McDonald's missed US sales growth expectations in the second quarter, citing an execution issue after pulling back on app discounts and focusing on a $3 value menu

Rumor: SK hynix has run into an issue with its HBM4, requiring a photomask revision for the 12nm base die. As a result, volume shipments could be delayed by more than one quarter, which would also impact shipments across the related supply chain.

$COHR Coherent guided the December quarter to $2.65B in revenue and $2.38 in non-GAAP EPS at the midpoints, above the $2.54B and $2.21 consensus. It also set a new margin goal: a first quarter above 45% non-GAAP gross margin before the end of calendar 2028. The bill for that growth sits in the cash flow statement: $775.5M of capex in one quarter against negative operating cash flow. 1. FQ1 vs guidance and consensus Revenue was $2.37B, +50% y/y (+56% pro forma), near the top of the $2.20-2.40B guide and above the $2.30B consensus. Non-GAAP EPS was $2.09, above both the $1.85-2.05 guide and the $1.97 consensus. GAAP EPS was $1.90. Non-GAAP gross margin was 40.6%, up from 40.2% last quarter and inside the 39.5-41.5% guide. Non-GAAP operating margin reached 23.2%. Datacenter & Communications did the work: $1,951.7M, up from $1,615.0M last quarter (+21% q/q) and $1,090.0M a year ago (+79%). Industrial slipped to $418.6M from $430.5M. 2. FQ2 guidance and our read Guided to $2.55-2.75B in revenue, 40-42% non-GAAP gross margin, $430-450M non-GAAP opex and $2.28-2.48 non-GAAP EPS. Management also expects FY27 pro forma growth above 60%, a first $3B quarter by the end of FY27 and a first $4B quarter in FY28. Our read: the beat and raise is clean on the income statement, and the CFO credits the margin to pricing and cost improvements. That means Coherent has pricing power in AI optics right now. The open issue is cash. Operating cash flow was -$92.7M this quarter, compared with +$46.0M a year ago, while capex rose to $775.5M from $103.9M. Coherent is building capacity ahead of revenue. What would change our view: another quarter of negative operating cash flow with no clear payback path, or gross margin stalling near 40% while capex stays this high. 3. Answering the preview Q1 Did FQ1 land toward the top of guidance? Answered: revenue near the top, EPS above it. Q2 Does FQ2 guidance clear $2.54B / $2.21? Answered: yes on both midpoints ($2.65B / $2.38). Q3 Is PhotonLink (CPO/NPO) moving into production on the FQ2 timeline? Not in the release. Left for the call. Q4 Are margins improving? Answered: 40.6% vs 40.2%, FQ2 guided to 40-42%, plus the new >45% target. Q5 Is cash conversion improving? Answered, negatively: operating cash flow -$92.7M with $775.5M capex. 1.6T shipments and six-inch InP output are not in the release. 4. What the call needs to answer C1 PhotonLink: does first revenue still land in FQ2, and how much is in the $2.55-2.75B guide? C2 Capex: FY27 total, and when operating cash flow turns back positive. C3 Pricing: how much of the 45% path is price vs mix vs cost, and how durable it is. C4 The NVIDIA agreement: shipment and capacity schedule under the purchase commitment. Source: Coherent Corp. press release (Form 8-K, Exhibit 99.1), November 4, 2026

$PWR KEY READ-THROUGHS FROM QUANTA SERVICES’ THIRD-QUARTER 2026 EARNINGS CALL Quanta’s results indicate that the power-infrastructure investment cycle is broadening, while its principal constraint is shifting from construction labor toward equipment availability, procurement and energization. Revenue growth of 57%, approximately $64 billion of backlog and $1.2 billion of quarterly free cash flow provide tangible evidence of activity rather than simply customer intentions. The strongest positive implications favor critical electrical equipment, integrated construction capabilities and specifically identified utility investment programs. The most important negative implication is the counterpart to contractors’ improving economics: infrastructure owners must commit cash earlier, absorb physical delivery constraints and wait for assets to generate returns. These are not equivalent signals for every participant in the AI investment chain. The following conclusions distinguish confirmed commercial relationships from product-market exposure and distinguish operating implications from predicted share-price movements. Company-level EPS effects are not quantified where supplier allocation, contract economics or attributable ownership are undisclosed. TECHNOLOGY AND DATA-CENTER CAPITAL FORMATION CONTRACTORS’ CASH-FLOW STRENGTH REINFORCES THE PRESSURE ON HYPERSCALER CASH CONVERSION (READ-THROUGH 1) Affected companies: Alphabet (GOOGL: United States) and Microsoft (MSFT: United States). Directional impact and magnitude: Negative for near-term cash conversion and the funding burden of infrastructure expansion; potentially material. This is not evidence of weaker cloud demand or, by itself, a conclusion that the investments destroy value. The call evidence is unusually direct. Desai attributed Quanta’s improving working capital to “the contract terms we’re getting on a significant part