Jim Cramer: Apple Stock Should Be Down Before Earnings

Daniel Kuhn

New iPhones are on the way, but will anyone buy them?

The Wall Street Journal reported Monday that Apple (AAPL) - Get Report

could still release the next renditions of its flagship iPhone line this fall, but the number of handsets the company is expected to produce could be greatly reduced.

Apple is still expected to release four new iPhones at varying price points and sizes, with one of the models including 5G connectivity.

However, the Journal reported that Apple could slash production by as much as 20% as the ongoing coronavirus pandemic continues to reduce consumer confidence. The latest read of consumer sentiment on April 24 saw consumer sentiment fall for the third consecutive month.

The company is expected to ship an estimated 197 million iPhones in 2020, according to consensus Wall Street estimates.

Apple was among the first companies to cite an impact from the coronavirus, scrapping its second-quarter revenue guidance.

The tech giant is expected to release earnings after the bell after the market close on Thursday, April 30.

When asked about which earnings report was top of mind Friday, TheStreet founder and ActionAlertsPLUS portfolio manager Jim Cramer said he will be keeping a close eye on Apple.

Does the latest report on iPhone shipments change Cramer’s perspective on the stock? Catch his full take in the video above. 

LIVE WITH JIM CRAMER - WATCH THE REPLAY
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