Yahoo Finance Morning Brief: Apple's China sales fall, outlook disappoints
Wednesday, January 30, 2019
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WHAT TO WATCH
Marquee mega-cap tech names face their moment of truth. Chinese e-commerce company Alibaba (BABA) is scheduled to report earnings before the bell, while Facebook (FB), Microsoft (MSFT), Qualcomm (QCOM) and Tesla (TSLA) gear up to report after the market close.
Some other big names reporting today include Anthem (ANTM), AT&T (T), Boeing (BA), McDonald’s (MCD), and Royal Caribbean (RCL) before the market open. Mondelez (MDLZ), PayPal (PYPL), U.S. Steel (X), Visa (V) and Wynn Resorts (WYNN) will report after market close.
In addition, the Federal Reserve wraps up its two-day meeting on Wednesday. Fed Chair Jerome Powell will deliver a press conference at 2:30 p.m. ET following the meeting to announce whether or not the central bank will be raising interest rates from 2.25% to 2.50%.
TOP NEWS
Apple's China sales fell 27%, outlook disappoints: Apple (AAPL) delivered a disappointing outlook for fiscal second quarter sales while posting holiday quarter results slightly ahead of its previously lowered expectations. The Cupertino, California-based company said it expects to post revenue of between $55 billion to $59 billion for the fiscal second quarter of 2019 ending in March. The midpoint of this range fell below consensus expectations, which called for $58.97 billion. [Yahoo Finance]
Foxconn may not make LCD panels in Wisconsin: Foxconn Technology Group is reconsidering plans to make advanced liquid crystal display panels at a $10 billion Wisconsin campus, and said it intends to hire mostly engineers and researchers rather than the manufacturing workforce the project originally promised. [Reuters]
AMD sales disappoint, stock rallies: Advanced Micro Devices (AMD) reported better-than-expected earnings but sales came in light, and the company issued weak guidance for Q1. The chipmaker expects revenue for Q1 between $1.20 billion to $1.30 billion which was lower than analyst expectations of $1.47 billion. [Yahoo Finance]
The U.S. companies blaming China for their earnings misses: As China’s economy slows down, Corporate America is feeling the pinch. More companies are joining Apple in cutting revenue outlook and they are blaming the economic slowdown in China. [Yahoo Finance]
Pinterest selects Goldman, JPMorgan to lead IPO: Pinterest Inc. has picked Goldman Sachs Group Inc. and JPMorgan Chase & Co. to lead its initial public offering, according to a person familiar with the matter. The visual search site, where users post and look for pictures that interest them, could raise about $1.5 billion in an IPO, said the person. [Bloomberg]
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