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Morning Brief: Apple plunges on guidance as iPhone sales disappoint

morning brief
morning brief

Thursday, January 3, 2019

Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe

WHAT TO WATCH

U.S. stock futures are under pressure and indicating a lower open for all three of the major indices after Apple (AAPL) slashed its Q1 revenue guidance late Wednesday. The tech behemoth cited weak sales in China and blamed the escalating trade war for lower-than-anticipated revenue for iPhones.

On the economic data front, market watchers can expect some crucial manufacturing data before the market open.

Investors will be paying close attention to the ISM Manufacturing data for December on the heels of disappointing Asian manufacturing data and the first survey of economic data in the U.S. on Wednesday that showed decelerating manufacturing growth. Economists polled by Bloomberg are expecting a drop in December to 57.8 from 59.3 in November.

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TOP NEWS

An Apple logo is seen in tiny lenses formed by raindrops on a window outside an Apple Store at the Country Club Plaza shopping district Wednesday, Dec. 26, 2018, in Kansas City, Mo. (AP Photo/Charlie Riedel)
An Apple logo is seen in tiny lenses formed by raindrops on a window outside an Apple Store at the Country Club Plaza shopping district Wednesday, Dec. 26, 2018, in Kansas City, Mo. (AP Photo/Charlie Riedel)

Apple plunges on guidance: Apple (AAPL) unexpectedly slashed its revenue forecast for the fiscal first quarter of 2019, citing weakness in China and lower-than-anticipated iPhone revenue. The company said in a filing Wednesday that it now sees first quarter revenue of about $84 billion, from $89 billion to $91 billion anticipated previously. Trading was halted for Apple shares at about 4:25 p.m. ET in advance of the release of the announcement. The stock declined 8.49% to $144.51 per share when trading resumed 25 minutes later, hitting the lowest level since July 2017. [Yahoo Finance]

Read also:

The scariest phrase for investors right now: 'Since 2016': 2019 is here. But for investors, the scariest year isn’t the one that lies ahead but a bygone year that keeps popping up in discouraging economic reports — 2016. [Yahoo Finance]

After shutdown talks go nowhere, officials to try again: No one budged at President Donald Trump's closed-door meeting with congressional leaders, so the partial government shutdown persisted over his demand for billions of dollars to build a wall along the U.S. border with Mexico. They'll all try again Friday. [Associated Press]

Robots aren't yet killing off all our jobs, World Bank says: The rise of automation has so far had a negligible impact on jobs at a global scale, the World Bank chief economist said, despite common gloomy predictions that humans are set to be replaced by machines. [Bloomberg]

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