After Apple (AAPL) reported an in-line Q3 and slightly better-than-expected Q4 guidance, Oppenheimer analyst Andrew Uerkwitz reiterates his concern that Street consensus has not sufficiently factored in the downside of a weak fiscal year 2017 product cycle. The analyst says that while most investors expect 2017 iPhone to reignite a "strong" replacement cycle, he believes another round of consensus reduction is needed to account for iPhone's near-term weakness in the next 6-9 months. In a separate note, Oppenheimer says it believes Apple's results will be viewed as positive for its supply chain and names Broadcom (AVGO), Skyworks (SWKS) and Cirrus Logic (CRUS) as its top three picks within Apple's supply chain. The firm has a Perform rating on Apple's shares.

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link