JPM Takes The Axe To iPhone Sales Estimates, Says Consensus Is 10% Too High
When it comes to the fate of the US stock market (and economy), no company is more important than Apple. As reported previously, the world's most valuable company by market cap not only accounted for 20% of all U.S. margin expansion since 2010, but is among the key drivers behind US retail sales, and thus GDP growth. In short, if AAPL is about to hit a growth wall, then say goodbye to US margin growth and say hello to the service (because manufacturing is already in it) recession.
Unfortunately, this worst case scenario increasingly looks like the most likely one.