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TheStreet Open House

Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Wednesday, July 24:

1. -- U.S. stock futures were pointing to gains on Wall Street Wednesday after Apple's (AAPL) earnings topped forecasts and ahead of reports from the likes of Ford (F), Facebook (FB) and Boeing (BA).

European shares were rising on purchasing managers index reports that came in better than expected. Asian stocks ended Wednesday's trading session mixed.


2. -- The economic calendar in the U.S. Wednesday includes new-home sales for June at 10 a.m. EDT.


3. -- U.S. stocks ended Tuesday's session mixed as investors showed caution about this seemingly never-ending bull market.

The S&P 500 dropped 0.2% to finish at 1,692.39 after trading as high as 1,698.78, a new intraday record. On Monday, the S&P hit a record closing price of 1,695.53. The Dow Jones Industrial Average added 0.1% to 15,567.74 while the Nasdaq fell 0.6% to 3,579.27.


4. -- Apple's (AAPL) third-quarter earnings beat Wall Street expectations, as the company sold 31.2 million iPhones during the period.

Apple earned $7.47 a share on revenue of $35.3 billion in its fiscal third quarter. Analysts were expecting profit of $7.32 a share in sales of $35.01 billion.

During the quarter, Apple sold 31.2 million iPhones, up from 26 million in the year-earlier quarter. It sold 14.6 million iPads during the quarter, down from17 million a year earlier, and sold 3.8 million Macs during the quarter, down from 4 million in the year-earlier period.

Gross margins during the quarter were 36.9%, down from 42.8% a year earlier.

For the fourth quarter, Apple expects revenue of between $34 billion and $37 billion, with gross margins between 36% and 37%.


5. -- Wall Street expects automaker Ford (F) to report on Wednesday second-quarter earnings of 37 cents a share on sales of $35.15 billion.

Last year, Ford earned 30 cents a share on revenue of $31.4 billion.


6. -- Analysts expect Facebook (FB), the social networking giant, to post after Wednesday's closing bell second-quarter earnings of 14 cents a share on revenue of $1.62 billion.

Investors will be focused Wednesday on signs that Facebook can keep growing advertising revenue, especially on mobile devices.


7. -- Boeing (BA), the aerospace manufacturer, is expected by Wall Street to report second-quarter earnings of $1.58 a share on revenue of $20.78 billion.

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