Editorial companion

What stands out

Apple sold off after a Jefferies downgrade while NetApp hit an all time high on a Morgan Stanley upgrade, a neat reminder that broker notes still move prices faster than earnings. Schwab Network’s short clip also highlighted TSMC’s hefty revenue gain, but the clearer story for investors is the contrast: Apple’s revenue and profit growth are barely positive, and NetApp’s rally looks driven more by sentiment than by a sudden improvement in results. Short term noise, longer term questions for portfolios.