The Apple In Wall Street’s Manic Eye—Why Price Discovery Is Deader Than A Doornail, Part 1

Actually, what was to like about last night’s big earnings announcement? After all, compared to prior year, revenues were down 5.1%, gross profit was lower by 6.8% and operating expenses were up by 11.7%. That meant, in turn, that the company’s operating margin slid from 26.0% to 23.2%, causing pre-tax profits to drop by 14.7% and […]