CNBC | Morning Squawk
IN THE NEWS TODAY
U.S. stock futures were sharply lower this morning, with Dow component Apple (AAPL) falling about 3 percent in the premarket after posting its third straight year-over-year revenue decline. (CNBC)
Apple late Tuesday also reported a year-on-year drop in earnings. However, quarterly profit beat estimates and revenue matched. The tech giant predicted a return to profit growth on iPhone 7 sales. (CNBC)
As part of its fiscal fourth-quarter results, Apple said its enormous cash hoard grew to $237.6 billion, up $6.1 billion from the previous quarter. (CNBC)
This morning, two more Dow components, Coca-Cola (KO) and Boeing (BA), reported earnings. Coke beat on the top and bottom lines. Boeing beat on earnings and revenue, and boosted its outlook. (CNBC)
In addition to the earnings, oil prices were also weighing heavily on the market, as industry data showed a surge in inventories. Government data on crude stockpiles is out at 10:30 a.m. ET. (Reuters)
The U.S. dollar index, while slightly lower this morning, formed a bullish "golden cross " pattern on Friday, according to technical analysis. Typically, a rising dollar has not been good for stocks. (CNBC Pro)
Google-parent Alphabet (GOOGL) is signaling a strategy shift for one of its most ambitious and costly efforts: bringing blazing-fast web connections to homes across America. (NY Times)
Wal-Mart (WMT) may reverse its decision to invest $1 billion in Flipkart, India's largest online retailer. Wal-mart is having second thoughts on suspicions Flipkart may have been inflating its numbers. (Economic Times)
Toyota (TM) is recalling 5.8 million more vehicles in Japan, Europe, and China due to faulty Takata airbag inflators, including some that had been used as replacements in a prior recall six years ago. (Reuters)
Media mogul Sumner Redstone is suing two ex-girlfriends, alleging he was forced to borrow $100 million from the private company that holds his voting shares of CBS and Viacom to cover tax obligations on gifts he gave to the women. (Reuters)
The cost of health insurance through a job — the way most Americans get coverage — has grown at a slower rate nationally since Obamacare became law in 2010, a new analysis shows. (CNBC)
If Vice President Biden was serious about taking Donald Trump "behind the gym," the GOP presidential nominee said he'd "love that." At a Florida rally last night, Trump called Biden "Mr. Tough Guy." (NBC News)
Hillary Clinton received the backing of pop star Adele on last night, with the British singer telling fans she was "100 percent" behind the Democratic presidential nominee. (CNBC)
BY THE NUMBERS
Investors get a look at the health of the housing market, with new home sales for September out at 10 a.m. ET. They're expected to show a drop of 1.5 percent, following a 7.6 percent decline in August.
Homebuyers were not enticed by lower mortgage rates last week. Total home loan application volume fell 4.1 percent, according to the Mortgage Bankers Association. Refis fell 2 percent.
Tesla Motors (TSLA) leads this afternoon's list of major companies reporting earnings. Texas Instruments (TXN), Groupon (GRPN), NutriSystem (NTRI), and Cheesecake Factory (CAKE) are also out after the bell.
Microsoft hosts an event in New York to showcase new developments for its Windows 10 operating system. Reports suggest that a new Surface device running Windows 10 could be launched at the event.
The creators of Pokemon Go, the viral hit of the summer, are getting into the candy-giving spirit this Halloween, with its first ever in-game event starting today
STOCKS TO WATCH
Chipotle's (CMG) third-quarter profit plunged 95 percent on continued fallout from food-safety scares last year. The burrito chain's same-store sales fell nearly 22 percent, though forecast a 2017 recovery.
Panera Bread (PNRA) beat estimates by 3 cents with adjusted quarterly profit of $1.37 per share, with the restaurant chain's revenue also exceeding forecasts. Panera also raised its profit forecast.
Pandora Media (P) lost 7 cents per share for its latest quarter, a penny wider than anticipated. The music streaming service's revenue and full-year forecast also missed. Active users also declined.
Edwards Lifesciences (EW) reported in-line adjusted quarterly profit of 68 cents per share, but the medical device maker's revenue fell short of estimates.
Juniper Networks (JNPR) reported adjusted quarterly profit of 58 cents per share, 6 cents above estimates, with the networking equipment maker's revenue and outlook slightly above projections.
Express Scripts (ESRX) matched estimates with quarterly profit of $1.74 per share, but narrowed its full-year guidance while raising the midpoint of that forecast.
Akamai (AKAM) came in 7 cents above estimates with adjusted quarterly profit of 68 cents per share, while revenue also beat forecasts. The web services company also gave strong current quarter guidance.
WATERCOOLER
As shoppers shift a greater chunk of their spending toward the web, consumers for the first time this holiday will allocate an equal amount of their budgets toward online and physical stores. (CNBC)
Mercedes-Benz plans to launch a pickup truck in late 2017, becoming the first German premium automaker to enter one of the most lucrative segments in the car industry. (Reuters)
CONTRIBUTORS
Matthew J.
Belvedere
Senior Producer
@Matt_Belvedere
Peter
Schacknow
Senior Producer
@peterschack
Tom
DiChristopher
Web and TV producer
AI
