Cyrrus (Cyrrus)
Markets  |  October 26, 2012 10:03:17

Joint Stock breakfast 26.10 - Results, macro, Spain

Overview of the main event for Friday, the 26th October 2012





Worse corporate results


German consumer confidence improved


Apple, Amazon, Samsung

Upcoming Events

Spain unemployment 9:00
14:30 U.S. Q3 GDP
14:30 Personal Consumption
14:30 Uni of Michigan Consumer Confidence

11:00 Italian bonds in 2014, 2021, 2026



  • The government announced a further USD 9.4 billion economic stimulus
  • The Japanese economy is slowing more than expected

Poor earnings season continues in Asia

  • The disappointment came from companies such as Canon, Samsung and China Unicom (2.nej. Chinese phone operator)



  • Consumer Confidence 6.3% vs 5.9% est.
  • Better



  • Particularly disappointing prospects for the next quarter
  • Have higher costs in connection with the fact that managed to market more products as soon as possible before Christmas
  • They realize that they must take as soon as competition grows
  • Expect 4Q EPS $ 11.75, est. $ 15.49
  • Revenues expected 52 billion USD 55.1 bln vs est
  • Gross margin is 36%, down from 40% in 3Q

  • Q3: EPS slightly worse
  • Research and development grew by 40% YoY
  • Sold more iPhones and fewer iPads and iPods, Mac sales in line

  • He never cursed so many products on the market in such a short time - with the associated high costs and reduces the margin
  • These costs would, however, over time they fall
  • Especially iPad mini tried a lot faster, which whittled the margin
  • The basic question is: Will costs go down or are a reflection of the increasing competition will be permanently higher?


  • EPS-60c +14 c vs est
  • Revenues in line with estimates
  • The first quarterly loss since 2003
  • The reason is mainly to invest more in their site
  • Growing problem Amazon (# 1 online retailer) is due to rising costs to maintain their leading position in the market


  • The results beat estimates
  • Profit of 6.56 trillion Won vs est 6.25 trillion. Won
  • However, due to the results of Apple's market there is a concern that sales of smartphones and tablets have peaked
  • Reaction -2.5%


  • Yesterday introduce Windows 8 tablets and Surface
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Akciová snídaně 26.10. - výsledky, makro, Španělsko

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