Deleted
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Post by Deleted on Jul 23, 2013 16:00:37 GMT -8
Wish I'd bought that BCS I was staring at, but oh well. We just might have some upside opportunities soon. Great day so far, and a provisional congrats to the longs! i picked up some $445/$450 spreads, now im just gutted i didnt buy more. Last week I absorbed some criticism (positive kind) for rolling into Weekly $430/$435 BCSs. AH high was $442.00. I'm happy.
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Mav
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Post by Mav on Jul 23, 2013 16:01:39 GMT -8
Nuh uh.
You don't guide sequentially higher on new MacBook Airs.
Fall means September. Apple knows this.
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Deleted
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Post by Deleted on Jul 23, 2013 16:03:01 GMT -8
Oh...and I hope everyone noted that Mercel's harping on those who thought Itunes/services/software would decline or be flat was right on. He nailed it. Up 24% in a not thrilling sales environment. (but, after all..he said it was easy) Buy with a price target of 580. That Mercel is a smart guy! Thanks, but I don't feel particularly bright having trusted WS far more than it deserved over the last 9 months. Lesson learned. At least I've been able to hold my positions, as tenuous as some of them can be. No margin, but I'm carrying more leap of faith than I would prefer...
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Deleted
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Post by Deleted on Jul 23, 2013 16:04:27 GMT -8
I'm just glad to know that Tim Cook is "laser focused". Yeah, let's kick him out.
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mark
fire starter
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Post by mark on Jul 23, 2013 16:10:20 GMT -8
Apple is back. Why would this drop sub 420 now? Apple is second half of the year story anyway. Lets see how market plays tomorrow. Sounds more like a last quarter (CY) story. What do you expect to change in the current quarter to make it a "story"?
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Post by BillH on Jul 23, 2013 16:24:59 GMT -8
That Mercel is a smart guy! Thanks, but I don't feel particularly bright having trusted WS far more than it deserved over the last 9 months. Lesson learned. At least I've been able to hold my positions, as tenuous as some of them can be. No margin, but I'm carrying more leap of faith than I would prefer... Me too...,me too! The ascendancy of Apple 2.0 was easily discerned and one could just kind of go along for the ride as they introduced the iPhone and iPad before the Mac and iPod were fully valued on their own. Apple 3.0 is a little more difficult. There never having been an iPad market makes it particularly difficult to assess what the size of the market turns out to be. I still sleep well at night. Apple and it's software/hardware prowess has never been stronger imho. I continue to believe that the competitive threats are vastly overstated.
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Post by Red Shirted Ensign on Jul 23, 2013 16:27:39 GMT -8
Apple is back. Why would this drop sub 420 now? Apple is second half of the year story anyway. Lets see how market plays tomorrow. Sounds more like a last quarter (CY) story. What do you expect to change in the current quarter to make it a "story"? You don't think the new products in September, including a whole new class of Iphone, worldwide rollout, IOS7, new Ipad...won't e the story.
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Post by artman1033 on Jul 23, 2013 16:30:40 GMT -8
Press Release:we are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014.”From the earnings call AND the transcript:UBS asked if the guidance revenue forecast included NEW products? Oppie answered: Steve that's not something that I can comment on. ?From MORNINGSTAR:Gene Munster - Piper Jaffray: Then, my final question is just in terms of the growth question that some investors have about how you can keep such a higher revenue growth number moving. Last quarter you referred to new product categories and this time you referred to more products over the next few years. Are there product categories out there that are big enough to move the needle for Apple? Tim Cook - CEO: We'll see Gene. We're working on some stuff that we're really proud of and we'll see how it does, and we'll announce things when we're ready.Tavis McCourt - Raymond James: Peter, first a clarification on the share buyback. Can you tell us what the ending basic share count was in the third quarter? Peter Oppenheimer - SVP and CFO: Well, all that is on the income statement. So you've got the ending basic and diluted. But let me give you a couple of points that I think could be helpful for you. During the June quarter we concluded the first $2 billion ASR program that we started in December and then we so we got the final shares in on those. And we did our second ASR program of $12 billion that started at the end of April and we received 23.5 million shares initially on that, and as I went through in my prepared remarks fiscal '14 that program will close and we'll get the final number of shares. We also bought (indiscernible) of stock in the open market during the June quarter and received about 9 million shares. So the impact of those in the June quarter lowered our diluted share count in the quarter by about 22.9 million shares and as you look forward into the September quarter, before any further buybacks or any issuance to employees we would expect to see an additional approximate 11 million share benefit from the things that occurred during the June quarter. $4 billion spent to buy back 9 million shares in open market. ($444.44 per share?) Oppie said: And as you look forward into the September quarter, before any further buybacks or any issuance to employees, we would expect to see an additional approximate 11 million share benefit from the things that occurred during the June quarter.
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Post by Red Shirted Ensign on Jul 23, 2013 16:35:41 GMT -8
I think 340 may be the ceiling for the rest of this week...but I truly want us to hold 334 by close of Friday.
