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Minyanville's T3 Daily Recap: Apple Sees Rare Earnings Miss


Market adds to losses after hours.

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The Dow dropped triple digits for the third straight day and is adding to those losses after hours following a slew of very weak earnings reports. All major indices finished down around 0.9%. The earnings headliner, obviously, is Apple (AAPL), which missed on EPS for only the second quarter in the last three years and currently looks set to gap down more than 5% for the first time since July 2008. The company is in the middle of a product cycle, and especially with no new iPhone yet for sale, revenue numbers were disappointing. Third quarter guidance also came in very light of expectations, but Apple has a reputation for guiding low.

Apple is the most notable -- but not the only -- company to disappoint with earnings after hours. Netflix (NFLX) is down nearly 15% after more very concerning numbers for the formerly high-flying stock. Buffalo Wild Wings (BWLD) became the latest casualty of fast-rising food prices, following Chipotle's (CMG) big earnings miss last week. The wing chain is down around 13% after hours. Panera (PNRA) actually bucked the food trend, beating across the board and trading up more than 5% after hours.

The market actually was able to pare losses in the afternoon after the Wall Street Journal reported Federal Reserve officials are moving closer to new action to spur the economy. FOMC members are said to be concerned about slow growth and high unemployment are reportedly exploring tools at its disposal to spur a faster recovery.

Index futures are headed lower after hours following the disappointing earnings results, and stocks will be pulled in two directions heading into the open tomorrow, which is shaping up to be a very interesting trading day.

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