If Apple Inc. (AAPL) Breaks Out, These Stocks Could Follow

With Apple Inc.'s (NASDAQ:AAPL) product event just around the corner, it may be a good time to look at a few of the company's suppliers. Should AAPL's announcements please the Street, its business partners could see their respective stocks positively impacted. Of course, this also means the ripple effect of a letdown this afternoon could be far-ranging. In any case, let's take a look at three equities with exposure to the blue chip: Cirrus Logic, Inc. (NASDAQ:CRUS), Corning Incorporated (NYSE:GLW), and Skyworks Solutions Inc (NASDAQ:SWKS).

CRUS makes microchips for a variety of AAPL products, including the iPhone. So far this year, the stock has advanced over 30% to trade at $30.75, assisted by a recent bounce off its 200-week moving average. However, the shares are currently testing their overhead 10-week trendline, which has acted as both support and resistance in 2015.

Skepticism is running high toward CRUS. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock has accrued a 50-day put/call volume ratio of 1.64 -- just 7 percentage points from a 12-month peak. What's more, short interest on Cirrus Logic, Inc. jumped more than 59% during the two most recent reporting periods, and now represents one-tenth of its total float. Should the security get a boost from AAPL this afternoon, a capitulation among the skeptics could provide an additional tailwind.

Meanwhile, GLW -- which sells the Gorilla Glass screens used on iPhones and iPads -- has struggled since peaking at $25.16 in late January. Currently, the stock is churning near $17.77, just below its descending 40-day moving average -- which has ushered the shares south since March.

Understandably, sentiment is stacked against the underperformer. Corning Incorporated's 10-day ISE/CBOE/PHLX put/call volume ratio of 0.63 ranks in the 69th percentile of its annual range. What's more, 70% of covering analysts have doled out "hold" or worse recommendations on GLW.

Finally, SWKS -- which is not only exposed to AAPL, but also to China -- manufactures chips for the iPhone. Shares of the company have been impressive over the long run, advancing 54.5% year-over-year to rest at $86.52. On top of that, the stock's 10- and 20-day trendlines have just flashed a bullish cross, hinting at potential short-term upside.

If that materializes, option bears could start hitting the bricks. Skyworks Solutions Inc's 10-day ISE/CBOE/PHLX put/call volume ratio of 0.92 rests a mere 5 percentage points from a 52-week high. From a contrarian perspective, an unwinding of this pessimism could add fuel to SWKS' fire.