Apple stock has lost momentum lately, dipping back to late September levels.
But what has happened in the past couple of weeks will be forgotten as soon as the company’s earnings release crosses the wire, this coming Thursday.
What to keep an eye on
There will be only one main topic of conversation for Apple this coming week: earnings.
The Cupertino company is set to report fiscal fourth quarter results on Thursday, October 29. Last time I checked, analysts were projecting sales to decline minimally over 2019 levels. Worth noting, experts seem to be all over the place, as the estimate range looks wide.
On EPS, the Street projects a decline of 8%. This would be quite a disappointment compared to last quarter’s 18% increase in earnings. I will look at projections again later this week, and see how consensus estimate might have changed days ahead of earnings.
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Lastly, Apple shares could ebb and flow according to how fiscal stimulus talk progresses. Since Apple is the ultimate consumer discretionary company, money in the pockets of consumers would be good for Apple ahead of the holiday season.
The news flow has not been positive so far, but we know that things can turn on a dime in D.C.
Don’t forget to visit thestreet.com/apple on Thursday, at 1 p.m. EST. I will blog about Apple’s earnings results and cover the earnings call in real time. See you then!
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