10 July, 2020 (16:00:00 EST)

Apple (AAPL:USD383.77) rises for a third consecutive day, Mount Yale Investment Advisors lifts


Dateline: Friday July 10, 2020
Apple Inc. (NASDAQ:AAPL), the NASDAQ's largest Computer integrated systems company by market cap, has risen USD1.04 (0.3%) for a third consecutive day on Friday. This brought its three-day rise to USD10.48 (2.8%), compared with the NASDAQ-100 Index which rose 229.8 points (2.2%) in the three days for a relative price increase of 0.6%. Cumulative volume in the 3 days was 0.8 times the average 3-day volume of 36 million shares. Apple's stock last traded at USD383.77. There were 22,462,300 shares worth USD8.6 billion traded today.

APPLE ISSUED 4 NEW PATENTS IN THE WEEK OF JULY 09, 2020
Apple (AAPL) has been issued 4 new patents by the USPTO & EPO.

TODAY'S INSTITUTIONAL NEWS FROM Q2 2020 REPORTS TOP 3 BY TRANSACTION VALUE:
Mount Yale Investment Advisors, LLC augments 4.2% in Apple
Mount Yale Investment Advisors, LLC increased its net position in Apple by 8,251 shares (or 4.2%) in Q2/2020.
In SEC filings for Q1/2020, Mount Yale Investment Advisors, LLC (CIK:0001744349) was ranked 439 out of 3126 institutional shareholders of Apple (NASDAQ:AAPL). During the quarter the Volume Weighted Average Price (VWAP) of Apple was USD309.45, valuing the 8,251 shares at USD2.6 million.
At June 30 Mount Yale Investment Advisors, LLC held 206,944 Apple shares worth USD64 million.

Carnegie Capital Asset Management, LLC trims 3.0% in Apple
Carnegie Capital Asset Management, LLC decreased its net position in Apple by 6,012 shares (or 3.0%) in Q2/2020.
In SEC filings for Q1/2020, Carnegie Capital Asset Management, LLC (CIK:0001511506) was ranked 435 out of 3126 institutional shareholders of Apple (NASDAQ:AAPL). During the quarter the Volume Weighted Average Price (VWAP) of Apple was USD309.45, valuing the 6,012 shares at USD1.9 million.
At June 30 Carnegie Capital Asset Management, LLC held 197,532 Apple shares worth USD61.1 million.

Legacy Private Trust Co. keeps buying more of Apple
Legacy Private Trust Co. increased its net position in Apple by 5,569 shares (or 11.5%) in Q2/2020.
In SEC filings for Q1/2020, Legacy Private Trust Co. (CIK:0001352547) was ranked 1117 out of 3126 institutional shareholders of Apple (NASDAQ:AAPL). During the quarter the Volume Weighted Average Price (VWAP) of Apple was USD309.45, valuing the 5,569 shares at USD1.7 million.
At June 30 Legacy Private Trust Co. held 54,136 Apple shares worth USD16.8 million.

Stock Summary
Jul 10 closeUSD383.77Shares Outstanding4,375,480,000
Ave Daily Volume36,045,305 sharesNo. Held by Institutions2,518,079,981
52-Week Range190.31 - 385.27% of shares outstanding57.55%
P/E29.8Market CapUSD1,679.2 billion
Dividend Yield0.8%EPS Growth % (q.o.q)-48.8
SectorComputer Integrated Systems 


Primary Exchange and Other Listings: Trading Currency and Volume
ExchangeTickerCurrencyLastADVTVol % of TotalToday's VI
NasdaqAAPLUSD383.7736,045,28799.80.6
XetraAPCEUR337.3559,9010.20.6
Total    100.00 
1 USD= 1.1273 EUR
ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)

Financials Summary: EPS down 0.3% to USD11.97 in FY2019
+ Net profit was down 7.2% from USD59.5 billion in FY2018 to USD55.3 billion in FY2019.
+ Earnings Per Share (EPS) was down 0.3% from USD12.01 in FY2018 to USD11.97 in FY2019.
Year ended SepFY2019FY2018FY2017
Sales (USD B)260.2265.6229.2
Pretax (USD B)65.772.964.1
Net (USD B)55.359.548.4
EPS (USD)11.9712.019.27

INDEX

SECTION 1 News In The Past Quarter

SECTION 2 Corporate Profile and Independent Ratings

SECTION 3 Today's Bullish Signals

SECTION 4 Ongoing Bullish Parameters

SECTION 5 Today's Bearish Signals

SECTION 6 Ongoing Bearish Parameters

SECTION 7 Insider Selling and Ownership

SECTION 8 Corporate Bonds

Glossary

LINKS TO FURTHER INFORMATION ON AAPL:

EXCEL TABLES ARE AVAILABLE TO EXPORT AS FOLLOWS:

+ LATEST FINANCIALS [Q2/2020]:
http://www.buysellsignals.net/BuySellSignals/report/Usnasdaq/Stock/PDF/quarterly/xls/AAPL_Financials.xls
+ CATEGORISED AND COMPLETE LIST OF 3126 INSTITUTIONAL SHAREHOLDERS
http://www.buysellsignals.net/BuySellSignals/report/Usnasdaq/Stock/PDF/quarterly/xls/AAPL_Institutional_Shareholder_Activity.xls
+ NEWS ARCHIVES PAST 4 YEARS IN HTML
http://www.buysellsignals.net/BuySellSignals/report/Usnasdaq/Stock/Daily/Html/AAPL_Corporate_Wire.html
+ CURRENT MONTH CATEGORISED LIST OF 78 PATENTS
http://www.buysellsignals.net/BuySellSignals/report/Usnasdaq/Stock/PDF/quarterly/xls/AAPL_Current_Patents.xls
+ 5-YEARS CATEGORISED LIST OF 11686 PATENTS
http://www.buysellsignals.net/BuySellSignals/report/Usnasdaq/Stock/PDF/quarterly/xls/AAPL_History_Patents.xls

EXTENSIVE DATA ON THE SUBJECTS BELOW ARE AVAILABLE TO DOWNLOAD OR VIEW AT THE LINK FOLLOWING:

+ Patents
+ Tax & Dividend
+ Financials Q2 2020, FY 2019
+ Peer Group Analysis & Ranking
+ Q1/2020 INSTITUTIONAL SHAREHOLDER ACTIVITY
+ News Archives (Jun 2019 - Apr 2020)

http://www.buysellsignals.net/BuySellSignals/report/Usnasdaq/Stock/Daily/short/Html/7_DDR2_SR.html

SECTION 1 News In The Past Quarter

1.1 Institutional News [Update News: July 10, 2020]

Today's Institutional shareholder snippets from Q2 2020 Reports
Top 3 increases by value:
Mount Yale Investment Advisors, LLC augments 4.2% in Apple
Legacy Private Trust Co. keeps buying more of Apple
Sanders Morris Harris Inc. adds 6.9% in Apple

Top 3 decreases by value:
Carnegie Capital Asset Management, LLC trims 3.0% in Apple
Ipswich Investment Management Co., Inc. keeps selling more of Apple
Jacobs & Co keeps selling more of Apple

