Wall Street Watch Wednesday: The iPhone 5 is Here

iphone 5
iphone 5

The Apple (AAPL) magic show doesn't begin until 1 p.m., East Coast time.

The tech giant's media shindig will take the wraps off of the company's latest iPhone -- a moment that many Apple fans have been craving for two years. After all, the iPhone 5 should have rolled out last year.

Was the country -- if not the world -- lacking the necessary 4G LTE infrastructure to make the new smartphone scream? Was Apple not able to secure enough components at attractive enough price points to offer up the platform's first major design makeover?

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Either way, consumers and investors will know far more about the new smartphone by Wednesday's end.

Apple is also likely to have news for folks that have no intention of upgrading to the iPhone 5. There's a good chance that the country's most valuable company will make its latest mobile operating system -- iOS 6 -- available for some of the more recent iPhone and iPad models.

Apple typically sprinkles in a few surprises along the way, so investors and fans alike will want to pay attention until the very end.

Other Things Worth Watching

• Never take a quarterly report at face value. Globecomm (GCOM) seemed to post a blowout report after Tuesday's market close. Profitability more than tripled to $0.31 a share. Unfortunately there was a meaty one-time gain this time around and a substantial one-time hit during the prior year's fiscal fourth quarter. Strip all of that out and the provider of satellite-based managed network solutions actually posted a 35% decline on the bottom line. Globecomm's adjusted quarterly profit of $0.13 a share is woefully short of the $0.20 a share that the market was expecting.

• Texas Instruments (TXN) has clearer visibility on how its current quarter is playing out. The chipmaker now sees a profit of $0.38 a share to $0.42 a share, on the high end of its earlier range. Texas Instruments is also targeting $3.27 billion to $3.41 billion in revenue, smack dab in the middle of its previous $3.21 billion to $3.47 billion range. Given the way that some tech companies have been hosing down their outlooks -- data storage specialist Xyratex (XRTX) being a perfect example of talking down its numbers on Tuesday night -- investors are simply relieved that Texas Instruments is living up to its earlier guidance.

Motley Fool contributor Rick Munarriz does not own shares in any of the stocks in this article. The Motley Fool owns shares of Apple. Motley Fool newsletter services have recommended buying shares of Apple. Motley Fool newsletter services have recommended creating a bull call spread position in Apple.