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Tuesday, May 17, 2016

Daily update 5/17 AAPL cash


SPX completely retraced yesterday's pop this afternoon.  The selling stopped 1 point above the 5/6 low.  There was a bit of a bounce late in the day, but it still closed below the 50 SMA.  Volume increased over yesterday.  It looks like conviction is with the bears.  The breadth was -63%.  The bulls tried early in the day to rally the troops after a gap down.  However, the bears won out mid day.  New highs dropped down to 102.  New lows increased some to 32.  Same result as the last big up day.  The selling into strength continues.

The futures have another confirmed break below the 20 SMA.  That was a pretty sound rejection of the 50 and 100 MAs.  Will support be able to hold again?

The red line crossed above again.  This is a bit of an odd pattern.  This indicator does not get a braided look like this very often.  The green count dropped to a new low for this pullback though.  That can't be good.  Still nothing close to an over sold condition.

The bulls are putting up a fight here for sure.  However, their actions are keeping the market from developing an oversold condition that might entice stronger buying.  A break down of the daily head and shoulders pattern seems inevitable to me.  A measured move of that pattern gets SPX down around 1960-70 area.  That would be well below the 200 DMA.  While SPX closed below the 50 DMA again, we still do not have a confirmed break.  I don't know if the bulls will try again tomorrow or not.  I guess we can't rule it out yet.

Some days I can't quite wrap my head around the number of lies I hear on a daily basis in the media.  Here is a look at Apple's balance shee.  I took finance in college and I guess modern finance is completely different.  Could some kind reader please show me how this balance sheet says Apple has $200 billion in cash.  Based on what I learned I would say about $41.5 billion in cash.  However, that is not even close to the figure Wall Street keeps shouting from the tree tops.  It looks like pure fiction to me.  I find it a little odd the total liabilities line has more then doubled in the last two years.   Lying seems to be a general course of action in today's world.  I find it quite disturbing myself.


Apple Inc. (AAPL)

Balance Sheet
Period EndingSep 26, 2015Sep 27, 2014Sep 28, 2013

Current Assets

Cash And Cash Equivalents21,120,000  13,844,000  14,259,000  

Short Term Investments20,481,000  11,233,000  26,287,000  

Net Receivables35,889,000  31,537,000  24,094,000  

Inventory2,349,000  2,111,000  1,764,000  

Other Current Assets9,539,000  9,806,000  6,882,000  

Total Current Assets 89,378,000   68,531,000   73,286,000  
Long Term Investments164,065,000  130,162,000  106,215,000  
Property Plant and Equipment22,471,000  20,624,000  16,597,000  
Goodwill5,116,000  4,616,000  1,577,000  
Intangible Assets3,893,000  4,142,000  4,179,000  
Accumulated Amortization-  -  -  
Other Assets5,556,000  3,764,000  5,146,000  
Deferred Long Term Asset Charges-  -  -  

Total Assets 290,479,000   231,839,000   207,000,000  

Current Liabilities

Accounts Payable60,671,000  48,649,000  36,223,000  

Short/Current Long Term Debt10,999,000  6,308,000  -  

Other Current Liabilities8,940,000  8,491,000  7,435,000  

Total Current Liabilities 80,610,000   63,448,000   43,658,000  
Long Term Debt53,463,000  28,987,000  16,960,000  
Other Liabilities33,427,000  24,826,000  20,208,000  
Deferred Long Term Liability Charges3,624,000  3,031,000  2,625,000  
Minority Interest-  -  -  
Negative Goodwill-  -  -  

Total Liabilities 171,124,000   120,292,000   83,451,000  

Stockholders' Equity
Misc Stocks Options Warrants-  -  -  
Redeemable Preferred Stock-  -  -  
Preferred Stock-  -  -  
Common Stock27,416,000  23,313,000  19,764,000  
Retained Earnings92,284,000  87,152,000  104,256,000  
Treasury Stock-  -  -  
Capital Surplus-  -  -  
Other Stockholder Equity(345,000)1,082,000  (471,000)

Total Stockholder Equity 119,355,000   111,547,000   123,549,000  

Net Tangible Assets 110,346,000   102,789,000   117,793,000  

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