Apple Today - 10/17/2016 (AAPL)seymour_greenz October 17th 2016 09:49:58 AM
Welcome back. NASDAQ Futures are down 8 with -4 Fair Value, S&P Futures are down 1 with -1 Fair Value and Dow Futures are down 12 as we get deeper into earnings season and closer to Halloween. The economic calendar is light with a couple of key points expected this morning and brace yourself for earnings this afternoon and tomorrow morning. Bank of America Corp (BAC) is up this morning on a 7% rise in profit and Hasbro Inc (HAS) beat expectations and is up nearly 5% in pre-market. Futures were down in early morning, hit a low shortly before 5:30am and then bounced back sharply and are now at the highs and near even as we approach the open.
Asian markets ended mixed. China went down 0.74%, Hong Kong dropped 0.84% and Japan went up 0.26%. European markets are down. Germany is down 0.28%, France is down 0.18% and the UK is leading the decline, down 0.61%.
Commodities are mixed this morning. Oil is up 0.34%, natural gas is down 0.49% and gold is down 0.05%. Unleaded gas is up 0.40% and heating oil is up 0.17%. Metals are mostly down, gold, silver and platinum are down while copper is up. Meats are mostly up. Cocoa, coffee and cotton are up while corn, wheat and soybeans are down.
UK borrowing costs hit highest level since Brexit vote.
Bank of America Corp (BAC) reported Q3 earnings this morning with a 7% rise in profit and is up over 1.5% in pre-market.
Hasbro Inc (HAS) announced Q3 results that beat expectations and is up nearly 5%.
This afternoon after the bell, look out for earnings from GigPeak, Inc. (GIG), International Business Machines Corporation (IBM), Netflix, Inc. (NFLX) and Del Taco Restaurants, Inc. (TACO).
Tomorrow morning before the open, Omnicom Group Inc. (OMC), Domino's Pizza, Inc. (DPZ), BlackRock, Inc. (BLK), Regions Financial Corporation (RF), Goldman Sachs Group Inc. (GS), Harley-Davidson, Inc. (HOG), Johnson & Johnson (JNJ), Philip Morris International Inc. (PM) and UnitedHealth Group Inc. (UNH) are expected to report.
AAPL had a strong week, up 3.16% on moderate volume. On Monday, AAPL broke "the chains that bind" and rose up 1.74% on slightly lower than average volume, going from 114 to nearly 117. On Tuesday, AAPL "steamrolled" over Samsung's Note 7 as the South Korean company "sent up the white flag" and AAPL spiked into the mid-118 zone before ending up 0.22% on huge volume despite a nasty widespread market selloff. On Wednesday, AAPL showed a mountain of strength, peaking in the afternoon at nearly 118 and ending up 0.89% on slightly lower than average volume. On Thursday, AAPL dropped sharply to 116 and splashed back to the 117 water-line, ending down 0.31% on slightly lower than average volume. On Friday, AAPL gained 0.58% for OPEX on lower than average volume. AAPL opened up at 117.89 to high volume and quickly set an intra-day high of 118.16 at 9:32am on huge volume before conceding towards the mid-117 area and falling below mid-117 after 10am on moderate volume. AAPL bounced back to the upper-117 zone but stumbled at 11:30am, dipping to an intra-day low of 117.13 at 11:34am on moderate volume. AAPL recovered the mid-117 area again during lunchtime and remained fairly strong through the remainder of the afternoon on low volume with an attempt at the upper-117 area at 1:30pm and again at 3:40pm before settling into the close. AAPL ended the day up 68 cents at 117.66 and dropped 6 cents in after-hours to 117.60.
This morning in pre-market, AAPL opened lower in the low-117 area in conjunction with Futures, setting a pre-market low of 117.18 at 5:42am but got a solid boost from both Goldman Sachs with a buy target of $124 and Nomura with a buy target of $135, reversing the soggy start and replacing it with a push from low-117 towards 118. AAPL is currently up 27 cents at 117.90 as we approach the open.
Classic max-pain is 111.
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Today's Economic Calendar:
8:30 Empire State Mfg Survey
9:15 Industrial Production
Notable earnings this afternoon after the bell: BMI, *GIG*, CE, ELS, FDEF, *IBM*, IEX, *NFLX*, SFBS, WTFC, UAL, CSFL, *TACO*
And tomorrow before the open: *OMC*, WWW, CPSS, SCL, *DPZ*, KHNGF, ASOMF, *BLK*, *RF*, CMA, *GS*, HAFC, *HOG*, *JNJ*, KSU, MBWM, MTG, *PM*, SNV, TTS, *UNH*, GNGBF, GWW