There's some additional last minute commentary from analysts on the sell-side with regards to Apple. Apple is about to announce earnings in 45-minutes. But essentially, many of the analysts are maintaining their current stance even though it’s highly unlikely that outlook will beat. At least according to Mizuho Securities analyst Abhey Lamba:Apple's F1Q16 revenues and EPS will likely be around $75.5-76.5bn and $3.10-3.20 vs consensus of $76.6bn and $3.23, respectively. We expect gross margins at ~39% vs consensus of around 40%, with the downside to expectations coming from mix shift favoring mid-range iPhones. We think that downside to results is largely expected at this point with investors focusing on potential deceleration in iPhone shipments over the next few quarters. Maintaining Buy rating and $120 PT. While we could potentially see downside to $90 based on a 5x EV/FCF, we believe the multiple could re rate higher from the current level as move into C2H16 and start looking at subsequent iPhone releases. I’m thinking shipment end up at the low-end of the range perhaps 70 million units, so I can’t really jump on the Apple train. Presumably it could be better due to higher sell-in going into the quarter, but I really am dubious of the massive drop-off in sales as we progressed through the quarter and whether it’s going to be isolated to Q2’16 or if some of the weakness to sales is also inclusive of Q1’16. In other words, investors may want to sit this out, but perhaps traders could net a pretty lucrative opportunity on the short side. I continue to reiterate my sell recommendation and $87.38 price target.