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$FITB's net charge-offs were $96MM or 42 BP in 1Q16 vs. $80MM & 34 BP in 4Q15, and $91MM & 41 BP in 1Q15. The sequential increase was due to a $16MM increase in C&I net charge-offs. Of the total net charge-offs, $9MM was in energy. Non-performing loans, excluding loans held for sale, rose $195MM vs. 4Q15 to $701MM, resulting in NPL ratio of 75 BP.
Apple ($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%."