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$NUE reported a 3% fall in net sales, but lower costs and an increase in income tax provision helped the largest U.S. steel producer to report a higher quarterly profit. The company reported 2Q16 earnings of $ 233.8MM, or $0.73 per share, compared with earnings of $124.8MM, or $0.39 per share a year ago. Net sales fell to $4.25Bil.
Apple ($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%."