Former U.S. vice president and Apple board member Al Gore sold about half his holdings in Apple stock on Wednesday, garnering more than $29 million.

According to an SEC filing, Gore sold 215,437 shares on Wednesday, leaving him with 230,137 shares remaining.

Earlier in the month, he exercised the right to buy 70,000 shares at just over $13 per share, then sold them at market prices, garnering a gain of about $8 million. That means he's sold more than $37.5 million worth of shares this month.

Apple will report its 2nd fiscal quarter earnings on Tuesday at 4:30 P.M.

Here's what Wall Street expects from Apple's key earnings figures, via Bloomberg:

• Q2 EPS (GAAP): $2.02, up 5.9% year-over-year
• Q2 revenue: $53.079 billion, up 4.9% year-over-year.
• Gross margin: 38.71%
• iPhone unit sales: 52.21 million

Apple forecasts between $51.5 billion and $53.5 billion in sales in this quarter. Ultimately, 39 analysts rate Apple stock as a "buy," 9 rate it as a hold, and only one says to sell, according to Bloomberg.

How does Apple see the upcoming iPhone "Super Cycle?"

Wall Street analysts believe there is a built-up audience of iPhone owners who have been waiting for a new model to upgrade. So if the iPhone launched this fall is impressive, it could spur a "Super Cycle" of sales.

Analysts want to hear if Apple CEO Tim Cook or CFO Luca Maestri give any perspective on whether Apple sees this as a real possibility or how the company is preparing for substantial demand.

"Over the course of the next year, we continue to believe that an iPhone 8 Super Cycle (starting with 3 models, one of which will be OLED) should drive up replacement rates and drive new customers," Credit Suisse analyst Kulbinder Garcha wrote in a note last week.

Will Apple increase dividends?

Apple's 2nd fiscal quarter is when Apple usually discusses its capital return program.

Apple had $246.1 billion in cash and marketable securities and $87.5 billion in debt at the end of last quarter, according to Drexel Hamilton analyst Brian White.

"Exiting [the holiday quarter], Apple had used nearly $201 billion of the $250 billion that is targeted to be returned to shareholders by March 2018," White writes.

Aside from Apple's annual capital return update, some analysts will want to hear what Apple would do if there is corporate tax reform and it can repatriate some of the $230 billion or more it has overseas.

"Potential catalysts for Apple during 2017 include a falling corporate tax rate and repatriation of over $200B from cash balances offshore," Needham analyst Laura Martin wrote last week.

How much are iCloud and Apple Music contributing to total revenue?

Apple's services business, which includes Apple Music, iCloud, and AppleCare warranties, is expected to report revenue of $6.9 billion, estimates Martin.

That's almost as many sales as a Fortune 500 company reports in a quarter. Investors want Apple to demonstrate that it can make money off of Apple users in addition to selling premium computers and phones.

"This continued expansion of Service's contribution to Apple's business has resulted in a higher quality, annuity type business. We believe as this business continues to grow, the stock could continue to rerate as a result. Current stock price has reflected the upcoming iPhone cycle to some extent," Credit Suisse analysts recently wrote.

Apple also announced that its Board of Directors has authorized an increase of $50 billion to the Company’s program to return capital to shareholders and is extending the program timeframe by four quarters. Under the expanded program, Apple plans to spend a cumulative total of $300 billion by the end of March 2019.

As part of the latest update to the program, the Board has increased its share repurchase authorization to $210 billion from the $175 billion level announced a year ago. The Company also expects to continue to net-share-settle vesting restricted stock units.

The Board has approved a 10.5% increase to the Company’s quarterly dividend, and has declared a dividend of $0.63 per share of the Company’s common stock, payable on May 18, 2017 to shareholders of record as of the close of business on May 15, 2017.

Apple is providing the following guidance for its fiscal 2017 third quarter:

• revenue between $43.5 billion and $45.5 billion
• gross margin between 37.5 percent and 38.5 percent
• operating expenses between $6.6 billion and $6.7 billion
• other income/(expense) of $450 million
• tax rate of 25.5 percent

Apple announced after the bell Tuesday a 10.5 percent increase in its dividend to $13.22 billion annually, surpassing Exxon Mobil's $12.77 billion payout and making it the biggest-paying dividend stock in the world.

