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Apple leads stocks lower; Chipotle rebounds; Taylor Swift vs. China

The stock market (^GSPC) retreat heads into its second day as investors pulled the plug on the latest rally.  The declines snapped the Nasdaq's (^IXIC) 3-day streak of record-setting performances.  Weak corporate earnings are being blamed for the drop.

But Yahoo Finance Senior Columnist Michael Santoli says the selloff isn't a sign of some deep-seeded problems for stocks.

"Essentially, most of what changed in the last week or two is stock prices and expectations, not the actual fundamentals of business," he argues. "Everyone saw the response to the Google (GOOGL) earnings last week and assumed that was going to be the pattern.  We over-extrapolated."

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Apple iPhone miss

Here are some of the stocks the Yahoo Finance team is following for you today...

Apple (AAPL) Shares are being pummeled this morning. It's a case of good being just not good enough.  Sales of iPhones jumped a whopping 35%, but analysts had been looking for even more. Apple's forecast for the current quarter also disappointed investors. By the numbers, Apple topped estimates for profit and revenue.

Microsoft (MSFT) The world's biggest software company reported its biggest quarterly loss ever. That's because Microsoft took a $7.5 billion restructuring charge for its Nokia handset unit, which it bought last year. Excluding that and other charges, Microsoft made a profit of 62 cents a share, beating estimates.  Revenue also topped forecasts.

Boeing (BA) shares getting a boost as its second quarter earnings and revenue topped forecasts. The big plane maker says gains in commercial and defense aircraft sales partially offset the costs of its KC-46 tanker program.

Coca-Cola (KO) Like the other Dow members, the world's biggest soft-drink maker beat estimates on both the top and bottom lines. Coke's results were boosted by higher prices in North America, which helped hold down the negative effects of the strong dollar overseas.

Chipotle Mexican Grill (CMG) Shares are making a big comeback this morning. The stock initially sank when the Mexican food restaurant chain reported disappointing quarterly sales at stores open at least a year. But the shares are bouncing back as earnings beat in the period and co-CEO Steve Ellis suggested the company should recover from a pork shortage that hurt sales.

Yahoo (YHOO) The parent of Yahoo Finance missed on profit in the second quarter, but had a slight beat on the top line. The company also is lowering current quarter revenue guidance.

McDonald's all-day breakfast

It's finally happening... Various reports say McDonald's (MCD) may launch all-day breakfast as soon as October. The company has been testing the long-awaited change in San Diego and Nashville with apparently positive results.

Taylor Swift has already taken on Spotify and Apple with some success... now she's taking on counterfeiters in China.  The pop star is launching her own branded clothing line which will sell on China's JD-dot-com and Alibaba (BABA), beginning in August. It's an effort to thwart all the counterfeiters selling fake Taylor Swift stuff.

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