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Housing Starts Update: Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,343,000, 7.4% above the revised May rate of 1,250,000 and 30% above the June 2014 estimate of 1,033,000. Single-family authorizations in June were 687,000, 0.9% above the revised May figure of 681,000.
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%."