PREVIEW: Apple dips ahead of earnings; tariffs in focus

Apple AAPL.O shares dipping 0.2% on Thurs ahead of qtrly results after the bell, as investors focus on tariffs, Chinese competition and AI

Trump on Weds imposed a 25% tariff on goods imported from India starting Aug 1, just as the total volume of Indian-made smartphones has jumped 240%, largely driven by AAPL shifting production there, per research firm Canalys

Analysts expect qtrly rev up 4% to $89.53 bln, adj EPS seen at $1.43 vs $1.40 yr-ago, per LSEG

AAPL stock recently at 27 times expected earnings, in line with its avg forward PE of 27 over past five years, suggesting it may be fairly valued

Stock has dipped about 17% year-to-date, compared to a 10% rise in Nasdaq .IXIC, under pressure from concerns about U.S. President Donald Trump's global trade policy, and also from worries the iPhone maker has been slow to adopt AI