FYI: This is the Alfred E. Newman market, as investors show little if any concern for some of the risks that face big-cap technology names.
Both Apple (ticker: AAPL) and Facebook
(FB) had some explaining to do last week, but considering the challenges they face, their shares held up well.
If there’s a wall of worry, it lies outside the fundamentals of technology. The Dow Jones Industrial Average fell 2.5% Friday, on concerns about inflation, following the largest jump in wages in eight years, as reflected in the January payroll data released that day.
On Thursday afternoon, Apple had offered a forecast for its March quarter that missed Wall Street’s expectations by several billion dollars. This had been anticipated for weeks, but there was a surprise: Sales of iPhones in the December quarter—Apple’s most important because of holiday-season buying—topped 77 million units, 1% below the year-earlier total, and under the 80 million that Wall Street was expecting.
Regards,
Ted
http://www.cetusnews.com/business/Apple-and-Facebook--The-Teflon-Twins.B1H_PbCG8f.html
