From tonight's Almost Daily Grants: "One indicator suggests that the iPhone manufacturer will be hard-pressed to please its investors. Craig Moffett, co-founder and one-half eponym of research firm MoffettNathanson, pointed out yesterday that handset upgrade rates from Verizon, AT&T and T-Mobile “were down sharply” in the most recent quarter.  The bulk of that period took place before Apple rolled out its latest iteration smartphone in mid-September, but the downshift “carries implications for Apple’s earnings report on Monday [and] also for the fourth calendar quarter, as the trends appear likely to continue,” Moffett relayed." My take: Could be a major wake-up call for the brazen AAPL stock buyers following Monday night's results. So much risk (see my prior tweet as well as this one) and so little upside considering the 40 PE - which is more than 2x Apple's historical average. At a $5+ Trillion market cap for AAPL and retail investors "all-in" with this stock market (and with $1.5T of margin debt - not including hedge funds' margin), AAPL - possibly the most crowded trade in history thanks to the mindless "rotation" that's been occurring - could have major repercussions in an already massively overvalued and shaky stock market.