What tech stock selloff.

Wall Street firms remain steadfast in their profit estimates for the year, despite continued sluggish economic growth and a more hawkish Federal Reserve. Investment banks haven't lowered their profit estimates for S&P 500 companies since the start of the year, according to Bloomberg data. That hasn't occurred since at least 2012. Profits are seen rising 12% this year, to $132 a share. 

To be sure, Wall Street's aggressive profit forecasts could prove a large risk to stocks in the near term. Not only are companies dealing with higher costs for labor (which is putting pressure on bottom lines), but also face the daunting task of delivering on inflated expectations by Wall Street. Moreover, with interest rates on the rise, companies could use second-quarter earnings season to reset market expectations headed in the back half of the year. 

Whatever the case, Sears (SHLD) is likely to report the mother of all bad quarters in coming weeks. Happy Monday.

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All eyes on Apple this week: Apple's (AAPL) - Get Apple Inc. (AAPL) Report stock will be on the minds of Wall Street a bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8, amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.

But investors shouldn't be ready to throw in the towel on Apple, by any stretch of the imagination.

"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," The Street's founder Jim Cramer, who also manages the Action Alerts PLUS portfolio, said on Apple's recent slide.

Not so fast, Amazon: Amazon's (AMZN) - Get Amazon.com, Inc. Report $13.7 billion bombshell bid for organic grocer Whole Foods (WFM) may not be a done deal, reports TheStreet's Lindsay Rittenhouse

After the deal was announced on Friday, U.S. Rep. Ro Khanna (D-Calif.) urged the U.S. Department of Justice to conduct a review on the merger's legality and possible harm to the economy.

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"I am concerned about what this deal means for suppliers and neighborhood grocery stores," Khanna said in a statement. "The Justice Department and FTC must undertake a review that considers not just the merger's impact on prices, but also the impact on jobs and wages. We need to reorient antitrust policy to factor in the harm that economic concentration causes for American workers."

Meanwhile, Whole Foods shares are trading above Amazon's offer price, as to suggest a bidding war may ensue. 

Hello trolls: So much for doing a personal account of General Motors' (GM) - Get General Motors Company (GM) Report new all-electric Chevy Bolt. Yours truly was raked over the coals on Twitter this weekend by those that either have Bolts or are obsessed with electric cars. Let's just say the block button was in full effect. 

The Bolt is a fine car, as I wrote in the short story. But, it just wasn't for me -- it triggered a good deal of range anxiety and was too damn quiet. In effect, it was akin to driving a higher horsepower golf cart. 

Is there any relief in sight for oil prices? Crude oil has plunged 14% since May, amid elevated supply and signs of weakening demand. At this point, it's reasonable to expect some analysts will come out and say there is a short-term buying opportunity in the oil patch. 

Case in point is the below call from UBS on Monday. 

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

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