Apple (NASDAQ:AAPL) shares are down nearly 5% in early market trading.? The tech giant reported its first earnings miss since 2004.? Net income for Apple Inc. rose to $6.62 billion ($7.05 per share) vs. $4.31 billion ($4.64 per share) in the same quarter a year earlier. This marks a rise of 53.7% from the year earlier quarter.? Apple fell short of the mean analyst estimate of $7.30 per share. It also fell short of the average revenue estimate of $29.45 billion.
Investing Insights:?Apple Earnings: iPhone Sales Disappoint.
Freeport McMoRan Copper & Gold (NYSE:FCX) jumped 1% before the opening bell.? The company said its earnings fell to $1.1 billion, or $1.10 a share, from $1.2 billion, or $1.24 a share, in the year-ago period. Revenue increased slightly to $5.2 billion, from $5.15 billion.? Rueters reports that Freeport��s threat to close its Grasberg mine in Indonesia would hurt the company��s bottom line and could further tighten global copper (NYSE:JJC) supplies and drive up the metal��s price. ?��Any shutdown will have a serious impact on the prices and market psychology,�� Terry Ortslan, a mining analyst said on Tuesday.
Like Citigroup (NYSE:C) and JP Morgan (NYSE:JPM), Morgan Stanley (NYSE:MS) reported better-than expected earnings because of accounting tricks.? Net income for the investment brokerage rose to $2.2 billion ($1.15 per share) vs. a loss of $91 million (7 cents per share) in the same quarter a year earlier.? Results for the quarter included revenue of $3.4 billion ($1.12 per share) due to the famous debt valuation adjustment.? Shares are up nearly 3% in early trading.?Investing Insights:?Morgan Stanley Earnings Cheat Sheet: Swing to a Profit.
The Travelers Companies (NYSE:TRV) reported that profit fell 67% to $333 million due to severe weather in the third quarter.? Operating income of $332 million (79 cents per share) missed the consensus estimate of 71 c! ents per share.? “We are very pleased with our progress to date,” Chief Executive Officer Jay Fishman said. “Overall, we have produced three sequential quarters of improving quarter-over-quarter renewal price gains.”
Shares of Abbott Laboratories (NYSE:ABT) are popping more than 6% after announcing a plan to split the company into two publicly traded companies.? The health care company announced a 66% drop in third quarter earnings due to litigation.? Net income for Abbott Laboratories fell to $303 million (19 cents per share) vs. $890.7 million (57 cents per share) a year earlier.
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