Apple becomes the first $800 billion company

May 8, 2017

Apple Inc. became the first $800 billion company Monday, as the stock surged to record highs. The stock was up as much as 3.2% to an all-time intraday high of $153.70 in afternoon trade, before paring some gains.

With 5.21 billion shares outstanding as of March 31, that price gave the company a market capitalization of $801.37 billion, by far the biggest valuation among U.S. companies. The stock was currently up 3% at $153.47, valuing the company at $800.17 billion.

Behind Apple, Google parent Alphabet Inc.'s market cap is $657.78 billion, Microsoft Corp.'s market cap is $530.36 billion and Amazon.com Inc.'s market cap is $450.96 billion, according to FactSet.

Here's What Wall Street Will Look For When Apple Reports

July 28, 2017

Investors are expected to look past Apple's June-quarter earnings report when it comes out after the market close Tuesday, focusing instead on any hints that the iPhone maker gives about the current September quarter and the expected launch of the iPhone 8.

Analysts will be looking closely at Apple's outlook for clues as to whether the company's 11th-generation smartphone will launch on time late this quarter or be delayed until the December quarter. Some analysts are bracing for Apple to guide Wall Street significantly lower for the current quarter, the company's fiscal fourth quarter, because of a rumored delay in production of the iPhone 8 handset.

Bernstein analyst Toni Sacconaghi cautioned in a note to clients that Apple might deliver a "big guide down" with its June-quarter results.

For Apple's fiscal third quarter, Wall Street expects the company to earn $1.57 a share, up 11% year over year, on sales of $44.89 billion, up 6%.

For the fiscal fourth quarter, analysts are looking for Apple to earn $1.81 a share, up 8%, on sales of $49.21 billion, up 5%.

"We believe investors are expecting a weak June/Sept. quarter, but have priced in a strong fiscal 2018 product cycle," UBS analyst Steven Milunovich said in a note Thursday. He expects the iPhone 8 to kick off a wave of upgrade activity in fiscal 2018, which starts Oct. 1.

Wall Street is forecasting iPhone sales of 41 million units in its fiscal third quarter and 46 million in the fourth. Analysts are split on whether the current fiscal quarter will include any sales of the new iPhone 8.

Apple Inc.’s iPad tablet was a sleeper hit last quarter, with a surprising return to growth in what is typically Apple’s slowest period of the year.

Apple reported better-than-expected third-quarter results Tuesday, with 41 million iPhone sales and revenue growth of 3% helping to calm fears about the company’s fiscal year. While iPhone sales were a relief, iPad sales were a big surprise, apparently thanks to success in the education and enterprise markets.

Unit sales for the iPad—which have been mostly declining since the end of the 2013 fiscal year—handily beat expectations, as Apple said it sold 11.4 million iPads, more than two million more than expected by analysts. iPad revenue also grew, but not by as much, suggesting that a lower-cost iPad released in March helped boost unit sales while dragging the average selling price for iPads from $490 a year ago to about $435.

In Tuesday’s conference call, executives chalked the gains up to the launch of the lower-cost iPad and the new iPad Pro, which hit shelves in June. The two tablets address different but potentially lucrative markets, with schools looking for cheap computing devices and businesses looking for machines that employees can find more uses for than a standard tablet.

Apple Chief Executive Tim Cook pointed to a 32% jump in iPad sales to educators, with sales of one million iPads to schools. That could be an important win for Apple, which appeared to be losing the education market to Chromebooks, low-cost laptops running Alphabet Inc.’s Chrome operating system. Microsoft Corp. had already announced new devices aimed at competing with Chromebooks, so Apple appears to have saved at least part of the education pie with its low-cost iPad move.

Apple executives also credited sales in the enterprise sector, thanks to companies ranging from Wal-Mart Stores Inc. to Bank of America Corp., Medtronic MDT, and Panera Bread Co. planning to roll out iPads in their organizations.

iPhone’s Summer Production Glitches Create Holiday Jitters

The widely anticipated 10th-anniversary iPhone, with an expected base price near $1,000, hit a speed bump or two related to its OLED display

Sept. 7, 2017 12:27 p.m. ET

Apple Inc.’s new iPhone, which is expected to be unveiled Tuesday, was plagued by production glitches early in the manufacturing process this summer, according to people familiar with the situation, which could result in extended supply shortfalls and shipping delays when customers start ordering the device later this month.

