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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