Updated from 5:53 a.m. EDT
If you'd like to receive "5 Things" in your email inbox every morning, please register for TheStreet Alerts and follow me.
Here are five things you must know for Wednesday, July 27:
1. -- Apple (AAPL - Get Report) said fiscal third-quarter revenue declined 15% to $42.4 billion and earnings per share dropped 23% to $1.42 a share but the iPhone maker topped very low expectations and the stock was rising 7% in premarket trading on Wednesday.
Apple said it expects fiscal fourth-quarter revenue of $45.5 billion to $47.5 billion, which also was above Wall Street forecasts.
The iPhone SE and the iPad Pro were standouts in the June quarter. The former helped Apple sell 40.4 million iPhones -- down 15% from a year ago, but slightly above analysts' estimates. The company also sold fewer iPads, Mac computers and Apple Watches in the last quarter, although iPad revenue increased, thanks to the introduction of higher-priced iPad Pro models.
However, Apple did revenue jump 19% to almost $6 billion in the segment that includes iTunes, Apple Music, the App Store and services like Apple Pay and iCloud storage.
"We are encouraged by what has the makings of momentum in high-profit, high-growth and highly predictable recurring revenue streams, most prominently the company's Services business, which includes iCloud, data usage, App Store (and associated licensing/royalties), along with Apple Music, Apple Pay and Apple Care, said Jim Cramer, TheStreet's founder and manager of the Action Alerts PLUS portfolio, and AAPL research director Jack Mohr. The Action Alerts PLUS portfolio owns Apple.
2. -- U.S. stock futures on Wednesday were rising, getting a lift from the jump in Apple shares and ahead of a statement on interest rates from the Federal Reserve Wednesday afternoon.
European stocks were trading higher while Asian stocks ended the session mixed. Stocks in Japan rose 1.72% after Japanese Prime Minister Shinzo Abe announced plans for more than 28 trillion yen ($265 billion) in stimulus. Abe said the package will be put together next week.
U.S. stocks on Tuesday closed mixed as a full earnings calendar led to a choppy and unsettled session, pulling the Dow Jones Industrial Average and S&P 500 lower. The Nasdaq gained 0.16%.
The economic calendar in the U.S. on Wednesday includes Durable Goods Orders for June at 8:30 a.m. EDT, Pending Home Sales for June at 10 a.m., and the announcement on interest rates from the Fed at 2 p.m.
Investors are fairly certain the central bank won't announce a move on interest rates at this meeting. A rate hike in July currently has a 2.4% probability, according to CME Group Fed funds futures.
Twitter said technology didn't yet make it possible to accurately measure ads served to mobile users even as 82% of its users access the site with their smartphones.
In the current third quarter, Twitter said it expects revenue in the range of $590 million to $610 million, below analysts' forecasts of $678 million.
The stock was down 10% in premarket trading on Wednesday.
4. -- Deutsche Bank (DB - Get Report) CEO John Cryan said the bank may need to step up its restructuring program as it reported a 98% decline in quarterly net profit to 20 million euros ($22 million).
Germany's leading lender said it has already arranged to cut 3,000 jobs in its home market, pour its U.S. operations into an intermediate holding company and to separate retail lender Postbank, which it wants to partially spin off next year. The company delivered the update as it announced a 20% decline to 7.4 billion euros in quarterly revenue, which it said reflected a "challenging" environment marked by uncertainty over the June referendum in which Britons voted to leave the EU, ultra-low interest rates in Europe and "the implementation of strategic decisions."
5. -- Coca-Cola (KO - Get Report) reported adjusted earnings in the second quarter of 60 cents a share, ahead of estimates of 58 cents. Revenue was $11.54 billion, which was below Wall Street estimates of $11.64 billion.
The beverage giant said it expects fiscal 2016 adjusted earnings per share to fall between 4% and 7%. The stock fell 1.3% in premarket trading on Wednesday.