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Earnings Season: China, music and watches in focus when Apple reports

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iPhone sales in China, the music business and watches will be in focus when Apple reports its quarterly earnings after market close on Tuesday, says Saxo Bank's Peter Garnry.

With China accounting for a quarter of Apple's sales and the iPhone for two-thirds, Garnry says it is one of three factors that could be key catalysts for the stock price when Apple presents it's fourth quarter and full-year results. 

Garnry looks at how Apple's valuation has contracted in the past three years and how the stock has been weighed down by investor worries that the company is relying to heavily on the iPhone, a concern Garnry doesn't share.

Analysts expect Apple to report earnings per share of USD 1.88, up 33% year-on-year. Sales are seen up 21% up at USD 51 billion, also year-on-year.