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Wall Street ends higher; tech giants report

Tuesday, July 22, 2014 - 02:40

Summary: Apple and Microsoft report earnings; Chrysler's giant recall; Ukraine tensions ease; Investors shrug at Bill Ackman's Herbalife ''deathblow''; China meat scare spreads. Lily Jamali reports.

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After-hours earnings announcements from two tech giants. Strong iPhone sales in China helping Apple surpass expectations. Prior to revealing earnings, the stock got an early boost after announcing a bigger iPhone screen..on the way. Microsoft missing earnings but sales came in better than expected. Also after the closing bell: Chrysler recalling an estimated 792,000, as the company investigates faulty ignition switches similar to the GM recall. The Dow, the S&P 500, and the Nasdaq.. all posting gains during the regular session. Chipotle the standout, adding 12%, investors cheering its Monday earnings beat. . European markets also ended higher across the board due - in part - to developments in Ukraine. Pro-Russian separatists are now cooperating with Malaysian authorities, handing over victims remains and the data recorder from the airliner shot down last week. The conflict between Israel and Hamas is now impacting airlines. Delta and U.S. Airways canceling flights over Israel after a rocket reportedly landed near Tel Aviv's main airport. Here in the U.S. - surging gas prices boosting inflation in June. U.S. consumer prices rose 0.3%. Also rising in June: the pace of existing home sales - up to their fastest pace in 8 months. Bill Ackman speaks - Herbalife stock surges. The activist investor, who's short the stock, presenting evidence he says shows the nutrition and weight loss company is a pyramid scheme. And taking a jab at Herbalife Chairman and CEO Michael Johnson. SOUNDBITE: BILL ACKMAN, CEO, PERSHING SQUARE CAPITAL MANAGEMENT (ENGLISH) SAYING: "Michael Johnson is a predator. This is a criminal enterprise. I hope you're listening Michael. It's time to shut the company down. It's time to shut the company down." The stock fell 11 percent when he first said he would make the presentation on Monday- making up those losses, and then some. Starbucks and Burger King in China - saying they've sourced meat from a Chinese unit of a U.S. supplier caught using expired meat- the same supplier that McDonald's and Yum Brands said on Monday they used. McDonald's is among the earnings losers Tuesday: Profits are down on weak sales in the U.S. and Europe. Coca-Cola missing estimates as growth in North America falters. And Harley-Davidson cut its outlook on weak U.S. sales. Earnings winners include: Comcast, which saw a profit boost from internet subscriber growth. Lender CIT Group - beating earnings and also announcing it would buy the parent company of OneWest Bank.

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Wall Street ends higher; tech giants report

Tuesday, July 22, 2014 - 02:40