Apple Today - 8/26/2016 OPEX (AAPL)seymour_greenz August 26th 2016 09:30:29 AM
NASDAQ Futures are down 4 with +3 Fair Value, S&P Futures are down 1 with +2 Fair Value and Dow Futures are down 10 on this "edgy" OPEX Friday with all eyes anticipating Janet Yellen speaking at Jackson Hole coming up at 10am this morning. Futures were up in early morning and thrashed around in positive territory, peaking at 3am before slipping into the red later in the morning and are at the lows as we approach the open.
Asian markets ended mixed. China went up 0.06%, Hong Kong gained 0.36% and Japan dropped 1.18%. European markets are down. The UK is down 0.22%, France is down 0.62% and Germany is leading the decline, down 1.04%.
Commodities are mixed this morning. Oil is down 0.11%, natural gas is down 1.21% and gold is up 0.47%. Unleaded gas is down 0.41% and heating oil is down 0.93%. Metals are up. Meat is down. Cocoa, coffee, corn and soybeans are up while cotton and wheat are down.
Global equities set 2-week low before Yellen speech, dollar dips. US economy grew at 1.1% rate, slower than 1st estimated.
Autodesk, Inc. (ADSK) reported a surprise Q3 profit during earnings yesterday afternoon that beat expectations along with a raised outlook and is up nearly 4.5% in pre-market. On the other hand, GameStop Corp. (GME) announced Q2 earnings that topped expectations but also reported a revenue miss due to weak sales, blaming it on a lack of blockbuster titles released and is currently down nearly 8%.
Big Lots, Inc. (BIG) is up 2% in pre-market after reporting a Q2 earnings beat this morning along with upbeat guidance. Tata Motors Limited (TTM) announced a profitable Q1 and is up over 1.5% in pre-market.
The AAPL spring compressed down sharply but bounced back, ending down just a fraction of the low, 0.41% on low volume. AAPL opened down at 107.38 to high volume and slipped rapidly to test the sub-107 area, compressing down as far as 106.68 to set an intra-day low 10:04am on mild volume. AAPL subsequently sprung back and recovered 107 within 20 minutes on moderate volume and then continued on to bounce into the mid-107 area on mild volume. Around lunchtime, AAPL retraced a bit to the 107.25 area on light volume before making another charge ahead towards the upper-107 area in early afternoon on light volume and dancing around the mid-107 area again on low volume. AAPL went on to set an intra-day high of 107.88 at 3:12pm on light volume before selling off a bit into the close towards mid-107 on moderate volume. AAPL ended the day down 49 cents at 107.59 and remained unchanged in after-hours.
This morning in pre-market, AAPL opened up higher in conjunction with Futures, setting a high bar of 107.81 on low volume before limboing down down in sympathy with worsening Futures, eventually below 107.5 and continuing on to set a pre-market low of 107.30 at 8:33am on low volume before bouncing slightly. AAPL is currently down 21 cents at 107.36 as we approach the open.
Classic max-pain is 107. Today is OPEX and Yellen's speech is at 10am in Jackson Hole. Have a good weekend with your friends and family.
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Today's Economic Calendar:
2-Yr FRN Note Settlement
Monetary policy symposium
8:30 International Trade in Goods
8:30 Corporate Profits
10:00 Consumer Sentiment
10:00 Janet Yellen Speaks
1:00 PM Baker-Hughes Rig Count