Top 20 Institutions increasing their holdings in Apple shares [Q2/2020]
Institution Name (CIK)Rank on Mar 31, 2020Mar 31, 2020Jun 30, 2020Increase %*Today's Market Value USD million
Envestnet Asset Management (0001407543)1331,680,8491,767,2325.1676.4
State of Alaska, Department of Revenue (0001370102)202754,089764,1591.3292.5
DNB Asset Management AS (0001456670)242524,318638,35721.7244.3
Mount Yale Investment Advisors (0001744349)439198,693206,9444.279.2
Livforsakringsbolaget Skandia, Omsesidigt (0001547926)468178,979179,0790.0668.5
Chesley Taft & Associates (0001164632)629114,680115,7920.9744.3
Diversified Trust Co (0001479844)77887,46589,5712.434.3
First American Trust, F.S.B. (0000036066)93464,33468,8977.126.4
Woodstock (0001008877)97360,27760,3630.1423.1
Campbell Capital Management (0000826794)105752,70555,1284.621.1
Legacy Private Trust Co. (0001352547)111748,56754,13611.520.7
Nadler Financial Group (0001541787)113247,90648,5131.318.6
True Private Wealth Advisors (0001667074)118044,16447,5697.718.2
Hudson Valley Investment Advisors (0000943442)121442,39242,5190.316.3
West Branch Capital (0001738723)128138,53139,4482.415.1
Anderson Hoagland & Co (0000791191)160025,30025,5250.899.8
First PREMIER Bank (0001653926)165723,56523,8361.29.1
Diligent Investors (0001549042)166223,46123,5330.319
Founders Capital Management (0001585828)172421,46821,5390.338.2
Bangor Savings Bank (0001352675)172721,39621,4850.428.2
*Today's Market Value in USD million of holdings as at June 30, 2020.

Top 20 Institutions decreasing their holdings in Apple shares [Q2/2020]
Institution Name (CIK)Rank on Mar 31, 2020Mar 31, 2020Jun 30, 2020Decrease %*Today's Market Value USD million
Independent Investors (0001121908)309357,560355,8750.47136.2
Park National (0000805676)403232,106228,2461.787.4
Carnegie Capital Asset Management (0001511506)435203,544197,5323.075.6
Cacti Asset Management (0001452208)466181,591159,43012.261
Horan Capital Management (0001269134)555136,317134,7221.251.6
Courier Capital (0001015247)636113,197111,2471.742.6
Cullinan Associates (0001161670)610118,576107,6869.241.2
Carroll Financial Associates (0001567784)672103,698103,6730.0239.7
Bath Savings Trust Co (0001384943)662105,499103,2262.239.5
Ibm Retirement Fund (0001018825)665104,817102,9711.839.4
Burns J W & Co (0001047339)690100,19099,1271.137.9
Nexus Investment Management (0001476329)673103,69593,8059.535.9
TNB Financial (0001561790)658107,97089,72316.934.3
M&R Capital Management (0001057395)76789,03087,7961.433.6
Fulton Bank (0000883782)76888,85087,3181.733.4
Jacobs & Co (0001055544)75391,05686,9924.533.3
Forte Capital (0001022314)78585,62084,6431.132.4
Webster Bank (0001105837)79683,67180,3484.030.8
Private Asset Management (0001026200)84876,79175,9141.129.1
Addenda Capital (0001569411)91666,40262,7485.524
*Today's Market Value in USD million of holdings as at June 30, 2020.

1.2 Financial News
Quarterly Report (Q2/2020):
May 01, 2020
Quarterly Report Analysis Q2 2020: Apple EPS slumps 49%
Apple (NASDAQ:AAPL), announced EPS of $US2.58 for the quarter-ended 28 March 2020 [Q2/2020], down 48.8% sequentially from $US5.04 in the previous quarter [Q1/2020].
Compared with the previous corresponding period [PCP; Q2/2019], year-over-year [y.o.y.] EPS was up 4.5%, Revenue was up 0.5% and Net Profit was down 2.7%.

1.3 Dividends
May 05: Apple quarterly dividends up 6.5% sequentially from previous quarter
Apple today announced a quarterly dividend of 82.0c per share for Q2/2020; up 6.5% sequentially from the previous quarter (Q1/2020) dividend of 77.0c. The ex-dividend date is Friday, May 08, 2020 and the record date is Monday, May 11, 2020 and it is payable on Thursday, May 14. Total dividends per share paid in the 12 months ended May 06 were US$3.08. This reflects actual dividend yield of 1.1% at the last price of US$293.16.

1.4 Press Releases
July 06: Apple's WWDC20 Swift Student Challenge winners determined to shape the future
When the Apple 2020 Worldwide Developers Conference kicks off on June 22 in a new virtual format, a global community of 23 million developers will have the opportunity to join from around the world for free through the Apple Developer app and the Apple Developer website. Now in its 31st year, WWDC20 will bring together the largest group of innovators and entrepreneurs ever assembled to connect, share, and create.
Source: Company Website

July 06: Apple honors eight developers with annual Apple Design Awards
Apple today named eight app and game developers receiving an Apple Design Award, each one selected for being thoughtful and creative. Apple Design Award winners bring distinctive new ideas to life and demonstrate deep mastery of Apple technology. The apps spring up from developers large and small, in every part of the world, and provide users with new ways of working, creating, and playing.
Source: Company Website

June 26: Apple: WWDC20 highlights
On Monday, Apple kicked off its all-online Worldwide Developers Conference in Cupertino, California, and since then tens of millions of people have watched the WWDC20 Special Event Keynote via live stream and on demand, across all platforms. There were more than 4 million visits to the Apple Developer app, and developers from around the world streamed 206 engineering sessions, including developers from Brazil, China, France, Germany, India, Japan, Russia, and the UK.
Source: Company Website

June 22: Apple reveals new developer technologies to foster the next generation of apps
Apple today announced a robust line-up of new technologies to help its 23 million developers design and build the apps of tomorrow. These new tools will enable developers to bring more powerful app experiences to Apple's industry-leading platforms, and help them better manage and grow their businesses. In addition to Apple's annual developer survey, WWDC20 will feature an online App Store lab so that developers from around the world can share their feedback and help inform future improvements to the App Store. Apple is also adding new forums for developers to relay suggestions throughout the coming year and beyond.
Source: Company Website

June 22: Apple: 13 new innovative technologies and features unveiled at WWDC20
Today Apple kicked off its all-online Worldwide Developers Conference bringing together millions of developers and fans from across the globe for the Special Event Keynote and Platforms State of the Union. The day was filled with announcements and innovations that will push the experience of Apple platforms and products even further. From macOS Big Sur, featuring the biggest design upgrade since the introduction of Mac OS X, to watchOS 7, the new App Library in iOS 14, and enhanced handwriting capabilities with Apple Pencil in iPadOS 14, here are some of the most groundbreaking features and app development tools unveiled at WWDC20.
Source: Company Website

June 22: Apple announces Mac transition to Apple silicon
In a historic day for the Mac, Apple today announced it will transition the Mac to its world-class custom silicon to deliver industry-leading performance and powerful new technologies. Developers can now get started updating their apps to take advantage of the advanced capabilities of Apple silicon in the Mac. This transition will also establish a common architecture across all Apple products, making it far easier for developers to write and optimize their apps for the entire ecosystem.
Source: Company Website

June 22: Apple introduces macOS Big Sur with a beautiful new design
Apple today previewed macOS Big Sur, the latest version of the world's most advanced desktop operating system. macOS Big Sur introduces a beautiful redesign that is entirely new yet instantly familiar. Safari is packed with new features, including a customizable start page, elegantly designed and more powerful tabs, quick and easy translation, and a new Privacy Report. The updated Messages app lets Mac users send and receive more personal and expressive messages, and easily keep track of and interact within group messages. Maps also offers an all-new experience with immersive features for exploring and navigating the world.
Source: Company Website

