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MARKETS: Big tech gets taken to the woodshed but YF Premium remains bullish on Apple

Yahoo Finance Video
Updated

Yahoo Finance's Jared Blikre joins Myles Udland to break down the day's price action in stocks as well as a long in Apple (AAPL), a Yahoo Finance Premium Investment Idea. Not a subscriber? http://finance.yahoo.com/premium-marketing?yahooproperties_editorialv_wcz7njuyytq">Start your free trial to join our next webinar on Wednesday, November 4 at 2:00pm ET live!

Video Transcript

MILES UDLAND: All right, got about 10 minutes to go in today's trading session. Let's go to Jared Blikre quickly for a look at the market. Jared.

JARED BLIKRE: Well, we have the Dow heading for its worst October since 2008. But we're looking at the NASDAQ today-- of course, those big earnings releases in focus, Apple down now 6%, Amazon nearly there with it, Facebook down 7%.

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And let's stick with Apple here because this brings us to our Yahoo Finance Premium investment idea of the day. That is in Apple. We have Argus Research reiterating their BUY, and let's go through some of the reasons here. This is based on their earnings release, of course, last night. Mac and iPad shine, but tough iPhone comps reiterating the BUY.

Apple delivered fiscal fourth quarter '20 revenue and EPS that easily topped consensus. Despite no iPhone 12 sales in the quarter, revenue was strong. Bang-bang launches of iPad Air, Watch Series 6, the services bundle, and that new 5G iPhones in autumn show that Apple is firing on all cylinders. And their price target, they are keeping it at 150. That's about 25% from the current price. Miles.