Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.
Earnings review: Twitter up, Cisco down
Twitter’s better-than-expected performance for the latest quarter sent the stock soaring in after-trade hours. The price has reached an all-time high of $60. However, the pullback to the downside is expected to happen soon as all technical indicators signal the stock is overbought. The RSI indicator went above the 70.00 level, also the price passed through the upper line of Bollinger Bands and touched the upper trendline. Nevertheless, the positive earnings may drag the price to $65.00, but if Twitter starts falling, it shouldn’t go lower the support level of the recent lows at $54.00.
Cisco published slightly better earnings results than the market estimate: 79 cents per share versus the forecasted 76 cents per share. Revenue came out better than expected as well: $11.96 billion vs. $11.92 billion. However, it was worse than a year ago. Actually, revenue declined for the fifth consecutive quarter as the Covid-19 crisis hit hard Cisco. As a result, Cisco dropped in after-trade hours. Support levels are at the low of August 2020 at $47.00 and at the 50-day moving average of $45.00.
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Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake.
Today at 00:00 GMT+3 SPCE will present the second quarter 2021 financial results. We will get to know everything about the company's financial condition and plans.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.