June 15: Apple's App Store ecosystem facilitated over half a trillion dollars in commerce in 2019
Apple today announced the App Store ecosystem supported $519 billion in billings and sales globally in 2019 alone. The new study, conducted by independent economists at Analysis Group, found that the highest value categories were mobile commerce (m-commerce) apps, digital goods and services apps, and in-app advertising. The results encapsulate the full sweep of the dynamic, competitive, and flourishing app economy, which has unleashed a torrent of innovation across 175 countries and revolutionized the way the world learns, works, and connects.
Source: Company Website

June 11: Events Calendar: Apple reveals lineup for its biggest-ever Worldwide Developers Conference
WWDC20 to include keynote address, Platforms State of the Union, 100+ engineering sessions, all-new Developer Forums, 1-on-1 labs with more than 1,000 Apple engineers, and more
Source: Company Website

May 15: As Pride goes virtual, Apple Watch Pride Edition helps community and advocacy continue worldwide
Like most high school seniors, Elle Smith hasn't had the year they imagined. Prom was cancelled. A graduation ceremony is up in the air. But one thing Elle hasn't compromised on is weekly virtual meetings of their Austin, Texas, high school's Genders and Sexualities Alliance, a club for LGBTQ students and allies to come together and find community. Elle restarted the club their freshman year and has led it ever since.
Source: Company Website

May 12: Apple unveils biggest update to Logic since the launch of Logic Pro X
Apple today unveiled a major update to Logic Pro X with a professional version of Live Loops, a completely redesigned sampling workflow, and new beat-making tools. With its collection of powerful creative features, Logic Pro X 10.5 will be a massive release for all musicians, including those producing electronic music.
Source: Company Website

May 07: Apple awards $10 million from Advanced Manufacturing Fund to COPAN Diagnostics
Apple today announced it is awarding $10 million from its Advanced Manufacturing Fund to COPAN Diagnostics, a market leader in sample collection kits that play a critical role in COVID-19 testing. This funding will allow COPAN Diagnostics to rapidly accelerate their supply of sample collection kits for hospitals across the United States, expanding production from several thousand today to more than one million kits per week by early July. As part of this effort, Apple will support COPAN Diagnostics' expansion to a new, larger facility in Southern California, with advanced equipment that Apple is helping design. This expansion is expected to create more than 50 new jobs.
Source: Company Website

May 05: Events Calendar: Apple to host virtual Worldwide Developers Conference beginning June 22
Apple today announced it will host its annual Worldwide Developers Conference virtually, beginning June 22, in the Apple Developer app and on the Apple Developer website for free for all developers. The company also announced the Swift Student Challenge, an opportunity for student developers to showcase their love of coding by creating their own Swift playground. Now in its 31st year, WWDC20 will be an opportunity for millions of creative and innovative developers around the world to get early access to the future of iOS, iPadOS, macOS, tvOS, and watchOS, and to learn from Apple engineers as they work to build app experiences that enrich the lives of Apple customers around the globe.
Source: Company Website

May 04: Apple updates 13-inch MacBook Pro with Magic Keyboard, double the storage, and faster performance
Apple today updated the 13-inch MacBook Pro with the new Magic Keyboard for the best typing experience ever on a Mac notebook and doubled the storage across all standard configurations, delivering even more value to the most popular MacBook Pro. The new lineup also offers 10th-generation processors for up to 80 percent faster graphics performance1 and makes 16GB of faster 3733MHz memory standard on select configurations. With powerful quad-core processors, the brilliant 13-inch Retina display, Touch Bar and Touch ID, immersive stereo speakers, all-day battery life, and the power of macOS, all in an incredibly portable design, the new 13-inch MacBook Pro is available to order today, starting at $1,299, and $1,199 for education.
Source: Company Website

April 30: Apple Reports Second Quarter Results
Apple today announced financial results for its fiscal 2020 second quarter ended March 28, 2020. The Company posted quarterly revenue of $58.3 billion, an increase of 1 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.55, up 4 percent. International sales accounted for 62 percent of the quarter's revenue.
Source: Company Website

April 30: Apple Reports Second Quarter Results
CUPERTINO, California - April 30, 2020 - Apple(Registered) today announced financial results for its fiscal 2020 second quarter ended March 28, 2020. The Company posted quarterly revenue of $58.3 billion, an increase of 1 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.55, up 4 percent. International sales accounted for 62 percent of the quarter's revenue.
"Despite COVID-19's unprecedented global impact, we're proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables," said Tim Cook, Apple's CEO. "In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive. We feel motivated and inspired to not only keep meeting these needs in innovative ways, but to continue giving back to support the global response, from the tens of millions of face masks and custom-built face shields we've sent to medical professionals around the world, to the millions we've donated to organizations like Global Citizen and America's Food Fund."
Source: SEC

April 21: Apple Services now available in more countries around the world
Apple announced that starting today, even more customers around the world can enjoy many of Apple's most popular Services. The App Store, Apple Arcade, Apple Music, Apple Podcasts, and iCloud are now available in 20 more countries, and Apple Music is available in 52 additional countries.
Source: Company Website

April 14: Apple makes mobility data available to aid COVID-19 efforts
Apple today released a mobility data trends tool from Apple Maps to support the impactful work happening around the globe to mitigate the spread of COVID-19. This mobility data may provide helpful insights to local governments and health authorities and may also be used as a foundation for new public policies by showing the change in volume of people driving, walking or taking public transit in their communities. To learn more about COVID-19 mobility trends, visit apple.com/covid19/mobility.
Source: Company Website

1.5 People's News
Thu Jul 02, 2020
Andrea Jung's performance as Director of Apple (NASDAQ:AAPL) is ranked in the top 5% of BuySellSignals performers for the past five years; a percentile ranking of 95.1. In the last 5 years the average annualized return to shareholders was 27.8%. The 5-year average return is ranked 2,148 out of 44,063 public companies traded globally. A three-bagger, the present value of US$1,000 (PV1000) invested 5 years ago is now worth USD3,403; a capital gain of USD2,126 and dividend reinvested of USD277.

Tue Jun 30, 2020
Apple (NASDAQ:AAPL) CEO Timothy D. Cook holds 2,667,969 shares worth USD973.3 million at the last price of USD364.80, a fall in value by USD327 million (25.1%). A month ago Timothy D. Cook held the same number of shares.

Tue Jun 30, 2020
Apple (NASDAQ:AAPL) Director Albert A. Gore Jr. holds 115,868 shares worth USD42.3 million at the last price of USD364.80, a rise in value by USD6.2 million (17%). A month ago Albert A. Gore Jr. held 113,585 shares and the price was USD317.94.

Tue Jun 30, 2020
Apple (NASDAQ:AAPL) Director Ronald D. Sugar holds 25,568 shares worth USD9.3 million at the last price of USD364.80, a rise in value by USD1.5 million (18.7%). A month ago Ronald D. Sugar held 24,714 shares and the price was USD317.94.

Tue Jun 30, 2020
Apple (NASDAQ:AAPL) Company Secretary Katherine Adams holds 67,019 shares worth USD24.4 million at the last price of USD364.80, a fall in value by USD2.2 million (8.2%). A month ago Katherine Adams held 83,751 shares and the price was USD317.94.

