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Twitter Leaks Like a Busted Pipe After Early Earnings Release, Apple Drops


Today's financial recap and tomorrow's financial outlook.

The S&P 500 finished higher today after some back and forth action.

The biotech sector continued to drop today after Monday's selloff. The NASDAQ Biotechnology ETF (IBB) and S&P Biotech ETF (XBI) each fell more than 1%.

Twitter's (TWTR) shares fell 18% to $42.27 after the company's first-quarter earnings report was circulated in the afternoon ahead of schedule. Twitter beat on EPS, wbut missed on revenues and mobile monthly active users. The company also cut its second-quarter and full-year revenue guidance.

Facebook (FB) and LinkedIn (LNKD) shares were also down slightly on the news.

Apple (AAPL) reported second-quarter results yesterday after the market close, beating both earnings and revenue expectations on strong iPhone sales. The company also announced an increase in its share buyback program and quarterly dividend. While the stock rose 2% in after-market trading yesterday, the stock dropped 1.5% today.

The weakness in Twitter and Apple pushed the NASDAQ into negative territory, though cyber security stocks managed to buck the trend. Financials were also strong today.

Merck & Co (MRK) rallied over 5% after raising guidance for the year, overcoming the effects of a stronger dollar. The company reported EPS of $0.85, beating the consensus by ten cents while revenues were $9.42 billion vs. the $9.05 billion consensus.

Meanwhile, Pfizer (PFE) shares fell over 1% after lowering its guidance due to the stronger dollar. The company reported EPS of $0.51, beating expectations by two cents.

Coach (COH) stock dropped nearly 7% after the company reported that sales fell 15%, missing Wall Street's expectations. EPS was $0.36.

In US economic data, consumer confidence fell, dropping to 95.2, the lowest level since December.

According to the Case-Shiller 20-City Composite Index, US housing prices rose 0.9% in February. Surveyed economists expected a 0.7% increase.

Wednesday's Financial Outlook

Tomorrow will feature several important US economic announcements, the biggest of which is the FOMC Rate Decision at 2:00 p.m. ET. MBA mortgage applications, GDP, Personal Consumption, amd Pending Home Sales will also be released.

Overseas, Germany will be announcing its CPI, and the Bank of Japan will unveil its Policy Statement.

For earnings announcements, before the market open we have Anthem (ANTM), Fiat Chrysler (FCAU), Goodyear Tire (GT), Mastercard (MA) and Time Warner (TWX).

And after the close, we have Banco Santander (BSAC), Eversource Energy (ES), Flextronics (FLEX), Marriott (MAR) and Suncor Energy (SU).
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