Preview Week of Sep11-15: Aug CPI, iPhone 15, ORCL ADBE Earnings
As we wind down the week, it’s time to start preparing for the next one. The calendar will again be light with the key events being the August CPI Report on Wednesday morning, Apple’s (AAPL) Wonderlust event on Tuesday morning in which they are expected to reveal the new iPhone 15, and Oracle (ORCL) and Adobe (ADBE) earnings on Monday and Thursday afternoons, respectively.
As you can see in the chart above, the Fed is widely expected to pause when it meets on Wednesday September 20. And rightly so since inflation is rolling over. Nevertheless, investors will be closely watching the CPI for any signs that inflation is stickier than expected.
On Tuesday, Apple will hold its annual fall event, this year called Wonderlust, in which it is widely expected to reveal the new iPhone 15. The phone is expected to be more of a modest upgrade than a major overhaul. AAPL stock was under pressure last week and it will be interesting to see how the stock reacts to the event.
Before the CPI, on Monday afternoon, Oracle (ORCL) reports 3Q23 earnings. ORCL stock has been on fire as its move into the cloud has given the stock life. While I was long the stock in 2022, I’m fading the move at this point. I have the same feeling about Adobe (ADBE) earnings on Thursday afternoon. While ADBE is a great company – like ORCL – that provides web designers with the tools they need, I feel that the stock has moved too far at this point. I have fractional short positions in both names.