Updated from 5:58 a.m. EDT
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Here are five things you must know for Wednesday, Oct. 26:
European stocks were trading lower while Asian markets ended mostly to the downside. Japan's Nikkei 225 bucked the trend and gained 0.2%.
Oil prices in the U.S. early Wednesday fell 1.42% to $49.25 a barrel. Crude fell 1.1% on Tuesday.
The economic calendar in the U.S. on Wednesday includes International Trade in Goods for September at 8:30 a.m. EDT, and New Home Sales for September at 10 a.m.
The beverage giant said it sees full-year adjusted per-share earnings down 4% to 7% from 2015.
The stock rose 0.6% in premarket trading.
Comcast (CMCSA) - Get Report earned 92 cents a share in the third quarter; analysts were looking for 91 cents. Revenue rose 14% to $21.3 billion. Excluding the impact of the Olympics this summer, revenue rose 5.5%.
2. -- Applewas down 2.9% in premarket trading as a set of good-but-not-amazing top-line numbers for the fiscal fourth quarter and a slightly disappointing gross margin outlook sparked some profit-taking.
Apple posted quarterly revenue of $46.85 billion, down 9% from a year earlier, largely due to soft iPhone 6S sales ahead of the iPhone 7 launch last month. Earnings were $1.67 a share.
Analysts were looking for sales of $46.89 billion and profit of $1.65 a share.
Apple sold 45.5 million iPhones in the fiscal fourth quarter, slightly more than the 45 million that Wall Street expected, but still 5% fewer than the 48 million iPhones sold in the same period a year earlier.
Apple guided toward first-quarter sales of $76 billion to $78 billion, above consensus of $75 billion and implying modest growth relative to year-earlier sales of $75.9 billion.
TheStreet's Jim Cramer, whose Action Alerts PLUS Charitable Trust Portfolio includes Apple, said he and co-manager Jack Mohr are taking "a longer view on the company's growth evolution, which is why we were encouraged by the company's Services business. The segment continued to deliver explosive growth on an accelerating basis, increasing 24% year over year to $6.3 billion."
Apple also issued first-quarter gross margin guidance of 38% to 38.5%. A year earlier, gross margin was 40.1%.
3. -- Chipotle Mexican Grill (CMG) - Get Report tumbled 4.3% in premarket trading Wednesday as the embattled burrito giant saw third-quarter sales plunge 21.9%, well shy of Wall Street forecasts for a drop of 18.9%.
Excluding one-time items, earnings came in at 56 cents a share, badly missing analysts' expectations of $1.56.
Chipotle executives told analysts on a conference call that same-store sales in October have declined about 21% due in large part to the impact of Hurricane Matthew. Sales for the past 10 days have dropped 19%, Chipotle said.
Chipotle booked a charge of 29 cents a share to write down the value of its 13-store Asian fare concept Shophouse, which opened in 2011. "We are considering options [related to Shophouse], but no decisions have been made," a Chipotle spokesman told TheStreet via email when asked if the upstart chain was being closed.
4. -- The division of Alphabet (GOOGL) - Get Report that operates Google Fiber is laying off or reassigning about 9% of its staff as well as "pausing" or ending fiber operations in 10 cities where it hadn't yet fully committed to building, Ars Technica reported.
Google Fiber chief Craig Barratt will step down from his post and remain only as an adviser. He won't be replaced immediately.
Barratt revealed most of the news in a blog post. The post doesn't specify the number of layoffs, but a source familiar with the company's plans confirmed that 9% of the Alphabet "Access" division that operates Google Fiber will have their roles eliminated, though some of these people could be moved to other parts of Alphabet, Ars Technica reported.
Last week, Ericsson reported a $26 million third-quarter loss, a reversal from a year-earlier profit, and earlier announced 3,000 job cuts in Sweden.