of our revenue,” specifically identifying MEP, EPC and renewable operations. Austin added, “we’re generating free cash at a faster pace.” At the same time, he highlighted equipment constraints and stated that Quanta itself was awaiting power connections at several factories. Together, these comments indicate that cash commitments can precede usable capacity by a meaningful interval. The transmission mechanism is a widening separation between infrastructure expenditure and monetization. On owner-funded projects, advance and milestone payments transfer working-capital financing from contractors to project owners. Equipment reservations and early procurement create additional commitments before energization. Where a developer or lessor initially funds construction, the economic burden can instead emerge through future lease payments or contractual capacity commitments. The accounting presentation changes, but the physical investment requirement does not disappear. Alphabet’s October 28 results independently demonstrate the scale of this pressure: quarterly property-and-equipment purchases of $51.355 billion exceeded operating cash flow of $42.290 billion, producing negative free cash flow of $9.065 billion. Microsoft’s fiscal 2026 annual report disclosed $115.9 billion of cash additions to property and equipment, versus $64.6 billion in fiscal 2025. These figures are corroborating disclosures, not amounts attributable to Quanta. The non-consensus implication is that strong contractor cash generation can coexist with deteriorating customer cash conversion even while end-demand remains robust. Once commissioned, assets also generate depreciation, maintenance and operating costs; the return depends on utilization and monetization catching up with the investment. Near-term trading catalysts are capital-spending guidance, cash-payment timing, lease commitments and capacity-delivery updates. The longer-duration issue is return on incremental infrastructure capital. Quanta did not identify which hyperscalers provided particular advances, so the call does not support allocating its working-capital improvement to an individual customer or mechanically lowering either company’s EPS forecast. POWER EQUIPMENT AND INDUSTRIAL SUPPLY CHAINS CRITICAL GRID EQUIPMENT HAS BECOME THE MORE IMPORTANT CONSTRAINT THAN CONSTRUCTION LABOR (READ-THROUGH 2) Affected companies: Hyosung Heavy Industries (298040: South Korea), GE Vernova (GEV: United States) and Siemens Energy (ENR: Germany). Directional impact and magnitude: Positive, with high significance for relevant transformer and high-voltage equipment operations and moderate-to-high significance for the consolidated companies’ multiyear growth opportunities. Immediate incremental earnings are less certain than demand visibility. Austin identified the bottleneck explicitly: “Everyone is worried about our labor constantly, and we grew 26,000 people this year. So I’m waiting on material.” He specifically discussed transformers, breakers and poles, while also expressing concern about copper. The importance of this statement is that expanding contractor capacity is not automatically resolving the system’s delivery constraint. For qualified equipment manufacturers, the mechanism is stronger demand for available production slots, earlier procurement commitments and better capacity utilization. Equipment with lengthy qualification and manufacturing cycles becomes essential to turning utility capital budgets into operating assets. This supports order durability and potentially favorable pricing, although price realization remains contract-specific. Hyosung has the most directly verified Quanta relationship. Quanta’s second-quarter release confirmed the Hyosung HICO Breaker joint venture in Pennsylvania, producing high-voltage and extra-high-voltage breakers rated up to 800 kV. The third-quarter emphasis on critical equipment therefore validates the strategic relevance of an existing partnership rather than establishing a new award. The venture provides a route into Quanta-supported infrastructure programs, but undisclosed ownership economics and order allocations prevent attributing its entire revenue opportunity to Hyosung shareholders. GE Vernova’s exposure includes its now wholly owned Prolec transformer business, consolidated following the February 2026 acquisition of the remaining interest. Siemens Energy has relevant transformer and high-voltage equipment capabilities. Their inclusion reflects verified product-market exposure, not a disclosed allocation of Quanta’s backlog. Near-term catalysts are equipment orders, capacity reservations, delivery schedules and factory-ramp updates through 2027. The longer-duration opportunity extends into the transmission construction cycle. The important negative qualification is that Quanta is actively financing alternative supply and selective manufacturing. Current shortages support suppliers, but they also induce capacity additions that can limit eventual scarcity pricing. Demand visibility is the higher-conviction conclusion; permanently elevated margins are