New iPhones are typically in short supply when first released. But if shortfalls of the new phone extend beyond the initial sales period, which is expected to begin September 22, they could weaken analysts’ and investors’ projections for sales in the crucial holiday period.

The production glitches led to a setback of about a month in the manufacturing timetable. Foxconn Technology Group, the Apple contractor that assembles iPhones, has been ramping up production at its manufacturing complex in Zhengzhou, China. The company is paying bonuses to employees who can help bring new hires on board at its Zhengzhou plant, which Foxconn said in June employs about 250,000 people.

There are big expectations for the new iPhone, informally dubbed the iPhone 8 or iPhone X by industry watchers. Investors, betting the new phone will rejuvenate Apple’s sales after a recent slump, have pushed Apple’s share price to record highs in recent months.

The new device is expected to have a base price near $1,000—a significant premium over existing models—in part because of more expensive components. Analysts’ forecasts for initial shipments vary widely, with some projecting as many as five million units shipped in the last week or so of September.

Adding to the complexity of estimating demand for the new phone, Apple also is expected to release updates to its iPhone 7 and iPhone 7 Plus. It said last month that it expects total revenue of $49 billion to $52 billion for the quarter ending Sept. 30, figures that exceeded some analysts’ estimates.

The production delays earlier this summer stemmed from Apple’s decision to build new phones using organic light-emitting diode (OLED) screens similar to those used by rival Samsung Electronics Co.

At the same time, Apple as previously reported decided to ditch the physical home button at the bottom of the home screen that contains fingerprint sensors for unlocking the device. Apple tried to embed the Touch ID function, or fingerprint scanner, in the new display, which proved difficult, the people familiar with the process said.

As deadlines approached, Apple eventually abandoned the fingerprint scanner, the people said, and users will unlock the phone using either an old-fashioned password or what is expected to be a new facial-recognition feature.

Even so, precious time was lost and production was put back by about a month, according to people familiar with the situation.

Apple and its suppliers also ran into trouble manufacturing the OLED displays. The display modules are being produced in Vietnam by an affiliate of Samsung Electronics. Unlike the OLED display module in Samsung’s own smartphones, in which the display and touch panel are integrated, iPhone’s display module has the touch panel outside of the display, according to a person familiar with the technology.

The iPhone manufacturing process requires more steps and more layers of adhesive and protective film than are involved in Samsung’s manufacturing process, the person familiar with the process said, creating a greater risk of manufacturing error.

Apple has often faced supply shortfalls with new iPhones released since 2008. The last time Apple changed the iPhone’s appearance was in 2014—and Foxconn, formally known as Hon Hai Precision Industry Co. , struggled then with low output because of display manufacturing issues.

Apple, Amazon join bidding war for James Bond movies: report

Sept 7, 2017 11:02 a.m. ET

This could be a game-changer for 007.

Apple and Amazon have jumped into the bidding war for the James Bond movie rights, according to a report.

While Warner Bros. is seen as the front-runner, the tech giants, with their deep pockets, could upend the process by making a play for the entire franchise — valued at between $2 billion and $5 billion, the report said.

“Apple’s and Amazon’s inclusion in the chase would indicate that more is on the table than film rights, including the future of the franchise,” according to the Hollywood Reporter, which first noted the tech companies’ interest.

Distribution rights to the Bond franchise have been up for grabs since Sony’s two-picture deal ended with the release of “Spectre” in November 2015.

The next outing for 007 — who’ll again be played by Daniel Craig — is slated for November 2019.

In addition to Warner Bros. , Fox , Sony and Universal also are bidding for Bond rights, THR reported.

While few movie franchises have the pop-cultural appeal of Bond — an image nurtured since the release of “Dr. No” in 1962 — even fewer have as much untapped potential.

“The franchise, by only limiting itself to theatrical movies, remains vastly under-utilized by 21st-century standards, where expectations are to exploit [intellectual property] across all mediums,” THR said.

Efforts by Apple or Amazon to win over MGM and Eon Productions, which control the rights to Bond, are consistent with the tech giants’ aggressive entry into the production of video content.