Tue Jun 30, 2020
Apple (NASDAQ:AAPL) Director James A. Bell holds 8,570 shares worth USD3.1 million at the last price of USD364.80, a rise in value by USD673,111 (27.4%). A month ago James A. Bell held the same number of shares.

Tue Jun 30, 2020
Apple (NASDAQ:AAPL) CFO Luca Maestri holds 27,568 shares worth USD10.1 million at the last price of USD364.80, a rise in value by USD1.3 million (15.2%). A month ago Luca Maestri held the same number of shares.

Sun Jun 28, 2020
Apple (NASDAQ:AAPL) COO Jeff Williams holds 316,322 shares worth USD111.9 million at the last price of USD353.63, a rise in value by USD19.5 million (21.1%). Three months ago Jeff Williams held the same number of shares and the price was USD256.74.

Fri Apr 17, 2020
Apple (NASDAQ:AAPL) Senior Vice President and Retail - People Deirdre O'Brien sold 9,137 shares worth $US2,605,141 on April 16. The selling price was $US285.12.

1.6 Recent Business News Round Up: CNBC
July 08: Mike Santoli's market notes: Growth dominance, Buffett's great Apple investment, uptrend confirmed?
This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.
Lethargic, drifting market leans against the same obvious supports in Big Tech, with the tape caught in a weeks-long trading range and the economic-recovery groups weighing down the tape.
Noted yesterday the familiar setup vs. last month: Strong jobs report on a Friday carries stocks higher, with further upside follow-through Monday that seems to cap a rally. On June 8, it was the post-crash high of 3232 on the S&P 500. This Monday is was 3180. Last month, morning rallies failed the next two days, same as yesterday and today.
Source: CNBC

July 08: Apple Maps driving activity is slowing again in warning sign for the economy
As coronavirus cases surge across the United States, data from navigation app Apple Maps shows a slowdown in requests for driving directions, a potential warning sign as the country works to restart the economy amid the pandemic.
The data from Apple tracks the change in volume of directions requests compared with a baseline level on Jan. 13, 2020, before the Covid-19 outbreak made its way around the globe. After a sharp decline in March, requests for driving, walking and transit directions had been steadily increasing in the U.S. But after reaching a peak in early July, driving direction requests have dropped by 6% over the past few days, based on the change in a seven-day moving average.
Source: CNBC

July 08: Deutsche Bank's Jeriel Ong on why he raised Apple's price target to $400 per share
CNBC's Jon Fortt talks with Jeriel Ong of Deutsche Bank about his call on Apple's stock.
Source: CNBC

July 08: 'Fear of missing out' sends Apple's stock higher, says research analyst
CNBC's "Squawk Alley" team discusses how tech stocks are trading in this market with Paul Holland of Foundation Capital and Amit Daryanani of Evercore ISI.
Source: CNBC

July 08: Apple
Deutsche Bank hiked its price target on Apple to $400 per share from $380 per share, implying a 7.3% upside from Tuesday's close of $372.69. "Overall, we feel comfortable that AAPL should continue to offer upside for investors," a Deutsche Bank analyst said in a note. However, the analyst noted the stock's recently sharp run-up "has us nervous."
Source: CNBC

July 08: The vast majority of Apple stores closed due to the Covid-19 pandemic are located in the U.S., Morgan Stanley says
The vast majority of Apple stores closed due to the Covid-19 pandemic are located in the United States, according to a new analysis from Morgan Stanley.
One hundred Apple retail stores were closed around the world at the end of last week, and 92 were located in the United States, according to the note. Apple has 510 stores worldwide and 271 stores in the United States.
Apple was one of the first major companies to close its retail stores during the pandemic, and the company says it monitors the coronavirus situation to determine whether it is safe to operate its stores.
The company's stores are often in major malls or business districts, making it a key indicator of how smoothly and where retail operations can restart amid the Covid-19 pandemic. The ratio of closures in the U.S. suggests Apple sees a significantly riskier environment for retail in its home country versus the rest of the world.
Overall, closures are picking up again. Morgan Stanley analyst Katy Huberty wrote that last week saw the first net increase in Apple Store closures since March, when Apple first shut down all stores outside China.
"As of July 7th, 410 of 510 Apple retail stores, or 80% of all stores, are reopened, down from 457 the week prior."
Last week, Apple said that it has reclosed 77 stores in the United States because of rising Covid-19 cases in many regions. Previously, it had been reopening many locations with social distancing, mandatory masking and curbside pickup or service appointment options.
An Apple spokesman said at the time in a statement: "Due to current COVID-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas. We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible."
Apple has continued to reclose stores, including one location in Georgia and one in California this week.

July 01: Apple to reclose 30 more retail stores as coronavirus cases spike
Apple will close 30 additional stores in the United States by Thursday, the company said, bringing the total number of reclosures in the United States to 77 as Covid-19 cases rapidly rise in several regions around the country.
Stores in Alabama, California, Georgia, Idaho, Louisiana, Nevada and Oklahoma will close Thursday. Other stores in Florida, Mississippi, Texas and Utah are closed as of Wednesday. Apple has 271 stores in the United States.
Apple shares dropped on the announcement to go negative during trading on Wednesday.
Apple stores tend to be in highly trafficked malls and shopping centers, and the fact that they are reclosing in such large numbers can be seen as a negative indicator of how smoothly retail operations can restart in the United States amid the coronavirus.
An Apple spokesman said in a statement: "Due to current COVID-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas. We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible."
The closings announced on Wednesday include the last two remaining stores open in Florida, as well as a number of stores around the Los Angeles area.
Apple was one of the first companies to shut its stores around the world in response to the Covid-19 pandemic. Stores started to reopen focusing on curbside service in the U.S. with safety measures including masks and temperature checks, but the rising rates of Covid-19 have forced the company to close many of its locations in hard-hit states.
Source: CNBC

July 01: Apple reclosing 30 more stores starting July 2, 77 in total
CNBC's Josh Lipton reports that Apple will be reclosing 30 more stores as coronavirus cases rise in the U.S.
Source: CNBC

June 30: Apple doesn't want Watch users to stress out about their sleep, so it's focusing on goals, not data
Apple fans have speculated for years about when the company's smartwatch would start tracking sleep. Now it's finally arriving with the next version of the Apple Watch's software, WatchOS 7, and it's a little different than what we've seen before.
Apple unveiled its sleep tracking features at WWDC, its developer conference, last week. But it's not a new area of interest for the company. Kevin Lynch, Apple's vice president in charge of Apple Watch software, told CNBC that the company has been extensively researching sleep technology for years.
"Some of these things are nonobvious when you first start working on sleep and it took us a while to get there," he said.
Thanks to this research, Apple decided to focus its efforts on setting and achieving simple goals, rather than collecting and analyzing data about a user's sleep habits. It might not be the right tech for those who are fixated with data and tracking their phases, like the number of hours they logged rapid eye movement sleep. But sleep medicine experts, who are wary of arming consumers with too much information without sufficient context, told CNBC that it's one of the better approaches out there.
Here's how Apple's sleep tracking tech works and why it stands out from the pack:
Source: CNBC

