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Apple logged better-than-expected fiscal first-quarter profits as a wider-than-expected profit margin offset in-line sales figures. However, the world's biggest technology company revealed far few sales of the iPhone -- its chief money maker -- than analysts forecast. The shares are tumbling 8% in pre-market action.
FOX Business assignment editor Jessica MacKenzie also added the following:
What really got my attention was the a pile-up of downgrades of this morning: Evercore, Janney, Raymond James, UBS, Barclays, Baird, Goldman Sachs, Citigroup, BMO, JPMorgan, Jefferies and Credit Suisse have all cut their target price in Apple.
The Big Three automaker posted better-than-expected quarterly profits, sending its shares climbing more than 1% in pre-market action. Economists see automakers as bellwethers for the broader economy.
3D.R. Horton [DHI]
D.R. Horton revealed an 86% surge in its quarterly net income as the biggest U.S. homebuilder capitalizes on the housing recovery. The shares are rallying north of 3% in the pre-market.
4Cliffs Natural Resources [CLF]
Casablanca Capital revealed a 5.2% stake in Cliffs Natural Resources and pushed the iron ore miner to spin off some of its international assets. The shares are surging 13% in the pre-market.
Yahoo! posts its quarterly results after the closing bell Tuesday. Analysts will be looking to see how chief executive Marissa Mayer's bid to turnaround the media company is paying off.