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Lighting company $AYI reported a rise in its 2Q16 results, helped by increase in revenue. $AYI said net income increased 41% to $65.5MM or $1.49 per share during the quarter compared to $46.4MM or $1.07 per share during the prior year. Revenue came in at $777.8MM, up 26% compared with the year-ago period. Excluding items, $AYI earned $1.80.
Apple ($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%."