Market Update (NASDAQ:AAPL): Shares of Cirrus Logic slide after major customer Apple misses estimates

[at American City Business Journals] – Shares of Austin semiconductor maker Cirrus Logic Inc. moved lower in pre-market trading Wednesday after fourth-quarter profits declined sharply and major customer Apple Inc. missed its quarterly estimates. Shares of Cirrus Logic (CRUS) were down $1.89, or 5.5 percent, to $32.02 after the Austin company posted a quarterly net income of $14 million, or 21 cents per share, on revenue of $231.9 million compared with a net income of $21.3 million, or 32 cents per share, on revenue of $255.1 million during the same period last fiscal year, according to a filing with the U.S. Securities and Exchange Commission. The company’s revenue guidance for the first quarter, however, was below analysts’ estimates of about $258 million, coming in at a range between $220 million to $250 million. Read more on this. Apple Inc. (AAPL) , with a current value of $538.10B, started trading this morning at $96.00. During today’s session, AAPL traded between $95.68 to $97.33 with its 52-week range being $92.00 to $132.97. AAPL shares are currently priced at 11.56x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 10.18x forward p/e ratio. And for dividend hunters, the company pays shareholders $2.08 per share annually in dividends, yielding 1.97%. In a review of the consensus earnings estimate this quarter, 36 sell-side analysts are looking at $1.76 per share, which would be $0.09 worse than the year-ago quarter and a $0.02 sequential decrease. Investors should also note that the full-year EPS estimate of $9.03 is a $0.19 worse when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $47.24 Billion. If reported, that would be a 4.76% decrease over the year-ago quarter. More recently, Needham Initiated AAPL at Strong Buy (Apr 6, 2016). Previously, Cowen upgraded AAPL from Market Perform to Outperform. With the above information in mind, readers should note that the average price target is $133.87, which is 39.45% above where the stock opened this morning. See more in (NASDAQ:AAPL) Similar Articles: Company Update: Apple Inc (NASDAQ:AAPL) – As Apple shares sink, Alphabet closes in on its market cap Market Update: Apple Inc (NASDAQ:AAPL) – More analysts join the herd cutting Apple iPhone estimates Stock Update: Apple Inc (NASDAQ:AAPL) – Apple shares drop below $US100