not. GAS-GENERATION EXECUTION CAPACITY IS IMPROVING, SUPPORTING TURBINE BACKLOG CONVERSION (READ-THROUGH 3) Affected companies: GE Vernova (GEV: United States) and Siemens Energy (ENR: Germany). Directional impact and magnitude: Positive, potentially high for gas-turbine equipment and subsequent service opportunities; moderate for incremental near-term consolidated earnings. Austin stated, “They want to build fossil. We’ll go build fossil,” and described Quanta already providing utility-scale generation, behind-the-meter generation, balance-of-plant and balance-of-facility services. He also referenced engine investments extending approximately 3 years into the future. The call therefore provides evidence that the construction and integration layer is developing alongside turbine procurement. The transmission mechanism is broader than turbine demand alone. A reserved turbine requires site preparation, civil works, electrical infrastructure, mechanical installation, gas delivery, commissioning and interconnection before it becomes an operating asset. Quanta’s expanded craft capabilities reduce a potential execution constraint across that chain. Better construction readiness increases the probability that customer reservations and announced generation programs progress toward equipment delivery and commercial operation. This supports GE Vernova and Siemens Energy as established gas-turbine suppliers. Siemens Energy’s separately disclosed Xcel Energy order for 10 turbines demonstrates its participation in the relevant US dispatchable-generation market, but it does not establish that those units are associated with Quanta’s discussed projects. Likewise, Austin’s reference to GE equipment does not identify a turbine model, specific project allocation or a new order. The longer-duration earnings mechanism also includes service revenue from the installed fleet. However, that opportunity depends on commissioning, operating hours and service-contract coverage. A peaking unit and a high-utilization combined-cycle plant do not create identical maintenance economics. Near-term catalysts are conversion of reservations into firm orders, final investment decisions and equipment-delivery commitments. Construction and commissioning are later catalysts, generally extending beyond the initial booking period. The negative boundary is that strong gas demand does not eliminate gas-pipeline or grid constraints. The call supports the duration and executability of the turbine cycle, not an immediate acceleration of all deliveries. UTILITIES AND REGULATED INFRASTRUCTURE AEP’S TRANSMISSION STRATEGY RECEIVES SPECIFIC EXECUTION VALIDATION (READ-THROUGH 4) Affected company: American Electric Power (AEP: United States). Directional impact and magnitude: Positive, moderate near term and potentially high over the multiyear investment program. The principal benefit is greater execution confidence, not newly disclosed earnings. Austin specifically referenced work with AEP, supply agreements and 765-kV transmission. He stated that Quanta would be working on 765-kV projects in 2027 and anticipated “really good bookings” in the first half of 2027, identifying Texas and Ohio as the most advanced geographies. The relationship is confirmed independently by AEP’s November 2025 agreements with Quanta. Those agreements cover design, engineering, procurement and construction of 765-kV and other high-voltage facilities, together with development of domestic transformer and breaker manufacturing. This makes AEP a substantially more direct beneficiary than a generic basket of utilities associated with load growth. The earnings mechanism is execution of approved capital investment into assets that can earn a regulated or otherwise contracted return. Earlier coordination of engineering, equipment procurement and construction can reduce schedule slippage and improve the likelihood of delivering the investment program. For AEP, that is more valuable than an undifferentiated increase in prospective electricity demand that cannot be served. The geographic signal also matters. Quanta is describing progress across Texas, Ohio and broader MISO opportunities rather than dependence on a single data-center cluster. This supports the breadth of the transmission cycle. It does not mean every project in those regions belongs to AEP. The near-term catalyst is conversion of limited authorizations and preliminary work into signed construction scope during the first half of 2027. Longer-duration earnings depend on project execution, applicable construction-period recovery, in-service dates and regulatory treatment. The negative qualification is financing and affordability. Larger capital programs require funding, and equipment inflation can increase costs before recovery occurs. Quanta’s commitment to maintaining utility margins within a 10%-12% framework is constructive for customer relationships, but it does not eliminate AEP’s financing, approval or cost-recovery risks. The call increases confidence in execution of the existing strategy; it should not be treated as a new upward revision to AEP’s