June 30: Apple partner JAMF files to go public after almost two decades helping companies use Apple products
JAMF's IPO prospectus names Apple 533 times. The company says its mission is to "help organizations succeed with Apple." One of its key risk factors is that customers become dissatisfied with Apple products.
Founded 18 years ago, JAMF is finally headed for the public market. In its prospectus released on Tuesday, the company isn't shy about tying its fortunes to a tech giant that's now valued by investors at over $1.5 trillion.
"Apple is ubiquitous," JAMF says in the industry background section of its filing. "It has transformed the technology landscape by placing the user first and designing everything around maximizing the Apple user experience."
JAMF helps companies securely deploy all of those Apple products, connecting them together and giving IT teams the tools to manage them. In the first quarter, revenue climbed 37% from a year ago, to $60.4 million, and the company's gross margin rose to 75% from 70%, as more customers turned to its subscription offering. It's still losing money, though its net loss narrowed slightly from $9 million to $8.3 million.
JAMF has been around for a long time, but its business has taken off in the last few years as Apple devices became more popular in business environments. Prior to the iPhone's rise last decade, companies tended to rely on PCs running software from Microsoft and other vendors, and a myriad of phones from different providers. The iPhone's popularity convinced some companies to take a closer look at other Apple products, including iPads and Macs.
Source: CNBC

1.7 Stock Buzz

Source: The Wall Street Journal
News DateHeadline
Jul 08Apple in a Pickle
Jun 27Wells Fargo, Apple, Walt Disney: Stocks That Defined the Week
Jun 25Thinking about buying stock in Ekso Bionics, Apple Inc, GNC Holdings, Microsoft Corp, or Aptevo Therapeutics?
Jun 23Apple Is the Newest Chip Giant in Town
Jun 22Appleā??s WWDC Goes Virtual, and Tech Industry Is Taking Note
Jun 20The iPhone Isnā??t the Cash Cow It Once Was. Apple Isnā??t Worried.

Source: Bloomberg
News DateHeadline
Jul 09Belkin Introduces Reusable Privacy Screen Protection And Portable Wireless Charging For Apple Devices To Mobile Accessories Por
Jul 06Covid: Fed Gets Close to Backing Apple Stock by Buying Its Bonds
Jul 02Apple, Facebook, Amazon, Google CEOs to Testify in Congress
Jul 01Apple Closes More Stores Again After Covid-19 Surge
Jun 30Apple Executive Defends App Store Rules Scrutinized by EU, U.S.
Jun 24Apple to Close Houston Stores Again on Covid-19 Spike

Source: Other Publishers
News DateHeadlinePublisher
Jul 10, 2020Dump United Airlines and Buy Apple InsteadInvestorPlace on MSN.com
Jul 10, 2020P2P Internet Bandwidth Market Orchid Launches Orchid VPN App, Available in the Apple App StoreCrowdfund Insider
Jul 08, 2020Apple Inc. (NASDAQ:AAPL) Expected to Announce Earnings of $1.96 Per Sharetheenterpriseleader.com
Jul 08, 2020OLED Displays Coming To All 5G Model Apple iPhones In 2020: ReportBenzinga.com on MSN.com
Jul 08, 2020Apple (NASDAQ:AAPL) Target Raised by Raymond James to $400.00Stock Market Daily
Jul 07, 2020One Reason Apple Is Still One Of My Top Tech PicksBayStreet

1.8 Analyst Recommendations: Past Month
DateBrokerageCurrent RatingPrice Target
Jun 23, 2020Goldman Sachs GroupSell263
Jun 23, 2020Credit Suisse GroupNeutral295
Jun 23, 2020OppenheimerBuy320
Jun 22, 2020Goldman Sachs GroupSell263
Jun 22, 2020OppenheimerBuy320

SECTION 2 Corporate Profile and Independent Ratings

2.1 Activities
Apple Inc. designs, manufactures, and markets personal computers, portable digital music players, and mobile communication devices and sells a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, and third-party wholesalers, resellers, and value-added resellers.
In FY 2019, the top earner of Revenue was iPhone [54.7%] followed by Services [17.8%] at Rank 2 , Mac [9.9%] at Rank 3 , Wearables Home and Accessories [9.4%] at Rank 4 and iPad [8.2%] at Rank 5. In FY 2019, revenue growth was highest in Wearables Home and Accessories [40.9%] followed by Services [16.5%] at Rank 2 , iPad [15.8%] at Rank 3 and Mac [2.2%] at Rank 4.

2.2 Segment Information
 $US $US  
Description2019-09-28% of Total2018-09-29% of TotalGrowth(%)
Net sales disaggregated by significant products and services-----
iPhone(1)142.4 B54.7164.9 B62.1-13.6
Mac (1)25.7 B9.925.2 B9.52.2
iPad(1)21.3 B8.218.4 B6.915.8
Wearables Home and Accessories (1)(2)24.5 B9.417.4 B6.540.9
Services (3)46.3 B17.839.7 B1516.5
Total260.2 B100265.6 B100-2

(1)Products net sales include amortization of the deferred value of unspecified software upgrade rights which are bundled in the sales price of the respective product.
(2)Wearables Home and Accessories net sales include sales of AirPods Apple TV Apple Watch Beats products HomePod iPod touch and Apple-branded and third-party accessories.
(3)Services net sales include sales from the Company's digital content stores and streaming services AppleCare licensing and other services. Services net sales also include amortization of the deferred value of Maps Siri and free iCloud services which are bundled in the sales price of certain products.
(4)Includes 5.9 billion of revenue recognized in 2019 that was included in deferred revenue as of September29 2018 5.8 billion of revenue recognized in 2018 that was included in deferred revenue as of September30 2017 and 6.3 billion of revenue recognized in 2017 that was included in deferred revenue as of September24 2016.

Top Segments by Revenue and rank
In FY 2019, the top earner of Revenue was iPhone [54.7%] followed by Services [17.8%] at Rank 2 , Mac [9.9%] at Rank 3 , Wearables Home and Accessories [9.4%] at Rank 4 and iPad [8.2%] at Rank 5.

Top Segments by Revenue growth and rank
In FY 2019, revenue growth was highest in Wearables Home and Accessories [40.9%] followed by Services [16.5%] at Rank 2 , iPad [15.8%] at Rank 3 and Mac [2.2%] at Rank 4.

2.3 Contact Details
Websitehttp://www.apple.com
Physical Address1 Infinite Loop,Cupertino,CA,95014
Phone+1 408 996-1010
Fax+1 408 974-2483
Emailinvestor_relations@apple.com

2.4 Industry & Sector
Classification LevelName of Sector
Economic SectorTechnology
Business SectorTechnology Equipment
Industry GroupComputers, Phones & Household Electronics
IndustryComputer Hardware
ActivityComputer Hardware - NEC*
* NEC: Not elsewhere classified

2.5 North American Industry Classification System [NAICS]
Code: 334220
Industry Title: Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing

2.6 Independent Ratings
+ Just Capital:
Apple Inc. was ranked 16 in the Just Capital annual list of top 100 ESG stocks for 2019; it was ranked 2 in the Technology hardware sector.
+ Carbon Disclosure Project (CDP):
It is one of 181 companies selected by the Carbon Disclosure Project (CDP) in their A List 2019. The CDP names the world's most pioneering companies leading on environmental transparency and performance.
+ Fortune 500:
It was ranked 9 by total revenues in the Fortune 500 annual list for 2017; unchanged over a year from the same rank 9 in 2013.
+ Industryweek 1000:
It is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 7.
+ Newsweek 500:
It was ranked 26 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 15% in Carbon productivity, 11.7% in Water productivity and 11.3% in Waste productivity.
+ Top 50 BCG:
It was ranked 1 in Boston Consulting Group's list of Top 50 Most Innovative Companies 2016; unchanged over a year from the same rank 1 in 2015.
+ Clarivate 100:
It is ranked in the Top 100 innovators by Clarivate Analytics.
+ PwC 100:
It was ranked 1 by MCap as at March 31, 2015 by PwC in the Top 100 Global companies; an improvement over 6 years from rank 33 as at March 31, 2009.
+ FT 500:
It is the 13th largest by revenue in the FT Global 500.
+ Citi Top 50:
It was ranked in Citi's Top 50 global cash cows with reinvest-to-payout ratio of 0.28.
+ Forbes 2000:
It is the 11th largest by revenue in the Forbes Global 2000.
+ PwC Top100 Software Leaders:
It is the 28th largest by revenue and largest by MCap among the PwC Global Software Leaders.

