Recap 10-26-12




  • US 3Q GDP rose 2% vs 1.8%. 0.7% came from government spending.
  • JPM: For AAPL, the “real” problem was the Dec guide and specifically the GM outlook (36% vs. the St ~43% and vs. the 40% posted in the Sept Q). AAPL usually guides conservatively but there is some concern about whether new products (like the iPad Mini) are carrying materially lower margins than prior ones
  • Table below from Asymco:

Upcoming Data:

  • Mon: South Korea Business Survey, US Personal Income, Spending
  • Tue: BoJ, Japan PMI
  • Wed: Month End, EU CPI, Unemployment,