Apple Inc. (APPLE), wherein iPhone has been its flagship product for more than 10 years, is scheduled to report its financial results for the quarter ended September 30, 2019 after the US market closes on Wednesday, October 30, 2019. Apple is currently the world’s largest company with a market capital value $ 1.126 trillion. Apple is among the so-called FAANG stocks. FAANG is a group of internet and tech stocks: Facebook, Amazon, Apple, Netflix, and Google.
Fundamental
The company recently released its latest line of iconic iPhone11 (September) as well as MacBook products last July. The investors’ expectation is low for the quarter given the fall of the iPhone sales. The investors are interested to see the impact of the iPhone 11 sales to the quarter, even though it only counted 10 days before end of quarter (Iphone11 only hit the shelves only on September 20).
Majority of analyst forecast a flat revenue at ~$62 billion which is similar to $62.9 billion posted a year ago. The earning per share is expected at $2.84, down from $2.91 last year. The gross margin is expected at the range between 37.5% and 38.5% (similar to last year). AAPL’s overall fiscal 2019 revenue is projected to dip 2.7% to $258.43 billion, after FY18’s sales surged 16%, with FY17 up 6.3%.
Technical
Apple’s stock has been on the bull run, reaching new all-time record high closing prices $248.66 (28th October close). Apple stock has risen by 70% in 2019. Currently, the momentum is still on the upside as risk-on sentiment surges on the back of positive news of President Trump expecting to sign trade deal with China.
Currently, APPLE share is trading at $248.66. From a technical standpoint, the bull candlestick is dominant with no presence of bearish possibility, it currently trades at top channel of Bollinger band. The immediate support is at 20 1H MA (also a mid-Bollinger band) at $245.50, followed by resistance that became support area at $244. 50 1H MA is at $244 as the following support. The 2018 highest price is at $233.20.
Click here to access the Economic Calendar
Tunku Ishak Al-Irsyad
Market Analyst – HF Educational Office – Malaysia
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