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Post by lance on Jul 23, 2013 16:40:29 GMT -8
Another yawn quarter under TC. At least the buyback was decent. I still believe that August and September may be the best buying quarters for aapl in 2013
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Post by tuffett on Jul 23, 2013 16:49:14 GMT -8
I'm confused about all these various buyback figures...$18B returned to shareholders ($15B via buyback?), $4B to buy 9 million shares, 22 million shares bought...
Can anyone provide clarity? I haven't had the chance to listen yet - just going by what I've been reading.
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Post by Nevyn on Jul 23, 2013 16:50:51 GMT -8
I think 340 may be the ceiling for the rest of this week...but I truly want us to hold 334 by close of Friday. Do you mean 440 & 434?
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Post by prazan on Jul 23, 2013 17:20:27 GMT -8
I think 340 may be the ceiling for the rest of this week...but I truly want us to hold 334 by close of Friday. Do you mean 440 & 434? I suspect Red has been hitting the champagne bottle a little too hard. Well earned, I say. Thanks to everyone for the running commentary. Very helpful. I second Tuffet in my confusion about the number of shares purchased, though I suppose I'll figure that out soon enough. Off to listen to the call...
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Post by Red Shirted Ensign on Jul 23, 2013 17:25:16 GMT -8
I think 340 may be the ceiling for the rest of this week...but I truly want us to hold 334 by close of Friday. Do you mean 440 & 434? Yeah, thanks. I gotta stop using the iPhone for posting... (Burp)
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Deleted
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Post by Deleted on Jul 23, 2013 17:58:29 GMT -8
Agree. I would expect this if a refresh were coming in the early week/s of September.
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Deleted
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Post by Deleted on Jul 23, 2013 18:04:15 GMT -8
What price did AAPL get their shares at? From notes I saw 23.5 M shares with $12 B. That is over $500 per share. That cannot be right. Anyone have a better idea of price paid per share? Nothing wrong with $500/share if Apple bought back maturing, but underwater, grants for more than market, which I highly expect they did.
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Deleted
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Post by Deleted on Jul 23, 2013 18:12:42 GMT -8
apples guidance of $34-$37 billion implies a stronger quarter than the $35 billion quarter just passed. this to me implies it includes guidance for new products. Or they're just going to sell more of what they already have (my guess). When I say "new products" im talking about new Macs, iPhone, iPod & iPad models. is that not what everyone else is referring too? By the way Gregg, congratulations on your quarterly estimate! judging by PEDs list you look to be the closest overall to actuals when looking at all the different individual categories (Rev, EPS, and individual unit sales)
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SomeJuan
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Taking a nap…
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Post by SomeJuan on Jul 23, 2013 18:19:11 GMT -8
AAPL did really well today all things considered.
The ANALists did very poorly on the CC, blubbering idiots, every one of them. Very few if any questions of merit. Rumor this and rumor that, answer me that batman. For Christ's sake, get a clue. ( no religious undertones, just a bitter old man's take )
Our lows have been taken out, and now we wait for product... The A$$wipes on the street will now value AAPL buying 20 plus million back in such short of a period as positive. No ONE does this without belief! NO ONE!
In a side note, but very interesting...
Eric Schmidt has now taken roughly 450 MILLION dollars out of the coffers of GOOG in the first 6 months of 2013. Yes, you read that right. I would share what Sergey and Larry have taken out, but my HP12c calculator does not do scientific notation. Talk about wealth redistribution!
I may not post much, but can I just say, Fu#& CNBC, and everyone of the ignorant ANALists they parade every day. Just Fu#$em.
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Deleted
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Post by Deleted on Jul 23, 2013 18:25:33 GMT -8
Or they're just going to sell more of what they already have (my guess). When I say "new products" im talking about new Macs, iPhone, iPod & iPad models. is that not what everyone else is referring too? By the way Gregg, congratulations on your quarterly estimate! judging by PEDs list you look to be the closest overall to actuals when looking at all the different individual categories (Rev, EPS, and individual unit sales) Top 10 maybe? Yea! Where do I pick up my kewpie doll?
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Post by Red Shirted Ensign on Jul 23, 2013 18:28:08 GMT -8
AAPL did really well today all things considered. The ANALists did very poorly on the CC, blubbering idiots, every one of them. Very few if any questions of merit. Rumor this and rumor that, answer me that batman. For Christ's sake, get a clue. ( no religious undertones, just a bitter old man's take ) Our lows have been taken out, and now we wait for product... The A$$wipes on the street will now value AAPL buying 20 plus million back in such short of a period as positive. No ONE does this without belief! NO ONE! In a side note, but very interesting... Eric Schmidt has now taken roughly 450 MILLION dollars out of the coffers of GOOG in the first 6 months of 2013. Yes, you read that right. I would share what Sergey and Larry have taken out, but my HP12c calculator does not do scientific notation. Talk about wealth redistribution! I may not post much, but can I just say, Fu#& CNBC, and everyone of the ignorant ANALists they parade every day. Just Fu#$em. But how do you really feel about the Analyst community...? Don't be shy...
