Nobel prize-winning economist Joseph Stiglitz has said that the arrangements by which Apple attributes a large chunk of its European sales to a small unit in Ireland amount to a ‘fraud.’ Bloomberg reports that Stiglitz made the comment when asked about the feasibility of Clinton and Warren developing a plan to repatriate Apple’s overseas cash …
AAPL Stories Yesterday
AAPL Stories July 28
AAPL Stories July 27
Following the earnings report yesterday, Apple company stock has popped 7% as investors were pleased with Apple’s guidance for the September quarter and total revenue drop for fiscal Q3 was lower than anticipated.
This means Apple stock is back into triple digits, after fleeting the $101 mark briefly last week. The stock opened this morning at $103, up significantly from yesterdays close os ~$97
Update: That $103 price is holding steady in early trading this morning.
While Apple’s earnings weren’t fantastic, with particularly bad news in China, the market view appears to be that the numbers were better than feared. The stock price climbed sharply in the first hour of after-hours trading, jumping from $97.34 to more than $103, and has so far maintained this new level.
Business Insider did a roundup of analyst reactions, and found that with the single exception of Deutsche Bank, which rates the stock a Hold, all the others they surveyed rated it a Buy, with target prices ranging from $115 to $150 …
While most of the numbers announced yesterday were broadly in line with analyst expectations, there was one particularly disappointing element: revenue from China. This was down 29% on the previous quarter, and a full 33% year-on-year – from $13.2B in Q3 2015 to $8.8B the same quarter this year.
CEO Tim Cook pointed to slowing growth in the Chinese economy as a factor, but there are two other factors at play …