Apple Stock Slips Ahead of Earnings Despite Market Gains

Apple (AAPL) stock closed down 1.69% despite market gains as investors look ahead to upcoming earnings report on May 2nd
Earnings per share expected to be $1.50, down 1.32% year-over-year; Revenue forecast at $90.25 billion, down 4.83%
For full year, consensus estimates call for EPS of $6.54, up 6.69% and revenue of $385.52 billion, up 0.58%
Recent estimate revisions may signal near-term stock moves due to changing business dynamics
Apple has a Zacks Rank #3 (Hold) and a Forward P/E ratio of 26.39, representing a premium vs. industry average of 8.98