Market Overview

Nervous Investors Taking Chips Off The Table Ahead Of Apple's Q3 Report

Related AAPL
Skyworks Downgraded By Raymond James On Lack Of Upside Potential
Why YouTube Is Focused On Music Streaming
Stock Market Futures Jump As U.S.-China Trade War 'On Hold' (Investor's Business Daily)

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Apple Inc. (NASDAQ: AAPL) shares were trading lower by $1.17 at $130.90 in Tuesday's session. It appears investors are cashing in on its $10 plus run since the July 7 close ($120.17) ahead of its Q3 report after the close.

Adding to the paranoia of a potential miss is the drubbing in International Business Machines Corp. (NYSE: IBM), which was trading lower by $8.22. The company beat on the bottom line, but missed on the top line and issued poor guidance.

See Also: iPhone Momentum, China On Apple Analysts' Minds Heading Into Tuesday's Report

It should be noted that IBM staged a similar run to Apple's ahead of its report, rallying from its July 8 close ($163.16) to $173.22 by Monday's close, before giving back all of those gains in today's session.

Off the open, Apple found willing sellers a nickel ahead of Monday's high ($132.97), only reaching $132.92 before collapsing. So far, it has reached $130.32 and is attempting to rebound. If the decline continues, the identifiable support level does not come in until Friday's low ($128.31).

Posted-In: Premarket outlookTechnicals Intraday Update Movers Trading Ideas


Related Articles (AAPL + IBM)

View Comments and Join the Discussion!