Apple

Retired CIA Officer Explains Why "Hillary's Emails Matter"

"For twenty years, I worked undercover in the Central Intelligence Agency, recruiting sources, producing intelligence and running operations...Nobody uses a private email server for official business. Period. Full stop... The entire notion is, to borrow a phrase from a Clinton campaign official, 'insane'."

Brexit Blowback Begins: UK Home Electronics Prices Spike As Currency Crashes

The Brexit blowback on British consumers tightened today as Apple and Electrolux responded to the collapsing pound by charging dramatically more for their products in the UK. As Bloomberg reports, Apple quietly raised the cost of some of its machines including the “Mac Pro” by 20% overnight, while Sweden’s Electrolux said it’s boosting the prices of its home appliances by 10%.

Frontrunning: October 28

  • European Stocks Fall on Earnings as Bond Rout Eases; Metals Rise (BBG)
  • Wall Street’s Frantic Push to Hire Coders (BBG)
  • In Germany, Syrians find mosques too conservative (Reuters)
  • Oregon militants acquitted of conspiracy in wildlife refuge seizure (Reuters)
  • Some Cities Want Their Immigrants to Vote (BBG)
  • Americans Are Dying Faster. Millennials, Too (BBG)

Qualcomm Buys NXP For $47 Billion: Biggest Semiconductor Deal Ever

Last night, David Rosenberg pointed out something troubling:  we have just witnessed five multi-billion dollar deals this past week alone — $207 billion globally (AT&T/Time Warner; TD Ameritrade/Scottrade) in what has been the most active announcement list since 1999. We can now add another massive deal to the list: this morning Qualcomm announced it would buy NXP Semiconductors NV for about $47 billion, including debt, as it seeks to expand the reach of its chips from phones to cars.

Wall Street Reacts To Apple's Disappointing Earnings

Having had a chance to digest AAPL's results, Wall Street's sellside analysts chimed in this morning, and the prevailing sentiment was neutral to negative, with Stifel's Aaron Raker most disappointed, downgrading the stock from Buy to Hold, and lowering his price target to $115.

Frontrunning: October 26

  • Florida Once Again a Focus in 2016 Campaign (WSJ)
  • Trump Has Slim Edge in Bloomberg Poll of Florida (BBG)
  • NATO seeks troops to deter Russia on eastern flank (Reuters)
  • Arbs Stay on Sidelines of AT&T-Time Warner Deal (WSJ)
  • Holiday Forecast for Apple Crumbles (BBG)
  • Saudi Arabia Faces Tough OPEC Equation With Mounting ‘Exemptions’ (BBG)

Apple Slides After Missing Revenue, China, ASPs Despite Better iPhone Sales, Guidance

Despite guiding notably higher for the holiday quarter, and beating modestly on EPS, AAPL just reported its third consecutive quarter of declining results and iPhone sales, and its first fiscal year of lower revenue since 2001. The market was not impressed, despite Tim Cook's strong guidance for the holiday quarter when AAPL expects to make as much as $78 billion.

Frontrunning: October 25

  • Hilsenrath: Fed’s Task Ahead: How Best to Signal Year-End Rate Move (WSJ)
  • Fed Inclined to Raise Rates If Next President Pumps Up Budget (BBG)
  • World stocks, commodities climb as economic confidence lifts (Reuters)
  • Ahead of earnings: Apple Boosted by IPhone 7 Demand, Slowing Pace of Sales Decline (BBG)
  • Campaigns Brace for Election-Day Legal Battles (WSJ)

US Futures, Global Stocks, Metals Rise On Economic Confidence, Upbeat Earnings

European, Asian stocks and S&P futures are all up again in early trading, a repeat of the Monday session, buoyed by a generally upbeat corporate earnings season, rising economic confidence and signs of improvement in the world’s biggest economies. After Charles Evans' hawkish comments on Monday, the market is now pricing in a 71% chance of a rate increase this year, up from 68% last week.