Apple Shares Down 3% for the Week

By Douglas A. McIntyre Updated Jan 13, 1:45AM EST · Published Oct 30, 9:21AM EDT

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Apple Shares Down 3% for the Week — © courtesy of Apple Inc.

After earnings, new Mac introductions, and speculation about the iPhone 8, Apple Inc.’s (NASDAQ: AAPL) t0 shares dropped 3% last week to $113.69.

As a summary, Apple claims the new MacBook Pro has graphics which are 130% faster than its predecessor, a 67% brighter display, and is 17% thinner. The 13 inch model weighs 3 lb and is 14.9 mm “thin”. The 16 inch model weights 4 lb and is 1.5 mm thin. According to Apple, the machine has a new, revolutionary feature:

And it introduces the Touch Bar — a Multi-Touch enabled strip of glass built into the keyboard for instant access to the tools you want, right when you want them. The new MacBook Pro is built on groundbreaking ideas. And it’s ready for yours.

For the most part, the press did not consider that feature terribly ground breaking.

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As for earnings, Apple has a rough quarter, and a rough fiscal year. The consumer electronics firm announced:

… financial results for its fiscal 2016 fourth quarter ended September 24, 2016. The Company posted quarterly revenue of $46.9 billion and quarterly net income of $9 billion, or $1.67 per diluted share. These results compare to revenue of $51.5 billion and net income of $11.1 billion, or $1.96 per diluted share, in the year-ago quarter. Gross margin was 38 percent compared to 39.9 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter’s revenue.

As for the iPhone 8, many speculators believe it will need to be a great leap into the future of smartphones to make Apple a growth company again:

According to Japan’s Nikkei:

And a 5-inch iPhone 8 would add a new option to the current lineup which includes 4.7-inch and 5.5-inch flagship models.

“Apple has tentatively decided that all the 5.5-inch, 5-inch and 4.7-inch models will have glass backs, departing from metal casings adopted by current iPhones, and Biel and Lens are likely to be providing all the glass backs for the new iPhones next year,” the source said.

All that and only a 3% move.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.