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Apple shares drag on Wall St after iPhone sales slide

Thursday, 27 Oct 2016 06:14:44 | Sue Lannin

Boeing helped lift the Dow, but Apple weighed heavily on the Nasdaq. (Chip East: Reuters)

US stocks ended mixed as Apple shares pulled down the S&P500 and Nasdaq after the IT giant reported a fall in quarterly profit and revenue because of a drop in iPhone sales.

Markets at 9:00am (AEDT):

  • ASX SPI 200 futures +0.2pc to 5,340
  • AUD: 76.42 US cents, 62.41 British pence, 79.87 Japanese yen, 70.03 euro cents, $NZ1.0684
  • US: S&P 500 -0.2pc to 2,139, Dow Jones +0.2pc to 18,199, Nasdaq -0.6pc to 4,861
  • Europe: Euro Stoxx -0.2pc to 331, FTSE -0.9pc to 6,958, DAX -0.4pc to 10,710
  • Commodities: Gold -0.1pc to $US1,266/ounce, Brent crude oil -1.7pc to $US49.95/barrel, iron ore $US62.70/tonne

Apple shares lost 2.2 per cent to $US115.59 after the company admitted yesterday it was struggling to keep up with strong demand for the new iPhone 7.

The IT giant seems to have leaked pictures of its next generation laptop ahead of the launch of the new Macbook Pro tonight.

The Macbook Pro appears to have a panel above its keyboard which replaces keys with touch screen text, graphics and a fingerprint sensor.

In September, Apple tweeted and then deleted a video showing the new iPhone 7 before its launch.

The Dow Jones Index recovered from an early sell-off, helped by a rally for aircraft maker Boeing.

Boeing said quarterly profit rose despite a slowdown in sales, performing better than analysts expected.

Cost cuts offset a fall in revenue to $US23.9 billion.

Its shares rose 4.7 per cent to $US145.54.

Data from financial information firm Thomson Reuters reveal that three-quarters of S&P500 firms have so far done better than expected by analysts during profit reporting season.

Major European markets were in the red.

The FTSE 100 in London fell to a three-week low after mining stocks fell because Chilean copper miner Antofagasta said

that copper production will be at the lower end of its guidance.

The CAC 40 in Paris fell slightly and the DAX in Germany lost nearly half a per cent.

The Australian market was higher in futures trade after iron ore and coal prices rose overnight.

Crude oil jumped, then lost ground, after data from the US energy agency showing lower supplies.

Brent crude oil fell nearly 2 per cent and gold also fell as investors looked for riskier assets.

US economic data showed healthy demand for housing with sales of new US single family homes rising by 3.1 per cent in September.

Other data showed the trade deficit in goods narrowed sharply to $US56.1 billion in September indicating a bigger increase in third quarter economic growth than expected.

The Australian dollar eased against the greenback, having jumped yesterday on Australian inflation data.

Today's agenda:

Australia:

  • NAB FY result (8:15am AEST)
  • Beach Petroleum - Q3 production (8:30am AEST)
  • Henderson Group – Q3 sales (8:30am AEST)
  • Ardent Leisure AGM (9:00am AEST)
  • APA AGM (9:00am AEST)
  • Cardno AGM AGM (9:00am AEST)
  • Challenger AGM (9:00am AEST)
  • JB Hi-Fi AGM (9:00am AEST)
  • Tatts AGM (9:00am AEST)
  • UGL AGM (9:00am AEST)
  • Whitehaven Coal AGM (9:00am AEST)
  • Import/ export price index – Q3 (11:30am AEST)

China:

  • Industrial profits – September (12:30pm AEST)

UK:

  • GDP – Q3 (7:30 pm AEST)

US:

  • Initial jobless claims – weekly (11:30pm AEST)
  • Pending home sales – September (12:00pm AEST)

AustraliaPlus


 

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