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$MSM, which competes with $GWW and $AIT, said that 2Q16 DSO was 48 days flat from 2Q15. The company's rolling 12 months inventory turns were 3.13. $MSM's free cash flow was $50MM vs. a negative $22MM in 2Q15, while CapEx was $11MM vs. $12MM in 2Q15 and $27MM YTD. The company expects FY16 CapEx to be within $50-60MM.
Apple ($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%."