capital plan. NISOURCE’S DATA-CENTER OPPORTUNITY IS MOVING FROM COMMERCIAL AGREEMENT TOWARD EXECUTION (READ-THROUGH 5) Affected company: NiSource (NI: United States). Directional impact and magnitude: Positive, high strategic significance and moderate immediate valuation significance. The principal change is reduced execution uncertainty around an already disclosed growth opportunity. Quanta stated that it booked NiSource generation and transmission-and-distribution scope and expects additional scope to follow. Austin described the initial booking as part of a larger program. The operating commentary further established that NiSource was the largest individual addition to backlog but did not account for most of the overall increase. The mechanism is a progression from customer agreements and development plans into procurement and construction commitments. This matters for NiSource because its data-center earnings opportunity depends on delivering generation and associated infrastructure, not merely signing a large-load customer. NiSource’s October 28 release provides the financial context: its 2027-2033 capital plan includes $8 billion of data-center investment within a $40 billion consolidated program. It targets consolidated adjusted EPS growth of 10%-11%, compared with 6%-8% for the base plan. Quanta’s booking provides independent execution-side support for that incremental growth component. The critical distinction is between progress and incremental guidance. The data-center contribution is already included in NiSource’s disclosed consolidated framework. Adding a separate earnings premium for the same Quanta booking would double count the opportunity. Similarly, a contractor’s backlog recognition is not equivalent to immediate electricity sales or full customer utilization. Near-term catalysts are further signed scope, procurement milestones, construction progress and regulatory approvals. The longer-duration benefit arrives through staged infrastructure delivery and the economics of the associated customer contracts. The negative exposure remains material: financing requirements, construction costs, customer performance and completion timing. Nevertheless, this is among the highest-conviction company-specific positive implications because the customer, contractor relationship and booked program are explicitly identified. SPECIALTY CONSTRUCTION AND MODULAR INFRASTRUCTURE INTEGRATED, SELF-PERFORMING CONTRACTORS HAVE A STRONGER POSITION THAN GENERIC CONSTRUCTION EXPOSURE (READ-THROUGH 6) Affected companies: Comfort Systems USA (FIX: United States) and EMCOR Group (EME: United States). Directional impact and magnitude: Positive, moderate-to-high for addressable work and operating resilience. The call supports the business model more strongly than it supports an automatic increase in either company’s estimates. Austin described approximately 85% self-performance and emphasized that customers want “certainty” and “speed.” He also said Quanta’s captured scope had increased from approximately $3 million-$4 million per MW to $5 million-$7 million, with potential to reach $7 million-$10 million. Off-site manufacturing was identified as a source of efficiency and improved margins. The mechanism favors contractors capable of combining skilled labor, prefabrication, engineering and multiple trades into coordinated delivery. These capabilities can reduce interfaces, shift work into controlled factory environments and improve utilization across projects. The economic benefit can include higher revenue per customer program, less rework and better contract terms, rather than dependence solely on construction-market growth. Comfort Systems has directly relevant modular mechanical and electrical capabilities through operations including Environmental Air Systems and TAS Energy. EMCOR’s disclosed mission-critical platform includes multitrade construction, prefabrication, electrical infrastructure and ongoing maintenance. These are product and capability parallels, not evidence that either company participates in Quanta’s announced programs. The competitive qualification is important. Quanta’s expanded scope is also a competitive challenge to existing electrical and mechanical contractors. Its gains cannot be assumed to accrue proportionally to peers. The positive sector conclusion is that customers increasingly value integrated execution; the company-specific conclusion depends on each contractor’s capacity, customer relationships and project selection. Near-term catalysts are organic backlog additions, modular facility utilization, contract cash terms and evidence of profitable execution. The longer-duration change is customer procurement shifting toward capable program partners rather than fragmented bidding for individual trades. Management’s assertion that its own labor supply is manageable should not be generalized to the entire industry. Quanta has invested heavily in training and acquisition-enabled capabilities. Contractors lacking comparable infrastructure could face rising wages or execution difficulties even while the larger