Apple (AAPL) Stock Earnings Preview: What to expect from the largest public company
- Apple stock continued to slide on Friday, losing another 1%.
- AAPL shares break key support at $167.
- Apple earnings are due out after the close on Thursday, January 27.
Apple (AAPL)stock continues to slide and in the process has broken through key technical support on Friday. The stock continues to suffer in line with the general malaise afflicting equity markets. 2022 has so far not been kind to growth stocks, and while Apple is not in this category it is suffering as the sell-off in tech names intensifies.
Apple Stock News
Apple is due to announce earnings after the close on Thursday in one of the most anticipated earnings releases of the calendar. Morgan Stanley is certainly hopeful of some strong numbers as it released a note last week with expectations for an earnings beat based on Apple delivering 83 million iPhones in the last quarter.
Wall Street expects Apple to post earnings per share (EPS) of $1.89 on revenue of $118.28 billion. Apple has a pretty decent track record of beating analyst estimates, but the last quarter did see Apple miss estimates on the revenue side. Supply chain issues were a problem, and this issue will be closely watched for commentary on the outlook. AAPL has not missed on EPS since April 2016.
Bloomberg's Mark Gurman said this month that Apple is preparing a massive slate of new launches this fall. "To that end, I’m told that Apple is readying the widest array of new hardware products in its history this fall. That makes sense: My back-of-the-envelope list includes four new iPhones, a low-end MacBook Pro, an updated iMac, the new Mac Pro, a revamped MacBook Air, an AirPods Pro upgrade, three Apple Watches, a low-end iPad, and iPad Pros," he was quoted on 9to5mac.com.
Apple Stock Forecast
Technically, we got a perfect bearish double-top formation, which is still playing out. This gives a target of $151 approximately. The target is the size of the valley to the double top. That would see Apple break some key levels on the way down, namely support at $157 and $153. It would also bring Apple close to a strong support zone at $148, which is a huge volume profile support and the point of control. Breaking above $167 resumes the bullish trend, but elow Apple remains bearish in the short term.
Apple (AAPL) chart, daily
Like this article? Help us with some feedback by answering this survey:
Premium
You have reached your limit of 3 free articles for this month.
Start your subscription and get access to all our original articles.
Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
