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Apple stock jumps on results, stock split

Wednesday, Apr 23, 2014 - 02:25

April 23 - Summary: Apple's 7-for-1 stock split; Facebook profit triples; stocks break six-day winning streak; Boeing earnings beat forecasts; Amazon's HBO deal. Bobbi Rebell reports.

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Apple stock shot up after the bell on its earnings report. Lots for shareholders to get excited about- a 7-for-1 stock split- it boosted its dividend, and approved another $30 billion in share buybacks. iPhone sales were much better than expected, and revenues were at record levels for a non-holiday quarter. The report beating forecasts. Profits tripled at Facebook. Revenue surged 72 percent at the world's largest social network- thanks in large part to mobile ads. Mobile ads were up 30 percent from the year ago period. Shares rose in after hours trading- on the better than expected results. Lucky seven it was not. Stocks broke a 6-day winning streak- moving lower in Wednesday's trading session- despite strong results from Boeing. The aerospace giant's revenue was better than expectations, and lifted its core earnings forecast. Boeing shares were up on the day. Other earnings of note: Procter & Gamble earnings topped forecasts- home care product sales improved and they had better cost controls. And Dow Chemical's margins improved- helping drive better than expected results for the top chemical maker. Berkshire Hathaway's Warren Buffett weighed in on the markets- and whether he thought stocks were getting too expensive: SOUNDBITE: WARREN BUFFETT, CHAIRMAN AND CEO, BERKSHIRE HATHAWAY (ENGLISH) SAYING: "Every now and then I felt that they were either very cheap or very high and I've spoken out a couple times when I thought they were very high. I've spoken out a couple times when I thought they were very low. most of the time I don't have any idea where they are other than they are in a general zone of reasonableness. That is the way I feel now." Turning to the housing sector- new home sales dropped more than expected- diving 14-1/2 percent in March- to an 8-month low according to the Commerce Department. Applications for new mortgages fell last week- both to buy homes and the refinance. The Mortgage Bankers Association said a 30-year fixed rate mortgage averaged 4.49 percent - an increase of 2 basis points from the week before. Amazon grabbed the rights to stream some older HBO shows starting next month. The deal is a win against Netflix- it's the first time HBO has licensed its programming to an online subscription streaming service. Investors though gave a thumbs down to not only Netflix, but Amazon as well. And in Europe: lots of red on the boards. Disappointing results from some tech companies raising doubts about the sector's earnings.

Apple stock jumps on results, stock split

Wednesday, Apr 23, 2014 - 02:25

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