Premarket: Apple was red, turned green

apple premarket mcintosh 7-27-21From the Wall Street Journal’s “Stock Futures Slip With Tech Earnings on Tap” posted early Tuesday:

U.S. stock futures ticked lower Tuesday as investors awaited earnings reports from the biggest technology giants and data on the manufacturing sector.

U.S. stocks have been grinding higher as investors cheered strong corporate results and upbeat guidance from some of the largest American businesses. At the same time, concerns are lingering over the Delta-variant of Covid-19, supply-chain problems, a spike in inflation and cooling economic growth.

“We’ve been characterizing this market as a jetliner that has lifted off and is coming out of the Covid-19 air pocket, but is still trying to find an appropriate cruising altitude,” said Kara Murphy, chief investment officer at Kestra Holdings. “We are seeing economic data going from great levels to good levels: that is still indicative of economic growth.”

My take: In the walkup to today’s earnings report, Mr. Premarket has been wrong more often that he’s been right.

5 Comments

  1. Romeo A Esparrago Jr said:
    “ Being wrong is acceptable, but staying wrong is totally unacceptable. “
    — Jack D. Schwager

    6
    July 27, 2021
  2. Kirk DeBernardi said:
    I’m just hoping we finally snag the 150 line in the sand never, ever having to look back.

    2022 will then begin the slow slog to 180 (or thereabouts, you 200 hopefuls — 😉 )

    3
    July 27, 2021
  3. Jerry Doyle said:
    @Joseph Bland: Apple is down $3.07 in after-hours to $143.70. The reason seems to be WS’s focusing on Luca Maestri’s comment that revenue growth will slow in the current quarter due to foreign exchange rates, the semiconductor shortage and tougher comparison with the previous year. To exacerbate matters, WS analysts continue to focus on whether Apple can sustain its performance into the successive quarter and consequently, they hung on every word Luca had to say about slowing revenue growth in the current quarter. Then Luca commented that he felt Apple’s services business which reached record high revenue in this report by growing 33% to 17.5B to self-correct and return to a more typical level. Could he not find a more euphemistically way of saying that statement?

    0
    July 27, 2021

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