Analysts covering Apple Inc. have settled into a bit of a routine when forecasting earnings reports for the tech giant.
Cleve Rueckert with Birinyi Associates Inc. said in a note to clients Monday that the stock has beaten expectations in every report since 2003, and it rarely guides above the market consensus.
"For these two reasons Apple trading after an earnings report depends more on growth prospects and its product pipeline," he said.
However, Apple's latest earnings results this afternoon are clouded by the fact the company is expected to debut its top-secret tablet technology on Wednesday. In 2007, Apple launched the iPhone ahead of its earnings report, so it will be interesting to see how the dynamics play out here.
Also of interest, other big tech stocks such as IBM and Google are down between 6% and 7% since their latest reports, Mr. Rueckert noted.