SECTION 3 Today's Bullish Signals

3.1 Momentum Up 5.1% Past Week
Apple outperformed the NASDAQ-100 index in 3 out of 5 days. The price ranged between a low of 364.11 on Thursday, Jul 02 and a high of 382.73 on Thursday, Jul 09.
DayAppleClose price [USD]Price change %Relative change %Comment
ThursdayHits year-high 12th time in three months382.730.3-0.5Week-high of 382.73
WednesdayAdds USD35 billion in MCap381.62.20.9Price rise on rising relative strength
TuesdayHits year-high 10th time in three months373.29-0.20.6Steepest Fall
MondayAdds USD43 billion in MCap, top heavyweight rise in Computer integrated systems sector374.02.70.2Top Rise
ThursdayOutperforming 89% of stocks364.110-0.6Week-low of 364.11

3.2 Momentum Up 8.8% Past Month
In the past quarter the week beginning Monday May 04 saw the highest weekly rise of 7.6% for a relative price increase of 1.8%.
The Best 3 weeks in the past quarter:
Mon-FriChange %NASDAQ-100 index Change %RPC %Vol Ind [1 is avg]
May 04-087.65.81.8-
Apr 13-175.57.2-1.71.2
Jul 06-105.441.40.8


3.3 Rank in the top 5% by Relative Valuation in the NASDAQ market
DescriptionValueRank
EV/EBITDA25.6In Top 5%


3.4 Rank in the top 23% by Price Performance in the NASDAQ market
DescriptionValueRank
Price/MAP2001.33In Top 11%
Price/MAP501.15In Top 13%
1-month Price Change %8.8In Top 17%
% Prem to Vol Wtd Price7.1In Top 23%

3.5 Uptrend
Beta > 1 combined with price rise. The Beta of the stock is 1.1.

Price/Moving Average Price of 1.33 and positive MACD:
- The price to 200-day MAP ratio is 1.33, a bullish indicator. In the past 200 days this ratio has exceeded 1.33, 36 times suggesting further upside. The stock is trading above both its MAPs and the 50-day MAP of USD334.33 is higher than the 200-day MAP of USD287.71, a bullish indicator. The 200-day MAP has increased to USD287.71. An increase is another bullish indicator.
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 370.48 minus the 26-day EMA of 356.79 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.
- The price to 50-day EMAP ratio is 1.1, a bullish indicator. In the past 50 days this ratio has exceeded 1.1, four times suggesting further upside. The 50-day EMAP has increased to USD338.55. An increase is another bullish indicator.

Past Month:
- Rises to Falls: In the past month the number of rises outnumbered falls 14:7 or 2:1.

Past Quarter:
In the last three months the stock has hit a new 52-week high twelve times, pointing to a significant uptrend.
Relative Strength (6 months) 82 percentile:
- The stock has a 6-month relative strength of 82 in the NASDAQ market of 2,404 stocks, 34 units and 3 preference stocks which means it is beating 82% of the market.
- A price rise combined with a high relative strength is a bullish signal.

3.6 Undervaluation
Earnings Yield of 3.4% > NASDAQ ave of 3% > Bond Yield of 0.6%:
- Earnings yield of 3.4% is greater than the NASDAQ average earning yield of 3%.
- The earnings yield of 3.4% is 5.5 times the 10-year bond yield of 0.6%.
(All figures in %)
Earnings Yield3.4
NASDAQ avg3
Dividend Yield0.8
Bond Yield0.6


Dividend Yield > Bond Yield of 0.61%:
The dividend yield of 0.82% is 1.34 times the triple-A bond yield of 0.61%. The times factor of 1.34 is above the benchmark factor of 0.67 times set by Benjamin Graham.
(All figures in %)
Dividend Yield0.82
Bond Yield0.61
Spread0.21

3.7 Other Bullish Signals
- Total Liabilities/EBITDA of 3.8 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5.

SECTION 4 Ongoing Bullish Parameters

4.1 Past four-years
- Apple rose for a fourth consecutive year. In the past four years it has risen USD292.84 (322.1%).

4.2 Rank in the top 1% by Size in the NASDAQ market
DescriptionValueRank
Ave daily TurnoverUSD8.6 billionIn Top 1%
MCapUSD1,679.2 billionIn Top 1%
Tr 12 months RevenueUSD268 billionIn Top 1%


4.3 Rank in the top 4% by Performance in the NASDAQ market
DescriptionValueRank
EBITDA Margin %142In Top 4%
Net Profit Margin %119.4In Top 4%


4.4 Rank in the top 7% by Productivity in the NASDAQ market
DescriptionValueRank
Return on Capital Employed [ROCE] %28.2In Top 5%
Return on Assets [ROA] %16.3In Top 7%


4.5 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 20.5%
TSR %1 yr3 yrs5 yrs10 yrs20 yrs30 yrs
AAPL.NASDAQ93.442.130.429.327.320.6

4.6 Present Value of USD1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PVUSD1000 > 1,411
PVUSD1,0003 mo ago1 yr ago3 yrs ago
AAPL.NASDAQUSD1,412USD1,934USD2,900
Computer Integrated Systems sectorUSD1,430USD1,792USD2,218
NASDAQ-100 IndexUSD1,308USD1,361USD1,889

4.7 The Best Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % > 40.7
3-Year price change of 177.7% for Apple outperformed the change of 90.1% in the NASDAQ-100 index for a relative price change of 87.6%.
Price Change %QuarterYear3 Years
Apple40.891.1177.7
Computer Integrated Systems sector4381123.2
NASDAQ-100 index30.537.490.1


4.8 Moving Annual Return of 92.6% in the past year:
Moving Annual Return was 92.6% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 35.5%. The Moving Annual Return has been positive in 4 of the last 5 years.
AAPLClose (USD)Dividends (USD)Capital Gain / (Loss) %% YieldAnnual Return %
Jul 10383.773.1391.11.692.6
1 Yr ago200.832.968.31.69.9
2 Yrs ago185.512.6234.21.936.1
3 Yrs ago138.22.34522.654.6
4 Yrs ago90.932.13(17.8)1.9(15.9)

Close 5 years ago USD110.66

4.9 MCap: 5-Year Increase of USD980 billion
In the past 5 years Market Capitalization has increased by USD979.8 billion (140%) from USD699.4 billion to USD1,679.2 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 2 out of 5 years.
  PriceMCap (US$ B)
LastUSD383.771,679.2
1 Year agoUSD200.83935.1
2 Years agoUSD185.51936.7
3 Years agoUSD138.20751.7
4 Years agoUSD90.93529.6
5 Years agoUSD110.66699.4


4.10 Buybacks and 5-Years Decrease of 24.1% in Total Shares on Issue
In the past 5 years total shares on issue have decreased by 1.5 billion (24.1%) from 6.1 billion to 4.6 billion. Buybacks have averaged 309.9 million shares [5.1%] per financial year. Based on a dynamic start date of 5 years ago, there has been no rise in issued capital over the last 5 years. A reduction in total shares on issue is a favourable indicator in Joseph Piotroski's 9 indicators.

