Apple soars on earnings as iPhone X hits shelves
It’s a huge day for Apple (AAPL). The tech giant topped earnings expectations, and its most anticipated product in years, the $999 iPhone X, finally hit store shelves today. The hype is driving the stock higher. Shares hit an all-time high, peaking at $174.24 a share at the open, pushing the tech giant’s market cap briefly above $900 billion. In a note to clients, GBH Insights’ Dan Ives wrote, “Apple delivered what we would characterize as robust September results and more importantly gave December guidance which indicates that iPhone X demand is off to a ‘white hot’ start in our opinion.” The stock was last trading up 2.2% at $171.80 a share.
Investors dump Pandora
Pandora (P) shares are plunging in intraday trading after the music-streaming company reported its number of active listeners declined on a year-over-year basis, and posted third quarter revenue and current-quarter sales guidance that missed analyst expectations. Shares were last trading down 23.9% at $5.63 a share.
Valeant shares climb after FDA approves glaucoma treatment
Shares of Valeant (VRX) are jumping after the FDA approved the Canadian pharmaceutical’s new treatment for glaucoma, called VYZULTA. In a statement, chairman and CEO Joseph Papa said, “With today’s approval of VYZULTA, our customers and their patients with glaucoma now have a new treatment option that can help provide consistent and sustained IOP lowering, the only modifiable risk factor that can help slow down the progression of the disease.” Papa also added that Valeant plans to make the treatment available before the end of the year. Valeant shares are up 14.5% over the past six months.
Starbucks’ third-quarter revenue falls short
Starbucks (SBUX) reported a profit of 55 cents, in line with expectations, on revenue of $5.7 billion, missing analyst expectations for sales of $5.8 billion. Same-store sales also fell short of Wall Street projections, climbing just 2% compared to 3.3% projected growth. The coffee giant also announced it’s selling its Tazo tea brand to Unilever for $384 million.