Stocks to open higher as markets await Apple’s results after the close

Stocks appear poised to open slightly higher after yesterday’s tech led selloff.  Results from 3M, the industrial and consumer products company delivered a slight beat to the top and bottom line, with a guidance cut that was not as bad as many feared.  3M’s revenue results paint the same story we have seen so far this earning season, with strong US sales and nothing to brag about from the Asia-Pacific region.

The positive open is limited with the Dow and S&P futures poised to open 0.1% higher, while the Nasdaq is up 0.2%.  After the close we will see Apple’s earning report.  Markets were warned at the beginning of the year of that the results will be poor.  They delivered a guidance cut that showed iPhone upgrades eased on January 2nd and their earning results are widely expected to show their first holiday quarter sales decline since the iPhone was launched. The stock is down roughly a third and value investors may start finding valuations attractive after one last push lower. Analysts will closely watch to see if they are able to deliver optimism on call regarding the services revenue stream.

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Ed Moya

Ed Moya

Senior Market Analyst at OANDA
With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya ‏
Ed Moya