Period EndingTotal Shares on IssueFYBuybacksBuyback %
Sep 28, 20194,617,834,0002019337,543,0006.8%
Sep 29, 20184,955,377,0002018261,865,0005%
Sep 30, 20175,217,242,0002017253,578,0004.6%
Sep 24, 20165,470,820,0002016282,601,0004.9%
Sep 26, 20155,753,421,0002015332,151,0005.5%
Sep 27, 20146,085,572,0002014391,748,0006%
Total  1,859,486,000 
Average per FY  309,914,333 

4.11 Created Market Value [CMV] past 30 yrs of USD1,629.6 billion
- Market Capitalization has increased by USD1,673.7 billion from USD5.4 billion to USD1,679.2 billion in the last 30 years. This increase comprises cumulative retained earnings (RETE) of USD44.1 billion and Created Market Value of USD1,629.6 billion. The Created Market Value multiple, defined by the change in MCap for every USD1 of retained earnings is exemplary at USD37.92.

4.12 Low Debt to Equity (%) and Reducing
The debt to equity ratio of 6.6% is under a safe benchmark figure of 50%. Moreover, it has improved from 11.2% a year ago.
YearsDebt to Equity (%)
Sep 20196.61
Sep 201811.17
Sep 20178.93
Sep 201667.86
Sep 201553.9

4.13 A 22.2% Decrease in Insider Selling
In the past 5 years a total of 6,008,049 Apple shares worth USD893.9 million were sold by insiders. Based on a dynamic start date of 5 years ago, insider selling has averaged 1,201,610 shares per year. In the past year, insiders sold 584,715 shares, a decrease of 22.2% from the previous year.
YearNo. of SharesValue, USD
Jul 10, 2020584,715130,430,190
1 Yr ago751,663163,520,597
2 Yrs ago958,962159,263,096
3 Yrs ago2,603,657317,701,138
4 Yrs ago1,109,052122,947,225
Total6,008,049893,862,247


4.14 Increased VWAP, up 174% in 5 years
In the past five years Volume Weighted Average Price (VWAP) has increased by 173.8% to USD273.33. Based on a dynamic start date of five years ago, there has been no decline in VWAP over the last 5 years.
Past five years, 12 months ended Jul 10 (USD)
YearHigh PriceVWAPLow Price
2020385.27273.33190.31
2019228.05187.18139.19
2018189.03163.68138.39
2017150.15117.9790.68
2016122.5599.8284.14

4.15 Increased share turnover, up 100% in 5 years
In the past five years, average daily share turnover has increased 100.3% to USD9.6 billion. This suggests increased liquidity.
Past five years, 12 months ended Jul 10 (USD billion)
YearAverage Daily Turnover
20209.6
20196.1
20184.9
20173.5
20164.8

4.16 Satisfies three criteria of Benjamin Graham
- "An earnings-to-price yield of at least twice the triple-A bond"; the stock's earning yield of 3.4% is 5.5 times the triple-A bond yield of 0.6%.
- "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 1.3 times the triple-A bond yield of 0.6%.
-"Total debt less than tangible book value"; total debt of USD6 billion is less than tangible book value of USD90.5 billion.

4.17 Satisfies 5 out of 9 criteria of Joseph Piotroski [pass mark 5]:
- Positive net income.
- Positive operating cashflow.
- Good quality of earnings [operating cashflow exceeds net income].
- Improvement in current ratio from 1.1 to 1.5.
- Reduction in total shares on issue.

4.18 Year-over-year (%) Change in Dividend:
Quarterly dividend for Q2/2020 was 82.0c, up 6.5% sequentially from 77.0c in Q1/2020. The year-on-year change was up 6.5% from 77.0c in the previous corresponding period Q2/2019.
QuarterQ2/2019Q1/2020Q2/2020
Dividend (USD Cents)77.077.082.0

SECTION 5 Today's Bearish Signals

5.1 Rank in the bottom 15% by Relative Valuation in the NASDAQ market
DescriptionValueRank
Price to Sales6.3In Bottom 15%
Dividend Yield %0.8%In Bottom 12%
Price to Book Value18.6In Bottom 6%

5.2 Downtrend
Today's Volatility:
The 0.4% discount to 12-month high of USD385.27 against the 101.7% premium to 12-month low of USD190.31 suggests the climb might be peaking.

5.3 Overvaluation
MCap/Total Assets:
- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 5. Compared with the rest of the market the stock is overvalued and ranks in the bottom quartile of stocks by value of Q Ratio.

5.4 Overbought/Bearish Signals:
- The Relative Strength Index (RSI) of 73.5 has penetrated the overbought line of 70, suggesting the price gain of 6.9% in the last 14 days is unusually high.
- The stock is overbought according to the Williams % R indicator of -4.4, suggesting the price is close to its 14-day high of USD385.27.

SECTION 6 Ongoing Bearish Parameters

6.1 Past 4 Quarters Sequential EPS growth averaged 11.0%:
The most recent quarter (Q2/2020) showed a decline of 48.8% in sequential growth of Quarterly EPS. There have been two rises and two declines in the past 4 quarters. Average quarterly growth in the past 4 quarters was impressive at 11.0%.
Quarterly ReportEPS (USD)Growth %
Q2/20202.58-48.8
Q1/20205.0463.6
Q4/20193.0840.0
Q3/20192.2-10.9


6.2 EPS growth [FY2019 vs FY2018] of -0.3%:
There have been three rises and two declines in the past 5 years. Average Annual Compounded rate of growth in EPS for the 5 years was impressive at 13.0%.
FYEPS (USD)Growth %
201911.97-0.3
201812.0129.6
20179.2711.0
20168.35-10.0
20159.2843.0

6.3 % Growth in EPS & RPS
EPS growth: Sequential EPS growth (Q2 vs Q1, 2020) was down 48.8% and PCP EPS growth (Q2 2020 vs Q2 2019) was up 4.5%. FY EPS growth (FY2019 vs FY2018) was down 0.3%.
RPS growth: Sequential growth in Revenue per share (Q2 vs Q1, 2020) was up 6.2% and PCP growth in Revenue per share (Q2 2020 vs Q2 2019) was up 24.5%. FY growth in Revenue per share (FY2019 vs FY2018) was up 5.4%.