Apple earnings: iPhone X supply is the question, but the answer may not matter

Oct. 31, 2017

When Apple announces fiscal fourth-quarter earnings after the bell on Thursday after the bell, it will be just hours before the iPhone X goes on sale at Apple stores in the U.S. and more than 50 other countries the next morning. While the annual sights of fans lining up outside Apple Stores for the newest iPhone were few and far between when the iPhone 8 and iPhone 8 Plus were released last month, Apple seems to expect more for the iPhone X, announcing in a news release last week that fans “are encouraged to arrive early.”

Apple’s earnings report will include the initial sales of iPhone 8 and iPhone 8 Plus, but the company is not expected to get the same boost it usually does from an iPhone launch at the end of its fiscal year. Many iPhone buyers are reportedly waiting to buy the iPhone X instead, though persistent rumors of production issues have raised concerns about whether Apple is going to be able to build enough phones to satisfy demand of early adopters.

That will make the forecast Apple provides Thursday more important than the actual fourth-quarter financial results, and expectations are currently huge. Analysts on average predict record quarterly revenue for Apple of $85.56 billion, according to FactSet; Apple has never before hit $80 billion in quarterly sales.

Preorders of the iPhone X began Friday, and consumers quickly began receiving delayed delivery times of more than a month. However, just as analysts were unconcerned about a later launch date for the iPhone X getting in the way of their constant predictions of an iPhone “supercycle,” they are convinced that initial shortages of the iPhone X will just mean the billions of dollars headed Apple’s way will take a little longer.

RBC Capital Markets analyst Amit Daryanani said in a note last week that the long-hypothesized “supercycle” is in fact going to be a “superlong cycle,” which will lead to prolonged growth in Apple’s iPhone sales, revenue and profit though the 2019 fiscal year. Daryanani, who rates Apple stock as outperform with a $180 price target, contends that a “superlong cycle” is actually preferable for Apple and its investors.

“We think the ‘superlong’ cycle scenario is more attractive as it enables a longer, extended cycle that dampens the general seasonality seen with iPhones as iPhone X drives sales into March and June quarter,” the analyst wrote.

In case he was not direct enough in that note, Daryanani checked back in Monday morning and specifically said that Apple is positioned to miss expectations with its guidance the holiday quarter. And, he said, it doesn’t matter in the long run.

“Simplistically, whatever Apple guides for Dec-qtr is a reflection of their supply and not true end-demand, hence we see potential for Dec-qtr guide being below Street but we see upside to march-qtr expectations as supply eventually catches up,” he wrote.

What could matter is what Chief Executive Tim Cook says about the rollout in Thursday’s conference call, as his words will be parsed tightly by anxious investors.

“What we think matters is Apple’s commentary around supply constraints and path/timeline to alleviating them,” Daryanani wrote.

Earnings: Analysts on average expect Apple to report net income of $9.7 billion, or $1.87 a share, according to FactSet, up from $1.67 in the same quarter a year ago. The consensus on Estimize, a software platform that uses crowdsourcing from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of $1.90 a share.

Revenue: Analysts on average expect Apple to report sales of $50.74 billion, up from $46.85 billion a year ago, after the company issued a quarterly forecast of $49 billion to $52 billion in its last earnings report. That total would give Apple’s full-year revenue a boost from $215.6 billion in 2016 to $227.4 billion, after the company’s revenue declined in the 2016 fiscal year for the first time since the first iPhone was launched. Estimize contributors on average expect slightly higher sales of $51.44 billion.

What to watch for: iPhone sales and the first-quarter forecast will be the most anticipated disclosures from Apple, as investors and analysts try to ascertain how many iPhone 8s Apple sold when they launched in late September, and how many iPhone X units the company expects to sell before the end of the calendar year.

Analysts are currently modeling for record quarterly revenue of $85.8 billion for Apple’s first fiscal quarter, after pushing back expected revenue from the fourth quarter in response to Apple’s delayed launch of the iPhone X. Analysts on average expect Apple sold 46 million iPhones in the fiscal fourth quarter, which would mean a full-year total of about 216 million iPhones, up slightly from 212 million in the 2016 fiscal year. While that is a small gain, it could be a psychologically important one after iPhone unit sales declined in 2016 for the first time.

