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Before The Bell: Apple, Yahoo Movin' Around The World, Turnaround Tuesday!


Apple's results are mixed so far in Europe, but the company is talking about China. It looks like Turnaround Tuesday this morning.


Morning Perspective: Apple Around The World

The Telegraph reports sales of the iPhone have been slow with Apple's (AAPL) UK operator, O2, with estimates of 20,000 and 30,000 phones sold last weekend. O2 countered the allegations by saying the device is the "fastest selling" and that two thirds of customers buying the iPhone switched over from rival networks. The news coincides with statements by the CEO of China Mobile (CHL) that it is in early talks with Apple in bringing the iPhone to China. For volatile stocks, read Professor Tatro's Wait For Confirmation Of The Move.

From the Bull Pen: Professor Udall believes "fundamental catalysts are waiting in the wings" for Apple. Those bullish may set sell-stops below $152, which are previous lows, or $145, from where it broke out. Tertiary plays include Nokia (NOK) with a stop below $35.

From the Bear Cave: Those believing Apple shares have further to fall can fade (read: sell) this rally with stops above the 50-day moving average ($162) or the 50% retracement of the recent decline ($172) depending on risk appetite.

Yahoo To Asia

The WSJ reports Yahoo (YHOO) has signed agreements with nine Asian mobile operators to provide mobile internet-search service in the region. The agreement brings the total number of Internet search partnerships in Asia to 16. A senior executive of Yahoo said current figures of the size of the global mobile Internet search market are not available because it is in the early stages of development but expects the market to grow to between $4 bln and $16 bln by 2011. Read Professor Macke's article from last week, Yahoo Slipping In Front Of Alibaba.

From the Bull Pen: Those believing in Yahoo's strategy can try the buy side as the stock retests $24.50, from where it broke out in September.

From the Bear Cave: The mobile phone market has become a battleground for the internet-search giants. For those bearish Yahoo and believing Google (GOOG) will win the war, the best bet may be simply to buy Google with sell-stops below the 50-DMA ($609.74).

Click on Minyanville's Stocks To Watch for more company-specific ideas.

Quick Check Around the World

Asian trading closed with the Hang Seng +0.50%, Nikkei -0.46%, Sensex +1.59%, Taiwan +0.65% and Shanghai -0.57%.

A quick check across the pond finds the CAC -0.34%, DAX -0.58%, FTSE -0.04%, ATX -0.64%, Swiss Mkt. -0.20% and Stockholm -1.61%.

A Look At Commodities

Crude oil is lower by -0.62 to 92.92. Gold is down -1.0 to 806.7. Silver is down -0.07 to 14.69, and copper is off by -0.35 to 310.55.

As of 8:30 AM EST, S&P futures are up by +11.8 points and Nasdaq futures are up by 21.5 points.

On the Radar


10:00 Pending Home Sales: -2.0% cons
2:00 Treasury Budget: -$53.0 bln cons

Click here for Minyanville's full Trading Radar.

It may be Turnaround Tuesday! Good luck and have a great day!

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No positions in stocks mentioned.

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