AAPL: Apple (AAPL +2.4%) rallies as the sell-side...

3:27 PM Apple (AAPL +2.4%) rallies as the sell-side finds some encouraging data in the company's FQ2 10-Q (filed on Wednesday). Wells Fargo notes Apple has a net deferred gain of $517M related to cash flow hedges, and expects this to benefit gross margin by 150 bps in the coming quarters. It also points out FQ2 GM would've been 38.4% (rather than 37.5%) if not for a product warranty accrual. BMO, meanwhile, argues the 10-Q makes Apple's FQ3 GM guidance of 36%-37% look conservative. Today's gains come even as Cirrus Logic, which got 85% of its March quarter sales from Apple, falls thanks to cautious remarks about FY14 growth. Read comments

AAPL price at time of publication: $418.17. Check AAPL price now »

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