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Apple

Apple has the largest market cap in the world. In LTM F1Q18, iPhone was 62% of sales, Services was 13% of sales, Mac was 11% of sales, iPad was 8% of sales, and Other was 6% of sales. Services includes App Store, Apple Music, Apple Pay, and iCloud. Other products includes Apple TV, Apple Watch, Beats, iPod touch, HomePod, and accessories. Apple had 19% of global smartphone shipments in calendar 4Q17 (IDC), slightly beating Samsung's 18% share. AAPL is the #1 tablet vendor with 27% market share in 4Q17, compared to Amazon's 16% and Samsung's 14% share (IDC). Mac is the #4 PC vendor with 8% mkt share in 4Q17 (IDC). Apple's market share on all its products are generally higher in the US, and its revenue share is higher than unit share given industry leading ASPs. Apple's F1Q18 sales were 40% from Americas, 24% Europe, 20% Greater China, 8% Japan, and 8% rest of Asia Pac. Greater China returned to growth in the past two quarters after posting six quarters of consecutive YoY declines. (26 Feb 2018)

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AAPL & QCOM: China Injunction on iPhone Models

IG Note: 10 Dec 2018, 11:37 AM ET - A China court has granted preliminary injunctions against Apple which bans the import and sale of certain iPhones, although it seems to only apply to older operating systems. 

November 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the forty company recommendation changes made on North American companies during the month of November.
Focused

Apple: Downgrade on Tariff & Demand Concerns

IG Note: 27 Nov 2018, 12:28 PM ET - We are downgrading our recommendation on Apple from Market perform to Underperform given the risk of an escalating trade war and to a lesser extent news reports on weak iPhone shipments.

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.
Focused

Apple: Reporting Change to Hide Weak Units?

Earnings Note: 01 Nov 2018, 10:45 PM ET - While Apple reported solid growth again in F4Q18, its results will come back to earth in F1Q19 and the company will no longer disclose unit shipments going forward. 

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US IG Chart of the Day: Largest Issuer Curves

Strategy Analysis: 03 Oct 2018, 10:33 AM ET - Comcast's mega-deal this week prompted us to take a look at the spread curve for the largest issuers in the IG Index. T, GM, and Pemex have the steepest curves, while the A-rated names have much flatter structures. 

QCOM: First IP Case vs. Apple Nears Ruling in US

Worth Watching: 19 Sep 2018, 2:39 PM ET - QCOM is currently squaring off with Apple in a number of legal battles in various jurisdictions, including the US and Germany. On Monday, at the US International Trade Commission (ITC), staff lawyers released initial recommendations in Apple's fav ..
Focused

Apple: Go Big or Go Home

Company Analysis: 13 Sep 2018, 5:10 AM ET - We discuss Apple’s product launch event including its 3 new iPhone models and new Apple Watch.  
Focused

US IG Chart of the Day: Apple’s Bond Holdings

Strategy Analysis: 10 Sep 2018, 9:19 AM ET - We analyze Apple’s cash invested in corporate securities given the sheer size of its portfolio and impact on technicals for highly rated corporates.

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.
Focused

Apple: Defying Expectations

Earnings Note: 01 Aug 2018, 4:42 AM ET - Apple's F3Q18 strength was broad-based with growth in every region and the fastest YoY % growth rates coming from Americas and Greater China; iPhone revenue was up 20% YoY, Services was up 31% YoY, and Other Products was up 37% YoY.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.

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