Citi analyst Jim Suva dropped his September quarter earnings per share estimate for Apple to $9.06 from $9.14 after shifting some iPhone sales to the December quarter. Suva dropped his iPhone estimate for the quarter to 47M, below the consensus of 48M as only sales through Friday and Saturday of the weekend launch will be included in the quarter. He expects many sell-side analysts to follow suit and lower their September quarter iPhone estimates in the weeks ahead before Apple reports on October 27. Suva expects Apple share volatility to continue and thinks limited earnings and sales upside potential in the near term may cause some investors to exit the stock. The investment thesis for Apple is likely to shift from an iPhone "beat and raise" investment story to a gross margin upside story heading into a difficult comp year for iPhone 6S unit sales, Suva tells investors in a research note. He thinks any pullback will prove an attractive opportunity for long-term investors. The analyst keeps a Buy rating on Apple with a $145 price target. The iPhone maker closed Friday up 80c to $110.38.

Alphabet (GOOGL), the parent company of Google, is scheduled to report first quarter 2024 results after the market close on Thursday, April 25, with a conference call scheduled for 4:30 pm Eastern Time. What to watch... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

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