Apple Inc Stock Traded Under 400, Quaterly Earnings Report Low Estimates Cause Concerns
Apple Inc quaterly earnings report is scheduled for 2 p.m. Pacific time Tuesday April 23.
Analysts lowered their estimates for Apple Inc quaterly profit this quarter. Analysts now predict $8.63 billion of profit and $39 billion of sales.
Laurence Balter, an analyst at Oracle Investment Research, based in Washington said: “The market is in show-me mode for Apple.”
“The market needs to see some evidence that the future looks bright because that candle is flickering," Balter continued.
Tim Cook, hand-picked successor of Steve Jobs, continues the method of keeping the product secret before they are unveiled.
“Nobody believes the secret anymore,” Balter said. “It was OK when Steve Jobs would say we have some great things in the product line, but right now that credibility has been lost.” Balter revealed some concerns from shareholders.
Apple stock was below $400 last week, the lowest since December 2011. Apple stock rose to $398.67 in New York, 2.1 percent growth, the biggest in last five weeks.
Apple's rival Samsung Electronics Co prepares to start selling its Galaxy S4 smartphone this week and it can slow down sales for Apple. Samsung has more different styles, sizes and prices to offer to customers.
Since 2003, analysts underestimated Apple in three quarters.