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Pharmaceutical distributor $MCK posted higher 3Q16 profit, helped in part by lower tax rate. $MCK said net earnings increased 34% to $634MM, or $2.71 per share, compared to $472MM, or $2.04 per share in the prior year. Revenue was up 3% to $47.9Bil. Excluding items, $MCK earned $3.18 per share.
Apple ($AAPL) reported decline in sales and profits from comparable quarter last year, attributing the decline to announcement of iPhone 7/7s. Sales and profit are being guided higher for next quarter. Apple is a solid company and will continue to dominate tech and consumer electronics segment for a while. Personally, looks like there is little downside in this investment.
Waiting with fingers crossed for $AAPL’s fourth quarter earnings.
Looking ahead to $AAPL earnings release later in the afternoon today? Gene Munster, analyst from Piper Jaffrey and the most respected authority for Apple, had this to say - "The second and slightly larger group of investors believe the tail of the iPhone 7 is irrelevant, and is betting that the iPhone 10th Anniversary will yield a jump in growth from flat to up ~15%."