After opening in the green, the three major indexes are now in the red as some traders step onto the sidelines before the November 8 election. Among the stocks that are in the spotlight today for various reasons are Apple Inc. (NASDAQ:AAPL), L Brands Inc (NYSE:LB), General Motors Company (NYSE:GM), Gannett Co Inc (NYSE:GCI), and tronc Inc (NASDAQ:TRNC).
Let’s examine each of these stocks more in-depth and analyze relevant smart money sentiment toward them.
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Apple Inc. (NASDAQ:AAPL) is in the red today after Steven Milunovich of UBS said that his firm’s research showed a dichotomy of sorts. While UBS’ research showed strong interest in the U.S. for the iPhone 7 and increasing demand for the iPhone 7 Plus, the firm’s survey showed signs of softness in demand for next year in China. Specifically, there seems to be lower consumer interest for the iPhone 7 than the iPhone 6 in the world’s most populous country. Despite the potential softness, UBS still has a ‘Buy’ rating and a $127 price target on Apple. David Einhorn‘s Greenlight Capital owned 6.8 million shares of Apple Inc. (NASDAQ:AAPL) on June 30.
L Brands Inc (NYSE:LB) has fallen by over 8% after the company announced its estimated October comparable sales and updated its guidance for the third quarter. As it relates to October, L Brands expects comparable sales to be up by just 1%, with comp sales at Victoria’s Secret down by 2% and 6% comp growth at Bath & Body Works. As it relates to the company’s third quarter results, L Brands expects EPS of $0.40, at the bottom of its previous guidance range of $0.40-to-$0.45. 29 funds in our system were long L Brands Inc (NYSE:LB) at the end of June, down by nine funds from the end of March.
On the next page we’ll examine what’s happening with General Motors, Gannett, and tronc.