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

Q3 Capital IQ consensus calls for EPS of $1.15 (versus $1.30 last year) on revenue of $82.97 billion (versus +2% yr/yr).

The Street is expecting Q3 gross margins of 43.0% versus 43.3% last year (guidance 42-43%).

The Street is expecting Q4 gross margins of 42.5% versus 42.2% last year.

The Street is expecting:

Q3 iPhones of $38.3 bln versus $39.6 bln last year
Q3 iPads of $6.9 bln versus $7.4 bln last year
Q3 Macs of $8.8 bln versus $8.2 bln last year
Wearables and other products of $9.0 bln versus $8.8 bln last year
Services of $19.9 bln versus $17.5 bln last year

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TECHS:

AAPL beat on EPS and revenues three out of the last four quarters.

AAPL has a $2.46 trillion valuation and trades at 24x FY22 earnings.

Based on the weekly AAPL Weekly Jun29 $148 straddle, the options market is currently pricing in a move of ~4% in either direction.

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