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Yesterday's AAPL and AMZN Earnings
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Yesterday's earnings went as expected. AAPL announced their best March quarter ever destroying the estimates. They sold 2.29 million Macs, 1.7 million iPhones and 10.6 million iPods. The iPhone number was shocking considering AT&T announced activating only 700k iPhones during the quarter. That means one million iPhones were bought, unlocked and activated on other networks.
AMZN had a nice quarter as well with net sales increasing 37%. The only problem here was that AMZN's stock doubled last year and expectations were high. There is nothing they could have announced which would have sent their stock higher.
Both stocks moved as planned but I am still down on the AMZN trade. I purchased AAPL 12 days ago at $154.24 and now it is trading at $167.75 (I am up 8.75%). I sold AMZN short on the same day at $73.02 and it is now trading at $78.07 (I am down $6.9). APPL is up after it's earnings and AMZN is down after it's earnings which is exactly as I anticipated. What I hadn't anticipated was Google's monster earnings last week lifting AMZN the way it did.
At this point I am going to hold my AAPL and look for an exit on AMZN. I still think AMZN will trade lower and there is a chance I still might come out ahead on that one. I need to free up some cash though, because I have my eye on a couple stocks that I want to get into before their earnings. |
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This site is not just a place for me to speak my mind, my goal is for these posts to be a catalyst for conversation. If I have stimulated some thoughts/ideas please be sure to contribute below. Dont be shy =)
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