Apple posts first revenue decline in 13 years
Apple (AAPL) shares were down sharply in early trading after the tech giant posted its first quarterly revenue decline in 13 years. Apple sold 51 million iPhones during the quarter, compared to 61.2 million in the same quarter one year ago. Apple’s CFO blames the drop in iPhone sales on people’s “slowness to upgrade.”
Fed decision day
The Federal Reserve is expected to keep rates unchanged today, but investors are waiting to see if policymakers will give any clues about a June rate hike in the statement when its released at 2 p.m. ET.
Michelle Girard, managing director and chief U.S. economist at RBS, tells Yahoo Finance’s Alexis Christoforous in the video above that the Fed will be patient about raising rates going forward as it continues to monitor global risks.
Stocks to watch
Chipotle (CMG) delivered its first ever quarterly loss since going public in 2006. Even though the loss was smaller than expected, revenue missed Wall Street views as same-store sales fell by 30% in the first quarter. The company has had a tough time luring customers back to its stores after multiple outbreaks of food-related illnesses last year.
Twitter (TWTR) shares tanked in early trading. The social media service slashed its sales outlook for the current quarter after it reported weaker-than-expected revenue for the first quarter as user growth only edged up slightly and big advertisers spent less on promoting products in tweets.
Facebook (FB) investors want to see if the social media giant can break the recent string of disappointing earnings in the tech sector when its reports results after the close of trading today. Analysts are looking for the company to post a 48% jump in earnings and revenue from a year ago with adjusted earnings of $0.62 a share and revenue of about $5.3 billion.
Comcast is looking to buy DreamWorks Animation: rpts
Dreamworks (DWA) shares hit a fresh high in early trading following reports that Comcast (CMCSA) will buy the company for $3 billion. Dreamworks Animation CEO Jeffrey Katzenberg has been searching for a buyer since 2014. Katzenberg has focused more on putting content on streaming services like Netflix than on feature films. Comcast already owns NBC Universal and Universal Parks and resorts.
Clinton, Trump edge toward November showdown
Donald Trump and Hillary Clinton dominated the primaries last night. Trump swept the Republican contests while Hillary Clinton won all but Rhode Island among the Democratic primaries. Are the battle lines drawn for the general election?
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