Apple also discloses unit sales of its iPad tablets and Mac personal computers, though they aren’t tracked as closely as the iPhones. The iPad surprisingly enjoyed its first year-over-year growth in units sales in the third quarter thanks to Apple’s efforts in the education and enterprise space. Early third-party analyses of PC sales in the back-to-school quarter showed Apple sales steady to slightly improved from the previous year, so any color executives give about whether they see the iPad or the Mac as their best offering for education will be of interest. Analysts on average expect that Apple sold about 10 million iPads and 5 million Macs in the third quarter.

Apple’s two other segments beyond iPhones, iPads and Macs are expected to show the greatest revenue growth by percentage in the fiscal year: Software and services, and “other products.” Software and services, which includes the cut Apple takes on apps and subscriptions purchased through its App Store as well as offerings like Apple Music, is now the second largest segment for sales behind the iPhones, as CEO Cook loves to point out. Analysts on average expect the software and services segment to produce fourth-quarter revenue of $7.56 billion, which would mean an annual total of slightly more than $29 billion.

Apple’s “Other products” category is made up of sales of the Apple Watch, accessories like Beats headphones, and the iPod. While Apple does not break out smartwatch sales individually, a big move in this segment could signal early adoption of the new Apple Watch Series 3, which launched about a week before the end of the quarter like the iPhone 8 and is the first Apple smartwatch to offer cellular connectivity even when the paired iPhone is not nearby.

Analysts on average expect Apple sold $2.8 billion in the segment, which would put it at $12.5 billion for the year.

Earnings: Analysts on average expect Apple to report adjusted net income of $19.6 billion, up from $17.9 billion a year ago, according to FactSet. The consensus estimate calls for earnings per share of $3.82, compared with $3.38 for the year-ago quarter. Contributors to Estimize, which crowdsources estimates from analysts, fund managers and academics, predict earnings of $3.80 cents a share, on average.

Revenue: Analysts are calling for revenue of $86.8 billion on average, up from $78.4 billion a year ago. Apple said on its most recent earnings call that it expected revenue of $84 billion to $87 billion for the December quarter. Estimize contributors on average predict revenue of $86.1 billion.


What to watch for

iPhone sales remain the most important figure for Apple investors, and commentary about the impact of carrier promotions will be closely watched. Instinet analyst Jeffrey Kvaal notes that wireless companies were less promotional with the iPhone X this year than they were with other flagship models in the past, adding that carriers had more attractive deals on the iPhone 8.

“Given that the U.S. operators were expecting a healthy promotional quarter even as recently as October, it is possible that Apple may have included a bit more U.S. volume in its planning assumptions for its fiscal first quarter,” he wrote last month.

On average, analysts are expecting that Apple sold 79 million iPhones during the quarter, generating $59.7 billion in revenue. The company sold 78 million iPhones a year ago.

The company’s China performance is also crucial, given that last quarter, Apple reported growth in the region for the first time in almost two years. Analysts think this is the start of a new pattern, predicting that revenue for Greater China rose 9% during the holiday quarter. Morgan Stanley analyst Katy Huberty sees Apple having “accelerated market share gains for the iPhone in China” recently.

Aside from the iPhone segment, Apple’s overall iPad business is back to showing growth, and analysts see that continuing this quarter. They predict $6.1 billion in iPad revenue, up from $5.5 billion during the last holiday quarter.

The company has yet to break out Apple Watch sales in its financial results and there’s little reason to believe that the company will finally start doing so this time around. Still, the “Other Products” category that includes Apple Watch as well as iPods, Beats headphones and other accessories, is expected by analysts to grow to $4.6 billion from $4 billion a year ago.

Finally, Apple’s fast-growing services business is of keen interest to Wall Street. This segment includes revenue from the App Store, iCloud, Apple Music, and other non-device elements of Apple’s ecosystem. The company said in early January that in the week beginning on Christmas Eve, “a record number of customers made purchases or downloaded apps from the App Store,” resulting in $890 million in spending over that time.

Analysts expect that the services business grew 23%, to $8.7 billion in revenue during the holiday quarter. RBC analyst Amit Daryanani predicts that services growth, along with ASP growth, will help Apple deliver better-than-expected results for the period.

