U.S. stocks finished lower on yesterday, giving back some of the previous day’s advance as worries about a lackluster slew of earnings reports and a slip in a reading of consumer confidence weighed on market sentiment.
In Corporate Earnings news:
Apple posted its third consecutive decline in quarterly revenue and profit yesterday, as the company searches for a way to offset falling sales of its flagship iPhone. The results also marked Apple’s first decline in annual revenue and profit since 2001. Apple said net income fell 19% to $9 billion, or $1.67 a share, from $11.1 billion, or $1.96 a share, in the same period a year earlier.
General Motors shares fell 3.7% even as auto giant’s quarterly profit doubled. GM also posted higher revenue on strong U.S. truck sales. But it signaled continued weakness in Europe because of the fallout from the U.K.’s pending exit from the European Union, or Brexit.
Under Armour’s shares plunged 13% after the company issued a profit warning. The decline came even as the athletic gear maker reported a 28% rise in third-quarter profit and an expansion of its market share, but those results were overshadowed by its warning.
Lockheed Martin Corp shares jumped 7.1% after the aerospace company posted higher-than-expected revenue and hiked its dividend.
Procter & Gamble gained 4.1% after the consumer goods company reported earnings ahead of forecasts.
Shares in Whirlpool had their biggest ever one day price decline after the appliance maker reported third-quarter profit and sales that missed expectations, and issued a downbeat outlook.
With Northwest Quadrant Wealth Management I’m Tyler Simones