platforms benefit. NATURAL GAS AND MIDSTREAM GAS-TRANSPORT CAPACITY IS A MORE DIRECT BENEFICIARY THAN NEAR-TERM NATURAL-GAS PRICES (READ-THROUGH 7) Affected companies: The Williams Companies (WMB: United States) and Kinder Morgan (KMI: United States). Directional impact and magnitude: Positive, moderate at the consolidated-company level and potentially high for relevant expansion portfolios. The implication is predominantly multiyear and infrastructure-specific. Asked about gas pipelines needed to support data centers, Austin said, “I’m confident in ’27, you’re going to see expansion of pipe,” and emphasized that the growing gas-generation fleet must be supplied. This connects the power-construction cycle to physical transportation requirements rather than merely to prospective commodity demand. The mechanism is demand for reliable delivery capacity into generating facilities and load centers. That can support long-term transportation commitments, compression additions, looping and new laterals. Pipeline operators monetize contracted capacity and approved infrastructure investment, rather than requiring a particular short-term Henry Hub price outcome. Williams’ Southeast Supply Enhancement project provides a relevant example: approximately 1.6 million dekatherms per day of additional capacity, with a targeted third-quarter 2027 in-service date in its project materials. Kinder Morgan’s South System Expansion 4 is designed to add approximately 1.3 Bcf/d for power-generation and local-distribution demand in the Southeast, with phases targeted for late 2028 and late 2029. These are independently disclosed projects illustrating the exposure, not projects awarded to Quanta by this call. Ownership also matters. Kinder Morgan identifies approximately $1.8 billion of attributable investment in the approximately $3.5 billion South System Expansion 4 project. Assigning the entire project’s economics to Kinder Morgan would overstate its exposure. Near-term catalysts are contracts, regulatory milestones, construction authorizations and project schedules. The longer-duration earnings benefit follows commissioning and contractual service commencement. Quanta’s reference to 2027 pipeline expansion should not be interpreted as every associated generating plant consuming gas in 2027. The negative qualification is capital spending before cash returns, together with permitting and construction risk. The higher-conviction cross-portfolio conclusion favors appropriately contracted transportation infrastructure over using the call alone to justify a near-term bullish natural-gas-price forecast. UTILITY-SCALE RENEWABLES SOLAR REMAINS PART OF THE POWER-SUPPLY EXPANSION, NOT A CASUALTY OF GAS-GENERATION GROWTH (READ-THROUGH 8) Affected company: Nextpower, formerly Nextracker (NXT: United States). Directional impact and magnitude: Positive, moderate for demand durability and potentially meaningful for order conversion. The evidence is stronger for utility-scale solar than for the renewable sector indiscriminately. Austin repeatedly described Quanta’s renewable business as “fantastic” and identified renewable activity as part of the broad-based backlog increase. The company’s supplemental outlook retained 10%-15% growth for power generation and energy storage, led by utility-scale solar and battery storage. This sits alongside, rather than in place of, the expanding fossil-generation opportunity. The mechanism for Nextpower is continued utility-scale project construction requiring tracking systems, foundations and associated electrical infrastructure. Its broader product platform also addresses customers’ desire for integrated systems that reduce construction complexity. Quanta’s emphasis on speed, labor productivity and execution certainty is therefore relevant to the value proposition of its products, not simply to the volume of new solar capacity. The important non-consensus implication is that gas and solar expenditure need not be mutually exclusive. Rising power requirements can support simultaneous investment in dispatchable generation, solar, storage and transmission. Strong gas-turbine demand is not sufficient evidence that utility-scale solar construction is contracting. Relationship discipline remains essential. Nextpower’s predecessor disclosed a historical supply agreement with Blattner, but that older agreement does not establish current project allocation. The high-conviction conclusion is favorable end-market demand for a relevant supplier, not a newly confirmed Quanta purchase order. Near-term catalysts are customer orders, project releases and shipment conversion during the next several quarters. The longer-duration benefit depends on continued utility-scale additions and greater product content per project. The negative qualification is that EPC activity does not guarantee supplier pricing, margins or market share. Policy eligibility, interconnection, customer procurement and competitive bidding remain important. This read-through should not be extended to residential solar or to a particular battery supplier without additional evidence.

