Apple (AAPL) will report third quarter earnings tonight after the close. There is a conference call scheduled for 17:00.

Q3 Capital IQ consensus calls for EPS of $1.01 (+55% yr/yr) on revenue of $73.48 bln (+23% yr/yr). On the last conference call that company said that Q3 revenue would be up "strong double digits."

The main question yet to be answered will be if the company will provide exact Q4 guidance.

EXPECTATIONS:

• Q3 iPhones revenue to be $33.5 bln vs. $26.4 bln last year

• iPad revenue of $6.4 bln vs. $6.6 bln last year

• wearables and home products revenue of $7.8 bln vs. $6.5 bln last year

• Macs of $7.7 bln vs. $7.1 bln last year

• Services revenue of $16.7 bln vs. $13.2 bln last year

• Q3 gross margins of 42.0% versus 38.0% last year

AAPL has not missed on EPS or revenues in several quarters.

TECHS:

AAPL has a $2.48 trillion valuation and currently trades at 28 times FY21 earnings.

Based on the weekly AAPL Weekly Jul30 $149 straddle, the options market is pricing in a move of ~5% in either direction by weekly expiration (Friday).

AAPL MAKES UP ~%6.5 OF THE ENTIRE SPX

Suppliers to Watch:

SWKS, CRUS, AVGO, QRVO, TSM, and QCOM, among others (SMH); SSNLF, LPL (for displays) and LITE, FNSR and IIVI (for FaceID).

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