Premarket: Apple is red after guidance-free earnings report

apple premarket green 5-1From Investor’s Business Daily: “Dow Jones Futures: Apple, Amazon Pressure Coronavirus Stock Market Rally

The coronavirus stock market rally went into reverse Thursday, along with Tesla(TSLA) and some other top growth stocks, amid continued grim economic data. The pullback was relatively modest, but Dow Jones futures suggest further selling in the current market rally.

Apple earnings beat views while the iPhone giant announced a $50 billion buyback increase, but didn’t offer guidance for the current quarter. Apple stock fell modestly in extended trading. Amazon stock and Atlassian stock also fell overnight, along with Amgen stock and Gilead stock.

Apple stock, Amazon stock and Atlassian stock had all closed in buy range, while Gilead stock and Amgen stock were near breakouts.

My take: Mr. Market hates uncertainty.

3 Comments

  1. Kirk DeBernardi said:
    Get this…

    Everybody hates uncertainty, but it confronts us every waking day.

    0
    May 1, 2020
  2. David Emery said:
    At 10:00, markets are all down about 1.5%, AAPL is up 1.5% 🙂

    0
    May 1, 2020
    • Gregg Thurman said:
      Should AAPL continue to hold firm, come Monday, I will be renewing my Call Spread strategy, albeit with a 10% ROI vs my usual 25% goal.

      0
      May 1, 2020

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