Sevens Report’s Tyler Richey quoted in MarketWatch on January 3, 2019. Read the full article here.
Archive for date: January 3rd, 2019
What’s in Today’s Report:
- Jobs Report Preview
- Is the AAPL Decline an Opportunity for Value Stocks?
Futures are down more than 1% as AAPL sharply cut Q4 revenue guidance.
AAPL cut Q4 revenue guidance to $84 bln from the previous $89-$93 bln range, citing slowing Chinese demand as the main negative influence.
Economically UK Construction PMI and Euro Zone Money supply both slightly missed expectations.
The entire tech sector will be in focus today to see how well it can hold up in the face of the AAPL news, which wasn’t a shock as analysts and suppliers have been cutting IPhone numbers for months. If stocks can set the lows early in the day and rally back, that would be an anecdotal sign near term selling pressure may be exhausted.
Away from AAPL, we get a lot of economic data today including (in order of importance): ISM Manufacturing Index (E: 57.9), ADP Employment Report (E: 175K), Jobless Claims (E: 217K) and Motor Vehicle Sales (E: 17.3M). Data today could be important because if the data is firm, it should decrease the AAPL fallout. However, if the data is weak, then it’s going to be another ugly day as the news will reinforce worries about corporate earnings and economic growth.
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