Friday, including three more Dow components.

Before I do, this mornings breaking news is that Apple (AAPL - Get Report) ($447.79) has been downgraded to hold from buy according to The cause of this downgrade is that the stock's upside over the next 12 months fell to 3.9% following Monday's rally of $6.80. Apple remains undervalued, but just by 2.2%, and is down 24.7% over the last 12 months. The 12 month forward price-to-earnings ratio remains reasonable at 10.9. The weekly chart profile is positive with the stock above its five-week modified moving average at $432.12, after holding its 200-week simple moving average at $386.52 at the end of June. Apple is trading between annual pivots at $421.05 and $510.64.

The stock market continues to trade under a ValuEngine valuation warning with 76.0% of all stocks overvalued, 43.5% are overvalued by 20% or more. 15 of 16 sectors are overvalued, 14 by double-digit percentages.

Among the nine stocks profiled today, seven are rated hold and two are rated buy. All are overvalued by 8.0% to 40.8% with gains of 6.5% to 95.5% over the last 12 months. None are expected to match these performances over the next 12 months. Seven are above their 200-day simple moving averages reflecting the risk of reversion to the mean.

Here is my table of data for the nine stocks reporting results on Thursday and Friday.

Reading the Table

OV/UN Valued: Stocks with a red number are undervalued by this percentage. Those with a black number are overvalued by that percentage according to ValuEngine.

VE Rating: A "1-engine" rating is a strong sell, a "2-engine" rating is a sell, a "3-engine" rating is a hold, a "4-engine" rating is a buy and a "5-engine" rating is a strong buy.
[Read: <a target="blank" data-add-tracking="true" href=""><em>Can Citigroup Reach $60?</em></a>]

Last 12-Month Return (%): Stocks with a red number declined by that percentage over the last 12 months. Stocks with a black number increased by that percentage.
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