Ist quarter for Apple ended on Dec. 31, 2013. Anything Tim say about China sales now will affect Apple 2nd quarter numbers. Even if they took pre orders from China in Dec., Apple do not count sales until it ships. And all those iPhones will ship in Apple 2nd quarter.
Actually, the quarter ended even before the 31st, which still leaves your point valid.
But what I find curious is that Tim did slip a mention of record performance in China last quarter. That could be what the previous poster is referring to.
Doomed indeed because Cook basically reaffirmed that Apple won't be making a cheap iPhone. I wonder when Wall Street will finally get it?
Wall St. is about return on investment, and sometimes short term. As such, they're not in a position to appreciate strategies that have a long term pay off, such as creating a sticky platform/ecosystem or high customer satisfaction/retention.
With each new carrier, Apple is growing their iPhone business steadily, but if you compare it to Android, which is an amorphous "thing" that no single company takes all the profits from, then yes, "Android" is "growing faster." But Apple profits directly from each iPhone sold. iPhone profits are not split over dozens of companies.
There is no statutory requirement for a 'quiet period' before earnings announcements.
Exactly. See the SEC's comments regarding a quiet period, which refers to the time between when a company files a registration statement is filed with the SEC and when the SEC approves it. There is no connection with earnings announcements.
What Rogifan intended to question, I believe, is whether the comments regarding China Mobile orders constitute "selective disclosure" - which can give rise to insider trading. The answer in this case is clearly no. An interview aired over a major news venue is a broad public disclosure. (Occasionally you will see a company announce some days in advance of a quarterly results release that it expects earnings to be higher or lower than previously expected in the marketplace. So long as that news is broadly disclosed, there's no problem.)
In this current rule on "Selective Disclosure and Insider Trading" - effective in 2000, the SEC noted that "... technological developments have made it much easier for issuers to disseminate information broadly. Whereas issuers once may have had to rely on analysts to serve as information intermediaries, issuers now can use a variety of methods to communicate directly with the market. In addition to press releases, these methods include, among others, Internet webcasting and teleconferencing. Accordingly, technological limitations no longer provide an excuse for abiding the threats to market integrity that selective disclosure represents."
In other words, if the media and broad general public can obtain timely and near-simultaneous knowledge of a company development through today's communications, there is no selective disclosure nor opportunity for insider trading. As for those individuals who may become aware of undisclosed information, any trades they make must adhere to the provisions and restrictions of the rule.
Comments
Ist quarter for Apple ended on Dec. 31, 2013. Anything Tim say about China sales now will affect Apple 2nd quarter numbers. Even if they took pre orders from China in Dec., Apple do not count sales until it ships. And all those iPhones will ship in Apple 2nd quarter.
Actually, the quarter ended even before the 31st, which still leaves your point valid.
But what I find curious is that Tim did slip a mention of record performance in China last quarter. That could be what the previous poster is referring to.
Thompson
Normally it's a quiet period before earnings and Apple doesn't make any comments as to what they're going to report.
There is no statutory requirement for a 'quiet period' before earnings announcements.
Wall St. is about return on investment, and sometimes short term. As such, they're not in a position to appreciate strategies that have a long term pay off, such as creating a sticky platform/ecosystem or high customer satisfaction/retention.
There is no statutory requirement for a 'quiet period' before earnings announcements.
Exactly. See the SEC's comments regarding a quiet period, which refers to the time between when a company files a registration statement is filed with the SEC and when the SEC approves it. There is no connection with earnings announcements.
http://www.sec.gov/answers/quiet.htm
What Rogifan intended to question, I believe, is whether the comments regarding China Mobile orders constitute "selective disclosure" - which can give rise to insider trading. The answer in this case is clearly no. An interview aired over a major news venue is a broad public disclosure. (Occasionally you will see a company announce some days in advance of a quarterly results release that it expects earnings to be higher or lower than previously expected in the marketplace. So long as that news is broadly disclosed, there's no problem.)
See: http://www.sec.gov/rules/final/33-7881.htm
In this current rule on "Selective Disclosure and Insider Trading" - effective in 2000, the SEC noted that "... technological developments have made it much easier for issuers to disseminate information broadly. Whereas issuers once may have had to rely on analysts to serve as information intermediaries, issuers now can use a variety of methods to communicate directly with the market. In addition to press releases, these methods include, among others, Internet webcasting and teleconferencing. Accordingly, technological limitations no longer provide an excuse for abiding the threats to market integrity that selective disclosure represents."
In other words, if the media and broad general public can obtain timely and near-simultaneous knowledge of a company development through today's communications, there is no selective disclosure nor opportunity for insider trading. As for those individuals who may become aware of undisclosed information, any trades they make must adhere to the provisions and restrictions of the rule.