Apple slides ahead of earnings

Apple trades down 0.44% at $121 a share ahead of its fiscal first-quarter earnings that are due out on Tuesday afternoon.

Here's what Wall Street expects, compiled from analyst estimates by Bloomberg:

• Revenue: $77.4 billion, up slightly from $74.9 in the year-ago quarter.
• Adjusted EPS: $3.22, down slightly from $3.28 in the year-ago quarter.
• Gross margin: 38.39%, down from 40.1% in the year-ago quarter.
• iPhones sold: 76 million, up from 75 million in the year-ago quarter.
• iPhone average selling price: $688, down from $691 in the year-ago quarter.

Investors will also look at Apple's future guidance to see if there's soft demand for the iPhone 7 ahead of the launch iPhone 8, which is expected to go on sale this fall.

There will be questions around Apple's services business, its investment into Softbank Vision fund, iPhone demand in China, and its lawsuit against Qualcomm.

Apple reports earnings at 4:30 E.T. on Tuesday. Business Insider will cover all the news as it happens live.

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