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Apple Computer Beats Estimates

Aired October 18, 2001 - 05:51   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LEON HARRIS, CNN ANCHOR: But first, let's get a check of the business news this morning. David Haffenreffer standing by in New York at his usual post.

Morning, David.

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Leon. Good morning, Kyra.

Well, a trio of earnings reports from the tech sector could very well set the early tone for the marketplace today. First up, Apple Computer beat estimates but profits fell 40 percent from a year ago. The company also warning on its December quarter, and it sees a small loss for its retail stores.

In the chip industry, Texas Instruments lowered expectations for its next quarter as well. For its recently completed third quarter, Texas Instruments reported a smaller-than-expected loss.

And Advanced Micro Devices, which is Intel's big rival, reported its first loss in three years, but it too met third quarter estimates. We'll see how investors react in trading today.

Right now early indications pointing a mixed open for us today. Yesterday, stocks reversed early gains on mounting fears about anthrax, certainly rising uncertainty levels on that front, and mixed economic sentiment from Fed Chairman Alan Greenspan. Dow industrials falling 151 points, Nasdaq composite losing 75 points and the S&P 500 index, it gave up 20 points on the day.

That is the latest financial news.

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