(All figures in %)
Sequential growth in EPS (Q2 vs Q1, 2020)-48.8
Sequential growth in RPS (Q2 vs Q1, 2020)6.2
PCP growth in EPS (Q2 2020 vs Q2 2019)4.5
PCP growth in RPS (Q2 2020 vs Q2 2019)24.5
FY growth in EPS (FY2019 vs FY2018)-0.3
FY growth in RPS (FY2019 vs FY2018)5.4

6.4 Declining Volume, down 24% in 5 years
In the past five years, Average Daily Volume of Trading (ADVT) has decreased 24.3% to 36 million shares.
Avg. Daily Volume Traded 12 months ended Jul 10, million shares
YearADVT
202036.0
201932.3
201829.5
201729.3
201647.6

6.5 Decrease in Institutional Ownership down from 59.9% to 57.5%
As at March 31, 2020 Institutions held 57.5% of total shares on issue; a decrease from 59.9% as at December 31, 2019.
Quarter-endDecember 31, 2019March 31, 2020
Holdings (%)59.957.5

6.6 Quarterly Trend in Revenue, Net Profit and Net Profit Margin:
- Revenue and Net Profit growth have shown signs of deterioration in recent quarters. [All figures in %]
Qtr-endedRevenue GrowthNet Profit GrowthNet Profit Margin
Mar 20 [Q2 vs Q1]-36.5-49.484.3
Dec 19 [Q1 vs Q4]43.462.5174.9

SECTION 7 Insider Selling and Ownership

7.1 Insider Ownership Summary
NameShares HeldValue, USD
Timothy D. Cook2,667,9691,023,886,463
Arthur D. Levinson1,148,137440,620,536
Jeff Williams122,31546,940,828
Katherine Adams37,00914,202,944
Luca Maestri27,56810,579,771
Ronald D. Sugar854327,740
Albert A. Gore Jr.854327,740
James A. Bell854327,740
Total4,005,5601,537,213,761

7.2 Insider selling Summary in the past 12 months
NameNo. of SharesPrice, USDValue, USD
Cook Timothy D [CEO]265,160206.254,667,179.4
Williams Jeffrey E [COO]108,616227.524,711,190.8
Maestri Luca [CFO]102,721242.824,940,124.9
Levinson Arthur D [Chairman]73,823235.017,349,297.5
Total550,320221.1121,667,792.6

7.3 Cook Timothy D [CEO] Reported Selling In The Past 12 Months
MonthNo. of SharesPrice, USDValue, USD
August 27, 2019265160206.254,667,179.4

7.4 Williams Jeffrey E [COO] Reported Selling In The Past 12 Months
In the past year shares sold per month averaged 9,051.
MonthNo. of SharesPrice, USDValue, USD
April 03, 202041062241.49,914,186.3
October 03, 201967554219.014,797,004.5
Total: Williams Jeffrey E 108,616227.524,711,190.8

7.5 Maestri Luca [CFO] Reported Selling In The Past 12 Months
In the past year shares sold per month averaged 8,560.
MonthNo. of SharesPrice, USDValue, USD
April 09, 202041062264.410,858,444.6
October 09, 201961659228.414,081,680.3
Total: Maestri Luca 102,721242.824,940,124.9

7.6 Levinson Arthur D [Chairman] Reported Selling In The Past 12 Months
In the past year shares sold per month averaged 6,152.
MonthNo. of SharesPrice, USDValue, USD
February 04, 20201429304.1434,573.2
November 07, 201937394257.89,639,799.3
Aug '1935000207.97,274,925.0
Total: Levinson Arthur D 73,823235.017,349,297.5

SECTION 8 Corporate Bonds

Quarterly Trend

8.1 Short-Term Bonds Yield down 41 basis points in the past quarter
Short-Term Apple corporate bond yields (CUSIP: 037833AK6), maturing in 2 years 9 months have decreased from 0.79% to 0.38% in the past quarter. Over the same period, spread with treasury has decreased 27 basis points.

Medium-Term Bonds Yield down 37 basis points in the past quarter
Medium-Term Apple corporate bond yields (CUSIP: 037833CR9), maturing in 6 years 10 months have decreased from 1.42% to 1.05% in the past quarter. Over the same period, spread with treasury has decreased 23 basis points.

For Company searches and sorting by bonds and variables, an interactive version of current day's Table is available here:/home/jboss/jboss-3.2.7/server/default/deploy/BuySellSignals.war/report/Usnasdaq/Stock/quarterly/BondTable_7.html

8.2 Time [Yrs Mo Days] and Yield to Maturity as on Jul 10, 2020
CUSIPTime to MaturityYld (%)Treasury (%)Spread (%)YTM Chng 3 Mo (bps)Moody'sS&P
037833CR96 yrs 10 mo 2 d1.050.460.59-37--
037833CJ76 yrs 7 mo0.990.460.53-65--
037833BG44 yrs 10 mo 4 d0.670.280.38-47--
037833AZ34 yrs 7 mo0.640.280.36-49--
037833AK62 yrs 9 mo 24 d0.380.180.2-41Aa1AA+
037833BU32 yrs 7 mo 14 d0.370.180.19-6--
037833CM01 yr 7 mo0.350.150.2-24--
037833BF61 yr 10 mo 4 d0.320.150.1724--
037833CQ11 yr 10 mo 2 d0.30.150.15-34--
037833CP31 yr 10 mo 2 d0.30.150.14-138--
037833AY61 yr 7 mo0.290.150.14-25--
037833CC21 yr 26 d0.240.150.09-22--

8.3 Key Statistics
MaturityYield to maturity %Yrs to Maturity% Rise/Fall 3-mo
Feb to Aug 20210.2 to 0.630.62 to 1.07-0.24 to 0.41
Feb to May 20220.29 to 0.351.58 to 1.84-1.05 to 0.19
Feb to May 20230.37 to 0.382.62 to 2.82-0.43 to 0.77
Feb to May 20240.53 to 0.63.58 to 3.840.13 to 0.77
Feb to May 20250.64 to 0.674.58 to 4.841.69 to 1.82
Feb to Aug 20260.79 to 0.815.62 to 6.071.85 to 2.25
Feb to May 20270.99 to 1.056.58 to 6.841.86 to 3.43
Feb 20361.6315.627.96

8.4 Yield Curve - Apple Bond vs US Treasury
Years to MaturityApple Bond Yield (%)Treasury Yield (%)Spread to Treasury(Basis Points)
10.240.159
20.350.1520
30.380.1820
50.670.2839
71.050.4659
The yield curve is upward sloping which is typical. The term premium between the yield of a 7-year Apple Inc. bond of 1.05% and the yield of a 1 year bond of 0.24% is 0.81%. Further, the yield curve is flattening from a term premium of 0.84% a month ago to a current level of 0.81%. This indicates investor expectations of falling inflation and/or decreasing demand for longer-term bonds. In comparison, the term premium of Treasury is 0.31%, down from 0.35% a month ago.

Glossary

ADVT: Average Daily Volume of shares Traded
Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Current Ratio: Current Assets/Current Liabiliites (times)
Debt/Equity: Net Debt/Net Assets %
Dividend Yield: Dividend Per Share/Share Price (%)
EBIT Margin : Earnings Before Interest and Tax/Revenue (%)
Earnings Yield: Earnings Per Share/Share Price (%)
Income during the n years (3/2/1): Dividends received during the Period
Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods
PCP: Previous Corresponding Period
PV1000: Present value of 1000 invested 1 year/'n' years ago
Price Close/Moving Avg Price: Latest Price/Moving Average Price
Price/Earnings: Share Price/Earnings Per Share (times)
Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)
Price/Sales: Share Price/Sales Per Share (times)
Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index
Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.
Return on Assets: Net Profit/Total Assets (%)
Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)
TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend
Total Liabilities/Total Assets: Total Liabilities/Total Assets
Turnover Rate: value of annual trading volume as a percentage of market capitalisation
Volatility: Highest Price minus Lowest Price/Lowest Price (%)
Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period
Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

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