Apple to halve iPhone X production in 1Q

January 29, 2018

TOKYO -- Apple will halve its production target for the iPhone X in the three-month period from January from the figure of over 40 million units envisaged at the time of its release in November.

The U.S. tech giant notified suppliers that it had decided to cut the target for the period to around 20 million units, in light of slower-than-expected sales in the year-end holiday shopping season in key markets such as Europe, the U.S. and China.

The iPhone X, Apple's first smartphone equipped with an organic light-emitting diode display, has failed to catch on globally -- something many put down to a price tag starting at $999.

Looking forward, the lackluster sales could result in a delay to the company's plans to introduce OLED screens in other models.

For a period after its launch, production of the model faced a supply shortage due to delays in component delivery. With the inventory now starting to rise, Apple can slow down production.

The company is expected to maintain a total production target of 30 million units for lower priced models such as the iPhone 8, 8 Plus and the 7.

iPhone Price Increases Could Charge Up Apple’s Revenue

Overall revenue expected to rise even as unit sales of iPhones stagnate

Feb. 1, 2018

EARNINGS FORECAST: Earnings of $3.86 a share is the consensus of analysts surveyed by Thomson Reuters, compared with $3.36 a share a year ago. The company hasn’t provided earnings guidance for the quarter but in November said it expects gross margin to be between 38% and 38.5% in the quarter.

REVENUE FORECAST: Revenue of $87.06 billion is expected by analysts, compared with $78.4 billion reported a year earlier. In November, Apple said it expected revenue to be between $84 billion and $87 billion in the quarter.

Dollars & Cents: Apple raised prices last year in a move that has the potential to boost overall revenue even as the number of iPhones it sells stagnates. Analysts believe the strategy paid off in December. Apple is projected to report a 1.5% increase in iPhone shipments, according to analysts surveyed by FactSet, but the $1,000 iPhone X, released on Nov. 3, is expected to lift the average selling price of the device 9% to $755. Those higher prices are expected to lift iPhone revenue 10% to $60 billion in the period. Meanwhile, Apple kept more old iPhone models on the market in December, a move that market research firm Strategy Analytics predicts helped the company increase iPhone shipments 22% in China.

Taxman: Apple in mid-January announced it would pay $38 billion in taxes on the $252 billion it holds overseas, but it hasn’t said how much of that money it will bring back to the U.S. or outlined what will be returned to shareholders through buybacks or dividends. The company typically announces capital return plans in April or May and may hold off discussing it until then. But expect analysts to ask for more clarity on Apple’s plans now that it no longer needs to hold cash overseas to avoid paying higher U.S. taxes. Also, look for the company to update its new effective tax rate. Morgan Stanley expects Apple to benefit from a lower tax rate of approximately 15.9% due to tax reform, adding $1.13 to its current fiscal-year earnings per share

Promised Land: Analysts and investors will zero in on Apple’s revenue projections for the March quarter. With the iPhone X contributing less than two months of sales during the last quarter, many analysts had banked on strong sales in the current period because of pent up demand. Some have scuttled those projections recently amid reports that iPhone manufacturing has slowed. Toni Sacconaghi of Bernstein reduced his projections for the current quarter to 53 million units from 66 million and warned the earnings call could trigger downward earnings estimates for the period. Analysts currently project revenue for the March quarter of $66.54 billion, according to FactSet.

The Great Divide: Apple doesn’t break out its mix of iPhone sales by model, forcing analysts and investors to come up with their own estimates. One of the key indicators of demand is channel inventory. Apple tries to keep inventory in the five- to seven-week range. UBS analyst Steve Milunovich said that if the iPhone X is a disappointment relative to Apple’s expectations, then the company’s inventory levels could be higher. During its last earnings call for the quarter ended Sept. 30, the company indicated it expected healthy demand for the iPhone X by saying it increased inventory by 1.3 million smartphone units to support the iPhone 8 launch, 50% less than the 2.5 million it added during the release of the iPhone 7 in the same period a year earlier.

Trouble No More: The company’s business in China is showing signs of improvement. Sales rose in the September quarter from a year earlier, marking the first quarterly gain in more than a year. Analysts expect this quarter to deliver another increase with sales projected to rise 9.2% to $17.73 billion, according to FactSet. The growth is expected to be driven by improved iPhone sales in that market and the continued strength of App Store sales.