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Subject Stock Market Is Going To Carsh Tomorrow? Breaking: Apple Earnings Miss, Cut Q4 Forecast To $11.75 From $15.45, And iPad Is Weak
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Original Message Stock Market Is Going To Carsh Tomorrow? Breaking: Apple Earnings Miss, But iPhone Crushes, Cut Q4 Forecast To $11.75 From $15.45, And iPad Is Weak

Here is what Apple reported versus expectations here. (Expectations via Gene Munster at Piper Jaffray.):

Revenue: $36 billion versus $36 billion expected.
EPS: $8.67 versus $8.81 expected.
iPhone: 26.9 million versus 25.3 million expected.
iPad: 14 million versus 15 million expected (See below for explanation on this estimate).
Mac: 4.9 million versus 5 million expected.
iPod: 5.3 million versus 5.5 million expected.
Gross Margin: 40% versus 40.5%
December quarter revenue: $52 billion versus $54.9 billion expected.
December quarter EPS: $11.75 versus $15.45 expected.
Cash, short term, and long term securities: $121.3 billion.
Apple's estimates has been cut a week ago

[link to www.businessinsider.com]

Conditions Worse Now Than On Black Monday: Safe Haven Flows Moving Into Gold, Not Treasurys, Japan Is In Danger of Imminent Technical Default, China's Real Growth Is 0%, Stock Market Is Heading To An Earning Shock And Spain Is Totally Beyond Saving

The economic backdrop that sparked the stock market crash of 1987 is still in place and has grown worse, says Peter Schiff, CEO of Euro Pacific Capital.

In 1987, “the market was spooked by concerns over international trade and government debt, which then became known as the twin deficits" — the budget deficit and the trade deficit, Schiff writes an economic commentary.


The deficits together totaled 6.4 percent of gross domestic product (GDP) then.

Flash forward to now: the deficits add up to 13 percent of GDP. “But today's investors are largely untroubled,” Schiff says.


With the Fed so committed to quantitative easing, stocks might escape a crash, but not the dollar and Treasurys, he notes.

“Black Monday is more likely to occur in the currency and/or bond markets, with safe-haven flows moving into gold, not Treasurys.”

[link to investmentwatchblog.com]

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