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Integrated oil company $HES said that in 2Q16, it reduced E&P capital and exploratory expenditures by 52% from 2Q15 to $485MM. The company now projects its full-year 2016 capital and exploratory expenditures to be $2.1Bil, about 48% below 2015 levels and $300MM lower than its previous forecast. Efforts are underway to make further reductions.
Apple ($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%."