Wednesday, January 2, 2019

IBD: "Dow Jones Futures Tumble As Apple Warns: Big Test For 2019 Stock Market Rally "

From Investor's Business Daily:
6:15 PM ET
Dow Jones futures fell sharply late Wednesday, along with S&P 500 futures and Nasdaq futures, after Apple (AAPL) warned on fiscal first-quarter revenue and gross margins, raising doubts about the 2019 stock market rally attempt. Apple stock fell sharply in late trade. So did Apple iPhone suppliers such as Broadcom (AVGO), Qualcomm (QCOM), Analog Devices (ADI) and Taiwan Semiconductor (TSM). Many other big techs, including Microsoft (MSFT) and the FANG internet giants, retreated.

Dow Jones Futures Today
Dow Jones futures fell 1.4% vs. fair value. S&P 500 futures retreated 1.3%. Nasdaq 100 futures plunged 2.2%. Remember that overnight action in Dow futures, Apple stock and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
In Wednesday's stock market, the Dow Jones and S&P 500 index rose 0.1%, while the Nasdaq composite climbed 0.5%.

Apple Warning: Cook Blames China, iPhone Upgrades
Apple now sees revenue for the fiscal first quarter ended Dec. 29 to be around $84 billion, far below its already disappointing guidance of $89 billion to $93 billion. At $89 billion, that would be a 5% decline vs. a year earlier. Apple also cut its gross margin forecast slightly.

Apple CEO Tim Cook, in a statement, blamed "economic deceleration" in China, currency headwinds and fewer Apple iPhone upgrades than expected....MUCH MORE