Reuters Insider - At the Open: Jobs Opens Doors for Apple Investors-Kozey

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13/06/2016 11:07

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 Source:             Thomson Reuters                                   
                                                                       
 Description:        Reuters Equities Analyst John Kozey says investors 
                     will look to any dip in Apple shares, following   
                     CEO Jobs' exit, to buy the stock.                 
 
 
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Transcript (May be auto-generated)

                 Here's what's making news At the Open: US stocks kicking off the week mixed, 
weighing on investor sentiment, an earnings miss by Citigroup, and news that 
Apple's CEO Steve Jobs will be taking his third medical leave since 2004. Shares
of Apple are tumbling, we're watching them in the pre-market. They are down 6% 
right now. They are dragging down both the NASDAQ and the NASDAQ-100. The drop 
of around $15 billion in market cap roughly equal to the entire combined market 
value of companies like JCPenney and Sears. Reuters Equities Analyst John Kozey 
says that investors are watching for any dip in the stock to jump in with both 
feet. So is this gonna be enough of a dip to jump in? I think it could be, at 
least initially Jen. What we're seeing a lot of people are 

gonna panic at the open; they might just sell off some shares but I think it 
ought to come back. I want you to think about a number, that number is $320. 
Now, that's important for two reasons: Number one, that's about where the 
current 50-day moving average lies. Number two, that's also been resistance in 
the past in October and November of last year. It's been the support in 
December. So, I think anywhere between where we are now and the $320 level are 
good levels for people to buy the stocks. Steve Jobs has been out before, Tim 
Cook has been in, the CEO. That's happened before. I think they are kinda 
getting used to this and this would be a buying opportunity for those folks 
unless something material happens on the earnings announcement later today. 

Alright John, well we're getting closer around $327 and a lot of volume flying 
through here. John Kozey, thanks so much on Apple. Shares of Citigroup meanwhile
are falling. They are off more than 4% after closing Friday at their highest 
level since August 2009. The bank's quarterly profit missed expectations by 
$0.04 as the slump in Citigroup's securities and trading unit hurt revenues, 
with its fixed income revenue alone dropping 60% from the third quarter. 
Separately, Citigroup's CFO said the bank will be well above the Basel III 
capital requirements. Sticking with the earnings, a rebound in trading helped 
boost TD Ameritrade's quarterly 

profits by 6%, meeting expectations. Shares of the online brokerage have risen 
29% since the end of September as the economic outlook brightened. Shares of 
Delta hitting some turbulence right now. We have Delta shares up 3%. Quarterly 
profits missed. Wall Street estimates says higher fuel prices and plane repair 
cost raised operating expenses. And keep an eye on shares of Comcast. A source 
tells Reuters that the FCC could approve the purchase of NBC Universal as soon 
as today. And a Justice Department approval is expected to follow shortly 
thereafter. Still, delays in the approval could occur. Check back in with us at 
ten o'clock Eastern Time for a look at the recent upward revisions to the global
oil demand growth outlook from the IEA and OPEC. And then at 2:30PM, we'll take 
a look at two SEC studies expected this week that could lead to dramatic changes
on how investment advisors and brokers are regulated. I'm Jen Rogers. This is 
Reuters Insider