Here are five things you must know for Wednesday, Oct. 25:
1. -- U.S. stock futures suggested Wall Street would open lower on Wednesday, Oct. 25, coming off a day in which the Dow Jones Industrial Average notched its 54th record close of the year.
Powerhouse performances from Caterpillar Inc. (CAT) - Get Report and 3M Co. (MMM) - Get Report inspired the Dow rally on Tuesday, Oct. 24. The Dow rose 0.72%, gaining 168 points in its best one-day points gain since Sept. 11. The S&P 500 added 0.16% and the Nasdaq rose 0.18%. Both finished on Tuesday just short of their own closing records.
The economic calendar in the U.S. on Wednesday includes Durable Goods Orders for September at 8:30 a.m. ET, New Home Sales for September at 10 a.m., and Oil Inventories for the week ended Oct. 20, at 10:30 a.m.
European stocks traded mixed on Wednesday while Asian shares closed the session mostly to the upside. Japan's Nikkei, however, fell 0.45% and ended its 16-day winning streak.
2. -- The Republican-led Senate voted narrowly on Tuesday to repeal a banking rule that would have allowed consumers to join together to sue their banks or credit card companies to resolve financial disputes.
The bill was approved 51-50, with Vice President Mike Pence casting the deciding vote. The measure had previously been approved by the House of Representatives, so it will now go to Donald Trump's desk for his signature.
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3. -- AT&T Inc. (T) - Get Report was falling 1.6% in premarket trading on Wednesday after third-quarter revenue of at the telecommunications giant came in below forecasts and customers continued to cut the cord.
Chief Financial Officer John Stephens told investors on a conference call Tuesday that pressures on AT&T's traditional pay-TV business would lessen in the fourth quarter. AT&T said it lost 89,000 video subscribers in the third quarter.
AT&T earned an adjusted 74 cents a share in the quarter, in line with analysts' forecasts. But sales of $39.7 billion were below expectations of $40.1 billion.
"This was an unprecedented quarter when it comes to natural disasters," Stephens said. The telecom said that damage from hurricanes in the U.S. and earthquakes in Mexico and higher interest expense for pre-funding debt for the purchase of Time Warner Inc. (TWX) lowered earnings.
The purchase of Time Warner is ready to close once the Department of Justice signs off, Stephens said.
4. -- Shares of Advanced Micro Devices (AMD) - Get Report were sinking 9.8% in premarket trading after the chipmaker said it expects revenue to decline about 15% sequentially in the fourth quarter, plus or minus 3%.
For the third quarter, AMD reported adjusted earnings of 10 cents a share on revenue of $1.64 billion. Analysts were expecting adjusted earnings of 8 cents on revenue of $1.51 million.
AMD's numbers -- and especially its guidance -- were a bit of a letdown, wrote TheStreet's Eric Jhonsa. It probably has much to do with the strength of Intel Corp.'s (INTC) - Get Report and Nvidia Corp.'s (NVDA) - Get Report product lines.
That still doesn't arguably justify the selloff in AMD shares, according to Jhonsa. But revenue-wise, the story here is more complicated than it might look at first glance.
5. -- Chipotle Mexican Grill Inc. (CMG) - Get Report was down 10% in premarket trading on Wednesday after the fast casual chain reported third-quarter earnings that missed Wall Street estimates by nearly $1.
Chipotle posted earnings of 69 cents a share, while analysts expected $1.64. Chipotle said earnings reflect an impact of 64 cents a share from being systematically hacked in May and about losses of 13 cents from hurricanes Harvey and Irma.
Third-quarter revenue increased 8.8% from a year earlier to $1.13 billion. Restaurant sales increased 1%.
This story has been updated to include earnings from Boeing.
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