It’s another busy day in terms of earnings and news, and not surprisingly, a lot of stocks are on the move. Among the equities moving on news include Apple Inc. (NASDAQ:AAPL), Cirrus Logic Inc. (NASDAQ:CRUS), GoPro Inc. (NASDAQ:GPRO), Adverum Biotechnologies Inc. (NASDAQ:ADVM), and Chemours Co (NYSE:CC). Let’s analyze further.
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Apple Inc. (NASDAQ:AAPL) shares are off almost 7% in afternoon trading after the tech giant’s guidance disappointed. Although Apple’s profit and earnings both beat estimates ($2.91 per share on sales of $62.9 billion, exceeding the consensus by $0.13 per share and $1.44 billion), the company’s decision to not provide unit sales for the iPad, iPhone, and Mac going forward spooked investors. First quarter guidance of $89-$93 billion in sales and gross margin of 38-38.5% was somewhat light versus the estimate of $92.88 billion and average estimate of 38.6%. In terms of iPhone shipments, the company shipped 46.9 million units with ASP of $793 per unit. The company’s services revenue also increased 27% year over year to $10 billion. Despite the soft guidance, Apple Inc. (NASDAQ:AAPL) is one of the most popular stocks among the around 650 elite funds that we track. As of the end of the second quarter, 90 top funds were long Apple, making it the 11th most popular stock.
Although Apple might be in the red, shares of one of its suppliers, Cirrus Logic Inc. (NASDAQ:CRUS), is in the green thanks to a good earnings report. For its second quarter, the company reported adjusted earnings of $1.08 on sales of $366.3 million, beating by $0.34 per share and $36.03 million. The out-performance was due in part to demand for the company’s audio components ahead of various customer product launches. For Q3, management sees sales of $360-$400 million. The number of top funds stayed the same concerning Cirrus Logic Inc. (NASDAQ:CRUS), remaining at 20 quarter-over-quarter at the end of Q2.
GoPro Inc. (NASDAQ:GPRO) shares are 20% in the red after the company missed on margins. Although adjusted loss for the third quarter was narrower than expected (loss of $0.04 per share versus loss of $0.06 per share) and sales were higher than the average by $13.68 million ($285.94 million), The company’s gross margin was 33.2% for the period, down from 40.1% in the same quarter last year and lower than the consensus of 34.1%. 14 top funds were long around $54 million shares of GoPro Inc. (NASDAQ:GPRO) at the end of June.
Adverum Biotechnologies Inc. (NASDAQ:ADVM) shares are down almost 30% after the company disclosed that protein expression in its ADVANCE Phase 1/2 Study in A1AT deficiency did not meet a clinical meaningful level. Due to the results, the company announced that it will discontinue the development of ADVM-043. Nevertheless, the company remains on track to initiate an OPTIC clinical trial for ADVM-022 in the fourth quarter. The number of elite funds we track long Adverum Biotechnologies Inc. (NASDAQ:ADVM) fell from 28 to 22 quarter over quarter.
Chemours Co (NYSE:CC) shares are off 4% after the company turned in a mixed earnings report. For the third quarter, the company reported adjusted earnings of $1.49 per share, ahead of the estimate of of $1.42 per share. Sales were $1.6 billion, slightly under the consensus of $1.71 billion. In terms of guidance, management expects adjusted EBITDA in the lower half of the original guidance range of $1.7-$1.85 billion for FY 2018 due in part to lower Ti-Pure titanium dioxide volume. Adjusted EPS is expected to be between $5.1-$5.85 for the same time period. 31 elite funds we long over three quarters of a billion dollars worth of Chemours Co (NYSE:CC) at the end of June.
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