Apple is expected to report earnings of $9.94 a share on revenue of $36.48 billion, which equates to earnings growth of about 55 percent from the same quarter a year ago, according to Thomson Reuters I/B/E/S.
According to Birinyi Associates, Apple's earnings have surpassed analysts' projections in 97 percent of reports since 2003. Traders have reacted positively to Apple's report 71 percent of the time, and the stock has risen, on average, 2.6 percent from the closing price prior to earnings to 8 a.m. ET the next morning.
"Regardless of whether the stock is higher or lower after the report, the next day from the open to the close Apple trades lower 68 percent of the time for an average loss of 0.5 percent," said Kevin Pleines, analyst at Birinyi Associates.
Apple shares are slightly above their 50-day moving average at $570.76.
In the options market, 600,000 calls and 394,000 puts traded in Apple on Monday, according to options analytics firm Trade Alert, just a tad above the recent average daily volume.
The most active option was the weekly $600 strike calls expiring this Friday, followed by the monthly May $570 strike puts.
"Option sentiment is biased positively as a result of call buying in the past few days," said Terry Wilson, equity derivatives strategist at Credit Suisse.
Apple's skew, which measures the demand for out-of-the-money puts relative to calls, has flattened and is in the 15th percentile.
Apple, riding on strong iPhone and iPad sales, has smashed consensus estimates in recent quarters. But any dissatisfaction with the numbers could weigh heavily on its shares, which have quadrupled over the past two and a half years.
(Editing by Leslie Adler)
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