Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Pre-Market Primer: Apple Knocks Down Nasdaq; ECB Is Ready to Cut Rates

By

Ford also had another bad quarter in Europe.

PrintPRINT
Stock futures are mixed this morning as markets digest another bevy of corporate earnings and a disappointing report on durable goods orders in the United States.

After yesterday's close, Apple (NASDAQ:AAPL) announced that though profits fell, it still beat Wall Street's expectations. It earned $10.09 per share on revenue of $43.6 billion. It cut its guidance for the current quarter below analyst estimates. To appease investors upset with the precipitous share price decline, the company will double its return of capital to shareholders by raising its dividend by 15% and buying back $60 billion in shares. To do so, Apple will issue debt. Shares dipped $8.00, or 2% from yesterday's close.

AT&T (NYSE:T) also fell in the pre-market after reporting lower than expected earnings. The company brought 296,000 new customers to its wireless business over the quarter, while rival Verizon (NYSE:VZ) added 677,000.

Procter & Gamble (NYSE:PG) beat profit estimates but trailed on revenue. The company reported earnings of $0.99 per share on $20.6 billion in revenue. Shares are off by more than 3% in pre-market trading.

EBay (NASDAQ:EBAY) rose 0.69% this morning after Wells Fargo (NYSE:WFC) raised its rating on the retailer to outperform from market perform.

Ford (NYSE:F) reported earnings of $0.41 per share on $35.8 billion in revenue, beating estimates. While it earned $2.4 billion in North America, the automaker lost $462 million in Europe, tripling the loss in the region a year ago. Ford announced that it expects to lose $2 billion in Europe in 2013.

Germany's Ifo index showed that business sentiment fell for the second straight time this month. The index fell to 104.4 from 106.7 in March.

European shares rose this morning on reports that the European Central Bank is ready to cut interest rates in response to the constant barrage of nasty economic data. The bank last cut rates in July 2012. The ECB meets next week in Bratislava.

Durable goods orders in the US fell far more than expected in March. New orders fell 5.7% after February's downwardly revised 4.3%. Economists only expected to see a 2.8% drop in orders. Excluding transportation, durable orders fell 1.4%.

Stock futures are mixed this morning. Dow (INDEXDJX:.DJI) futures are up 0.20% at 14,674 and S&P (INDEXSP:.INX) futures rose 0.09% to 1,575.00. Futures on the Nasdaq (INDEXNASDAQ:.IXIC) index, over which Apple has an outsized 12.3% influence, declined 0.07% to 2,821.00.

Twitter: @vincent_trivett
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE