Apple CEO Cook: Rumor Mill Causes a Pause in iPhone

As part of the updated program, the share repurchase authorization was raised to $210 billion from the $175 billion level announced a year ago. The average selling price of the iPhone overall rose to almost $655 from about $641 a year ago. Barclays PLC lowered shares of Apple from an overweight rating to an equal weight rating and cut their price objective for the stock from $119.00 to $117.00 in a report on Tuesday, January 24th. We'll find out whether Apple's blockbuster quarter and consumer enthusiasm for the iPhone 7 continued into the second quarter, or if things have cooled off once again.

This is not the first time Cook has cited the Apple Rumor Mill as holding up purchases in a particular quarter. Apple Inc. (AAPL) intends to fund the increased capital return plans using domestic and global debt.

Sales of the iPhone, which account for 69.4 percent of Apple's total revenue, were larger than expected in the quarter that ended December 31, helping mitigate concerns about consumers switching to cheaper alternatives or holding on to their current phones longer.

Drew Angerer/Getty ImagesApple's 2nd fiscal quarter is when Apple usually discusses its capital return program.




"We feel great about this momentum, and our goal is to double the size of the services business in the next four years", Cook said in a conference call announcing Apple's first-quarter earnings in January. Apple said earlier this year that it aims to double annual services revenue to more than $50 billion by fiscal 2021.

"Potential catalysts for Apple during 2017 include a falling corporate tax rate and repatriation of over $200B from cash balances offshore", Needham analyst Laura Martin wrote last week. Consensus analyst estimate is at $52.97 billion, at the higher end of that range. The world's most valuable tech company is apparently having a pilot study of the dual-lenses for the selfie shooter, an upgrade from the current iPhone 7 and iPhone 7 Plus, which have single camera sensor. And those two phones helped reverse three quarters of sliding sales. Apple's stock surged to new heights in the months after its last record-breaking earnings report in January. Despite a new iPad, a bright red iPhone, and a bevy of new Apple Watch bands and other accessories, Apple only slightly beat Wall Street's expectations on revenues - and it missed on sales.

This trend may have a number of implications for the future of Apple's iPhone business, far and away the core pillar of the entire corporation and around which every other product and service decision orbits. "Investors need faith that users are waiting rather than switching". Analyst's mean target price for AAPL is $148.96 while analysts mean recommendation is 2.00. Retirement Planning Group raised its position in Apple by 0.4% in the third quarter.

The UBS ranking was based on institutional investment in individual stocks.

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