U.S. Markets Brace for Apple Q1 Earnings Report Today

ETFs to watch with the biggest Apple holdings include Technology Select Sector SPDR ETF (NYSEArca: XLK)and Vanguard Information Technology ETF (NYSEArca: VGT).

Downgrades Abound

Multinational investment firm UBS cut its 12-month price target of Apple by $15 to $225 and lowered its iPhone unit sales forecasts for the current quarter by 1.5 million to 73.5 million.

Bank of America Merrill Lynch issued a similar downgrade following the earnings report for “slower growth in app store revenue, especially in China; guidance for the December quarter that implies weaker-than-expected iPhone unit sale; investors will likely interpret ending iPhone unit sales figures as negative; and weaker growth in emerging markets because of the stronger dollar.”

Apple reported that it posted a fiscal fourth quarter revenue of $62.9 billion, which represented a 20% jump from the same time a year ago, as well as, a quarterly earnings per diluted share of $2.91–a rise of 41%.

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