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$PKI ended 2Q16 with $1.1Bil of debt and $250MM of cash. 1H16 operating cash flow was $128MM. 2016 adjusted free cash flow is expected to be $300MM. Board approved new 2-year $8MM repurchase authorization that replaces current authorization expiring in Oct. 2016. Adjusted tax rate was about 18% in 2Q16, and is expected to be about 19.5% for 2016.
Apple ($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%."