Morning Briefing: 10 Things You Should Know
NEW YORK (
) -- 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) - Get Report
earnings topped forecasts and ahead of reports from the likes of
Ford
(F) - Get Report
,
(FB) - Get Report
and
Boeing
(BA) - Get Report
.
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
in the U.S. Wednesday includes new-home sales for June at 10 a.m. EDT.
3.
--
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) - Get Report
third-quarter earnings beat Wall Street expectations, as the company sold 31.2 million iPhones during the period.
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) - Get Report
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
(FB) - Get Report
, 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) - Get Report
, the aerospace manufacturer, is expected by Wall Street to report second-quarter earnings of $1.58 a share on revenue of $20.78 billion.
8.
--
Caterpillar
(CAT) - Get Report
, the heavy machinery maker, is forecast to report second-quarter earnings of $1.70 a share.
9.
-- Credit card company
Visa
(V) - Get Report
is expected by Wall Street to earn $1.79 a share in its fiscal third quarter on revenue of $2.89 billion.
10.
-- Federal prosecutors are preparing to announce criminal charges as early as this week against
SAC Capital Advisors
, the
that has been the target of a multiyear investigation into alleged insider trading,
The Wall Street Journal
reported, citing people familiar with the matter.
-- Written by Joseph Woelfel
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Joseph Woelfel
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.
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