Apple (AAPL) is expected to report fiscal third quarter earnings tonight after the close. There is a conference call scheduled or 17:00 (the company typically guides in the press release).

Q3 Capital IQ consensus calls for EPS of $2.18 (versus $1.67 last year) on revenue of $52.43 billion (+15% YoY).

The current consensus is within the company's guidance range of $51.5-53.5 billion. Apple also guided for Q3 gross margins of 38.0-38.5% and the Street is expecting margins to come in near 38.3% (versus 38.5% last year).

Guidance: The company is expected to guide for Q4 revenue where Capital IQ consensus stands at $59.4 billion and for Q4 gross margins where expectations are near 38.2%.

The company is expected to refresh its iPhone and iPad lineup this September including iPhone X Plus and iPad Pro Series 3. 


Based on the weekly AAPL Aug03 $190 straddle, the options market is currently pricing in a move of ~4% in either direction by weekly expiration (Friday).

On a positive report, look for resistance near the $194-196 area, while support sits near the $184-186 vicinity.