- AP/Yashiel Panchia
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Apple reported its first annual revenue decline in 15 years. The tech giant reported earnings of $1.67 a share as revenue fell 8.9% to $46.9 billion amid declining iPhone sales. Apple shares are down by more than 3% ahead of the opening bell.
Chipotle is optimistic on next year. The fast-casual burrito chain announced diluted earnings of $0.27 a share, missing Wall Street’s estimate of $1.56 by a wide margin. The company expects a rebound next year, however, forecasting that comparable-restaurant sales will rise in the “high single digits.” Chipotle shares are down by about 3% in premarket action.
Nintendo slashes its outlook. The video-game maker cut its operating profit outlook for the fiscal year through March to 30 billion yen ($288 million) from its July estimate of 45 billion yen as the boost from “Pokémon Go” was offset by the strong Japanese yen.
AT&T’s new streaming service is coming. DirecTV Now will offer more than 100 channels for just $35 a month. The service debuts in November.
Disney might be interested in Twitter again. That’s according to a report from Betaville suggesting “market gossip” from “well-informed types” says Disney is once again considering an acquisition of the social-media company.
There’s a new easiest place in the world to do business. New Zealand has moved ahead of Singapore as the easiest place to do business, according to rankings compiled by the World Bank. The United States ranked eighth on the list.
Oil is sliding. West Texas Intermediate crude oil is solidly below $50 a barrel as sellers continue to pile on following Tuesday’s Interfax report suggesting Russia may not be on board for a production cut. The energy component trades down 1.5% at $49.36 a barrel.
Stock markets around the world are lower. Australia’s ASX (-1.5%) led the losses overnight, and Britain’s FTSE (-0.9%) is the laggard in Europe. The S&P 500 is on track to open lower by 0.4% near 2,136.
Earnings reports come fast and furious. Boeing, Coca-Cola, Comcast, Mondelez, Northrop Grumman, and Southwest Airlines are among the companies reporting ahead of the opening bell. Buffalo Wild Wings, Cheesecake Factory, Tesla, and Texas Instruments highlight the names releasing their quarterly results after markets close.
US economic data is moderate. Markit US Services PMI and new-home sales will cross the wires at 9:45 a.m. ET and 10 a.m. ET. The Department of Energy’s oil inventories are due out at 10:30 a.m. ET. The US 10-year yield is unchanged at 1.76%.