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$ASTS AST SpaceMobile missed Q3 revenue expectations by about 8%, while its latest deployment target puts roughly 45 BlueBirds in orbit by mid-2027. Revenue is growing, but the timetable remains the bigger issue. 1. The quarter Revenue was $42.3M versus $46M consensus, up 34% from Q2. Gateway deliveries and U.S. government milestones remain the revenue drivers. Adjusted operating expenses excluding adjusted cost of revenues rose 14% sequentially to $109.4M. Company-reported capital expenditure was $310.4M, down from $610.4M in Q2. 2. What changes the investment case The presentation lists 12 BlueBirds operating in orbit. BlueBirds 14-16 have shipped but still await a SpaceX launch date. BlueBirds 17-19 are expected to launch with Blue Origin in early Q1 2027. The roughly 45-satellite target is now mid-2027; the Q1 release targeted roughly 45 during 2026. Production is targeted at six ASIC satellites per month in December, with ASIC integration pulled forward to BlueBird 34 from BlueBird 50. Nationwide intermittent service in initial markets is expected before year-end 2026. 3. Our read Cash, equivalents and restricted cash total about $3.2B, including $434.6M restricted. Funding helps, but shipped hardware still has to become operational capacity. We see improving production capability alongside a deployment schedule that needs proving. The call needs to connect launch dates, usable coverage and paying customers. This presentation does not restate FY revenue guidance or provide GAAP EPS. Against the Q2 $150M-$200M revenue framework, Q4 would need roughly $61.4M-$111.4M. We want management to clarify that bridge.

Lately I’ve found myself disagreeing with some of Serenity’s points - not necessarily on the endgame, but on the intermediate turns you take to get there. I don’t think communication is as big an issue as people make it out to be. I also don’t think a Nasdaq listing (delay by a quarter or two) is some kind of deal breaker. And I definitely don’t think management has moved away from CPO. The SemiNex partnership was a pretty obvious signal in the opposite direction. They also raised ~SEK 800M specifically for Photonics, not Wireless. Wireless is a separate business unit with its own leadership, and obviously they are going to keep executing. Where I think the distinction matters is this: $SIVE is behind on today’s pluggable commercialization not necessarily on tomorrow’s CPO/NPO transition. Across the sector, the commentary still broadly looks like: 2026–27: 800G → 1.6T pluggables + OCS + components 2027–28: NPO/CPO + ELS/high-power lasers And Sivers’ disclosed CPO/NPO timelines are not wildly different from what LITE and COHR themselves are discussing. The bigger gap today is commercialization, customer validation and production maturity. There is also another possibility people tend to ignore: if Sivers is currently going through customer testing, qualification or NDA covered engagements, management may simply not have much they are allowed to beat the drums about yet. Silence is not automatically evidence that nothing is happening. I trust Vickram to execute. And with businesses like this, once qualification, capacity and customer orders start lining up, several things can move very quickly at the same time. One final point and the probably the most important thing Serenity mentions - if you’re not prepared for an investment to go to zero, you probably shouldn’t be making that investment in the first place. That is broadly how I think about my $SIVE position. I didn’t sell at 100+. I didn’t sell when they diluted me. And I’m not selling simply because it is now around 23. What genuinely ragebaits me is parts of the investor base seemingly being miserable every single day they own the stock. If something consistently makes you suffer, avoid it.

According to @SECPaulSAtkins, more than 400 IPOs raised over $180 billion in the last four quarters, four times the amount raised over the previous four quarters. Still, the U.S. has 40% fewer public companies than it did 30 years ago. The rebound is encouraging, but rebuilding public markets requires more than a strong period for IPOs. It means creating better ways for companies to go public and for investors to participate in their growth. Tokenized IPOs could be one of those paths, allowing companies to issue shares and administer ownership onchain from day one.

Apple down $8 on reports this morning of severe supply shortfalls for their new foldable phones due to manufacturing hiccups. HTS subs read this in the latest HTS letter released (via email) two days ago: "Apple hasn't been able to make enough of the new foldable phones - and that's a big issue." Also mentioned in the letter - Apple's hardware margin problem due to spiking memory costs, the sharp decline in Apple's (high margin) App Store revenue growth, long-time App Store executive Phil Schiller's exit from that position (not a coincidence, I believe). Most of these (margin issues, App Store problems, foldable production trouble) are not new - they've just been ignored by the Appleholic investors (and analysts) too drunk on stock bubble euphoria to notice. But now we're just days from the big product announcements and in the final month of what may be a very tough quarter (and quarters ahead) for Apple. Time to abandon ship?