Remember this on Apple.

Time is minimal as yours truly gets ready to chat with Harley-Davidson's (HOG) - Get Report CEO after earnings Tuesday. What, you think these interviews are easy to do? Think again -- mail in the prep for these high-profile interviews and it shows in the finished product, and then you don't get any more high-profile interviews. It's a flywheel effect, people. But I do think it's important to weigh in on the 7.4%, five-day rout in Apple (AAPL) - Get Report that has come at the hands of negative news from various chip suppliers.

To this rout, I say great -- let the market continue to take down Apple into its earnings report. The chip suppliers aren't predicting some sort of U.S. recession this year, it's just them injecting a sense of more reasonable expectations back into the market. As for Apple, it's a joke the stock is trading on a price-to-earnings multiple of 12 times forward estimates. It's as if the market has forgotten the company's cash giveaway, which will be so damn impressive case studies will be written about it for rich Harvard kids.

Reminder: Researcher BDVD estimated earlier this year that Apple may increase stock buybacks to $65 billion a year and boost dividends by 15% annually for the next five years. The firm estimated the buyback will be worth a whopping 98 cents a share in fiscal 2019 and 30% cumulatively by 2023. That is making it rain for investors. As you know, Apple is a holding in Jim Cramer's Action Alerts PLUS.

Earnings Around the Horn

(1) Coca-Cola's (KO) - Get Report quarter checked all the boxes: bullish CEO commentary; 1- cent earnings beat in a competitive industry; a beat on operating income; reiterated earnings outlook in a competitive industry. I would be a touch worried on what PepsiCo's (PEP) - Get Report quarter looks like off the solid Coke numbers, hearing the beverage and snacks giant has had some trouble of late with innovation. That said, the company's new sparkling beverage Bubly looks like a winner. Here is my podcast with Coke's Chief Financial Officer Kathy Waller from a couple weeks ago - definitely worth a listen on the ride into work.

(2) Wondering why United Technologies (UTX) - Get Report shares aren't exploding higher off a 26-cent earnings beat? It's simple: The profit margin expansion by segment was virtually non-existent. On the big picture it's great to see United Technologies notch strong sales across most of its businesses. Again, no recession coming for right now. But from a pure company standpoint, UTX has to step up its game as TheStreet's senior editor John Pickering has written.  

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Only in Mercedes Land 

I have reviewed a fair amount of Mercedes-Benz' in my lifetime, and how the automaker's teams continue to push the boundaries never ceases to amaze. But innovation isn't always some whiz-bang new feature, it could be something incredibly simple that makes a world of sense. Take for example the new Vision Mercedes-Maybach Ultimate Luxury that was unveiled in China.

Here is an excerpt from the press release detailing the car's many features: "The wide center console extends through to the rear. It is equipped with an integral, heated tray with teapot and cups, allowing exquisite tea-drinking enjoyment while on the road. The philosophy of tea plays a key role in bringing body and mind into balance while discovering the path to inner calm and vitality. The tea service is integrated into a sculpted wooden tray made of ebony, known as "Magic Wood." At the press of a button, the handmade service of finest china can be electrically retracted into the console under a sliding cover finished in high- gloss black."