Just this morning I published a post looking at a couple of potentially positive developments for
Of course, with Apple it's always one step forward and five steps back.
So here we go with the first couple of the steps back for Apple already:
This morning shortly after my post went up, Detwiler Fenton came out with a note saying they see increasing inventory levels in the U.S. smartphone market, which means saturation and slow-down of smart-phones.
A couple of hours later, they say they also see iPhone sales at risk of being down year-over-year heading into the March quarter.
They said the exact same thing back in the middle of October about Apple's December quarter. They were forecasting iPhone unit sales of 66 million for December, almost 10 million lower than consensus.
Now they are already forecasting a miss for Apple in the March quarter.
Then about an hour or so ago, our buddy at Credit Suisse chimes in with his "me too" negativity.
The analyst at CS says his channel checks with the CS Asia Tech team and confirms Apple lowered November component orders and reiterates his below consensus iPhone unit sales of 78 million for the December quarter and 55 million for the March 2016 quarter. This is exactly the same thing he had said on November 16 as well, just two weeks ago.
Of course, Apple is traipsing along at its lows of the day while the Dow, the Nasdaq, and the S&P are all up between 0.6% to 0.7% on the day.
I don't want to even mention the performance of the FANG quartet.
And so, the Apple way is "one step forward and five steps back."
(Long AAPL and FANG shares and calls, short weekly calls on AAPL)
