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Jami Rubin of Goldman Sachs asks about Venezuela revenues. $PFE CFO Frank D'Amelio replies by saying that Venezuela revenue initially projected for 2016 was $800MM, almost the same as 2015. The change in exchange rate from 6.3 to 200 bolÃvar to the dollar conversion is what caused the adjustment for 2016 and feels the timing was appropriate.
Apple ($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%."