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Post by calidagirl on Jul 23, 2013 18:34:25 GMT -8
When I say "new products" im talking about new Macs, iPhone, iPod & iPad models. is that not what everyone else is referring too? By the way Gregg, congratulations on your quarterly estimate! judging by PEDs list you look to be the closest overall to actuals when looking at all the different individual categories (Rev, EPS, and individual unit sales) Top 10 maybe? Yea! Where do I pick up my kewpie doll? You already have one on your pillow, you don't need another! BTW, where is this PED list?
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Post by Red Shirted Ensign on Jul 23, 2013 18:36:38 GMT -8
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Deleted
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Post by Deleted on Jul 23, 2013 18:43:18 GMT -8
I'm confused about all these various buyback figures...$18B returned to shareholders ($15B via buyback?), $4B to buy 9 million shares, 22 million shares bought... Can anyone provide clarity? I haven't had the chance to listen yet - just going by what I've been reading. It's confusing, but this is my tentative WAG: Apple disclosed it plunked down 12B with two financial institutions, which acquired half of what it could have (or Apple is taking delivery of additional shares outside the June quarter). The other 4B was spent in the open market, reacquiring 9M shares ($444 per share). In other words, it breaks down like this: 1. $4B purchased 9M shares on open market 2. $6.42B (of total 12B) utilized with 2 financial institutions, reacquiring 14.5M shares. 3. Total initial delivery: 23.5M shares. 4. The total $16B is booked as repurchase activity cost, but showing only 23.5M shares were delivered. That's my WAG based on what I've read so far...I'm sure others will connect the remaining dots with more clarity.
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Deleted
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Post by Deleted on Jul 23, 2013 18:51:09 GMT -8
Deleted.
The entire repurchase program extends through Dec. 15, 2015, as before.
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Mav
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Post by Mav on Jul 23, 2013 18:53:21 GMT -8
Mercel, that's a question for Apple IR. The way things are going, Apple could well finish the buyback "early", particularly if it thinks this is the cheapest Apple stock will be for a while. Buying up about _double_ what we thought it would was a savvy move in retrospect. Might've saved a couple percent on that "extra" block of 10 or so million shares! ;D
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Mav
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Post by Mav on Jul 23, 2013 18:56:16 GMT -8
Hey, how much cash did Apple generate this quarter anyway?
Did anyone get the same impression of Apple's 26.5% tax rate that I did, btw? ;D
(Just waiting on the pre-shipments of millions of iPhones...)
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Post by artman1033 on Jul 23, 2013 19:02:46 GMT -8
Reading from the transcript, another curious thing is that Peter said the total # of shares to be repurchased will be determined when it concludes the program in fiscal 2014. Well, that would be Sept. 30 2014, not December 31, 2015, the date mentioned earlier. Is this a transcript error or a gaffe? There are now 3? different transcripts: Seeking Alpha, Morningstar and earningsimpact.com. I found that part on share repurchase not easy to follow, especially on the audio call. If you transcribe from the audio, YOU could include it in an email for further clarification to Apple IR......
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Post by prazan on Jul 23, 2013 19:04:37 GMT -8
I didn't hear anything in the CC to make me think a new, less expensive iPhone is coming, except that they emphasized how strongly the 4/4s was selling, which indicates that the realize the strength of the market there. Katy Huberty tried to lead TC/PO into a comment by asking why GM won't decline if they ship new products as expected, but they didn't go for it. I think it's coming, but find no new evidence here. I'm seeing 924 million diluted shares this Q compared to 946 million last Q. The 22.9 million shares purchased doesn't jibe exactly with the reduction in diluted shares because of employee compensation shares added. Here's the link to the data from Apple in the event someone doesn't know it: www.apple.com/pr/library/2013/07/23Apple-Reports-Third-Quarter-Results.htmlI'm also interpreting PO's remarks to mean that Apple has committed to purchase an additional 11 million shares in Q4, though I'm not sure if he meant that they had committed to this figure by the end of June, or if it includes the first weeks in July. They'll burn through their cash assigned for repurchase of shares quickly at this rate, which leads me to think that they suspect share price will increase in the coming quarters, without this same level of buyback. To me, this means they either expect WS to come to their collective senses, or they'll ship strong new products.
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Post by artman1033 on Jul 23, 2013 19:05:08 GMT -8
Hey, how much cash did Apple generate this quarter anyway? Did anyone get the same impression of Apple's 26.5% tax rate that I did, btw? ;D (Just waiting on the pre-shipments of millions of iPhones...) “We generated $7.8 billion in cash flow from operations during the quarter and are pleased to have returned $18.8 billion in cash to shareholders through dividends and share repurchases,” said Oppie, Apple’s CFO.
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Post by prazan on Jul 23, 2013 19:06:23 GMT -8
I'd also like to remind folks that you can subscribe to conference calls through iTunes Podcasts, which makes it much easier to listen to than the web site.
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