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$LM's effective tax benefit rate for 3Q16 was 42.8% compared to an effective tax rate of 32.2% in 3Q15. The decrease in tax (benefit) rate was primarily due to cumulative income tax benefit of $55.8MM, related to annualized tax benefits attributable to prior quarters on impairment charges recognized in 3Q16 in lower tax rate jurisdiction.
Apple ($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%."