The Nasdaq 100 index is down 20% for the year but a prominent Apple Inc (NASADQ: AAPL) analyst warns the worst is yet to come for the tech stocks.
Ming-Chi Kuo’s outlook on big cap tech
In his recent tweet, Taiwan-based Ming-Chi Kuo said no on seems to care about big tech earnings anymore.
His forecast comes a day before the iPhone maker is scheduled to report its financial Q2 results. According to Kuo, Apple might refrain from offering third-quarter guidance if Chinese manufacturing doesn’t show signs of improvement.
The American multinational is expected to report $1.43 in per-share earnings (consensus) for the second quarter. The stock is down roughly 13% for the year.
Gene Munster on tech: ‘not out of the woods yet’
This morning on CNBC’s “Squawk Box”, Loup Ventures’ Gene Munster said Apple’s results will likely be strong, just as Microsoft’s last night, but agreed that the big tech wasn’t out of the woods yet.
Apple’s numbers will be strong, there will be a relief. But then investors will settle back into this uncomfortable place and wonder what’s the upside going to be in June quarter and ultimately, are we going to get into a recession? So, I don’t think we’re out of the woods yet.
He, however, remains bullish for the long term and expects 2023 to again be a great year for the mega cap technology.
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Source: https://invezz.com/news/2022/04/27/famed-apple-analyst-worst-is-yet-to-come-for-tech-stocks/