Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

Last Call: How Do Like Them Apples?

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Will: Do you like apples?
Clark: Yeah.
Will: Well, I got her number. How do you like them apples?

-Good Will Hunting

— Below, Apple’s numbers are out, but there wasn’t a lot to like.

Market Musings With CNBC Market Guru Robert Hum

  • Recap: Dow -104.14 (-0.82%) at 12617.32, S&P -12.21 (-0.90%) at 1338.31, Nasdaq -27.16 (-0.94%) at 2862.99
  • Stocks slide for 3rd consecutive day on Europe worries
  • Spain’s IBEX at 9-year low, Italy’s FTSE MIB closes at a historic low
  • Losses pared late-in-day again, but Dow still ends with 3rd straight triple-digit loss (something it hasn’t done since September)
  • 10-year Treasury yield touches record low
  • Euro closes below $1.21 for first time in 2 years

Earning Central

Netflix Shares Plummet After Cautious Outlook/CNBC.COM: “Netflix shares plummeted after hours as the company issued a cautious subscriber outlook and said a push into a fourth international market in the fourth quarter will lead to a loss. The company's second-quarter earnings far surpassed Wall Street's expectations on Tuesday, while revenues came in as expected. Following the earnings release, Netflix shares fell more than 12 percent.”

Broadcom Revenue Lifted By Strong Demand/Reuters: “Broadcom posted second-quarter revenue that was slightly ahead of Wall Street expectations and forecast a revenue increase in the current quarter, sending its shares up in after-hours trading.”

Buffalo Wild Wings' 2nd-Quarter Margin Pressured by Costs/Annie Gasparro: “Buffalo Wild Wings Inc.'s second-quarter profit rose 9.3%, but its boost in sales at established restaurants wasn't enough to offset the stubbornly high chicken-wing prices it faces this year. Last year, the Minneapolis-based sports bar and grill chain benefited from low chicken-wing costs, while its competitors that rely more on beef were burdened with record-high prices. But now, rising prices for bone-in wings, which account for about one-fifth of its commodity costs, threaten Buffalo Wild Wings' profitability.”

Apple Just Gave Stock Market a Big Headache/CNBC – Lee Brodie: "Of all the earnings reports released this season, who’d have ever thought it would be Apple that could take down the stock market. Almost nobody – that is, until Tuesday."

The Word on the Street Tonight

Kinnucan to Plead Guilty/CNBC – Jim Forkin: “Research analyst John Kinnucan is expected to plead guilty tomorrow to charges related to insider trading a source close to the case tells CNBC. Kinnucan was charged earlier this year for obtaining non-public information about publicly traded companies and selling that information to clients including hedge funds."

Apple's Generation Gap/WSJ – Rolfe Winkler: “As history repeats itself, those anxious to snap up Apple shares are catching a break.”

Loeb Buys More Yahoo Shares for $39.5 Million/ w/ Wires: “Daniel Loeb, a Yahoo! board member, bought an additional 2.5 million shares of the tech company for about $39.5 million, according to a filing with the Securities and Exchange Commission. Yahoo  was already the largest holding of Loeb's hedge fund Third Point. The new investment takes its stake to over 73 million shares or about 6 percent of the Internet company's outstanding stock.”

Fed Leaning Closer to New Stimulus if No Growth Is Seen/NY Times- Binyamin Appelbaum: “A growing number of Federal Reserve officials have concluded that the central bank needs to expand its stimulus campaign unless the nation’s economy soon shows signs of improvement, including job growth.”

Bond Trading Loses Some Swagger Amid Upheaval/NY Times - Nathaniel Popper and Peter Eavis: “Tighter regulations and new technology are threatening to constrain a bastion of bonuses and risk-taking.”

'Modern Family' Cast Sues Over Contract/AP with “The stars of "Modern Family" have banded together and are suing to void their contracts to work on the hit comedy, arguing that the contracts are illegal under California law.”

Third 'Hobbit' movie may be coming from Peter Jackson/LA Times: Ben Fritz: “Warner Bros. and director Peter Jackson are seeking to turn the planned two-film “Hobbit” franchise into a trilogy, a move that could pay off in bigger box office returns, according to people familiar with the situation.”

Economic Data

1000am et       Jun New Home Sales              

1300pm et       5-Yr Note Auction


Before the bell:

Arcelor Mittal, Boeing, Bristol-Myers Squibb, Caterpillar, ConocoPhillips, Daimler, Ford, GlaxoSmithKline, PepsiCo., Delta Air Lines, Elan,  JetBlue, Nasdaq OMX, Nielsen Holdings, Northrop Grumman, T. Rowe Price, US Airways, WellPoint (approx. 6a, 830a cc), Wyndham Worldwide

After the bell:

Visa, Akamai, Ameriprise Financial, Dunkin' Brands, Las Vegas Sands, Raymond James, Tesla Motors (530p cc), Western Digital, Whole Foods, Zynga, Cheesecake Factory

Key Guests

Jim O'Neill, Goldman Sachs Asset Management Chairman (600a)

John Lechleiter, Eli Lilly CEO (600a)

Sanford Weill, Former Citigroup CEO (700a)

Hugh Johnston, PepsiCo CFO (700a)

Sen Richard Durbin, D-IL (730a)

Laurie Glimcher, Weill Cornell Medical College (740a)

Jessica Bibliowicz, National Financial Partners CEO (800a)

Doug Oberhelman, Caterpillar CEO (815a)

Clive Gillinson, Carnegie Hall Executive and Artistic Director (830a)

JD Hoye, National Academy Foundation President (840a)

Kemper Iseley, National Grocers by Vitamin Cottage Chairman (950a)

Eric Jackson, Ironfire Capital Founder (1000a)

Tim Armstrong, AOL CEO (1005a)

Ron Shaich, Panera Bread Co-CEO (1015a)

Richard Gelfond, IMAX CEO (1140a)

Rep Peter Welch, D-VT (1145a)

Sen Benjamin Cardin, D-MD (120p)

Jeffry Freiden, Harvard Professor (200p)

David Leonhardt, New York Times DC Bureau Chief (200p)

Meredith Whitney, Meredith Whitney Advisory Group CEO (310p)

Rep Paul Ryan R-WI (408p)

Greg Brown, Motorola Solutions CEO (430p)

Brandon Moore, RealtyTrac CEO (440p)

Vin Weber, Romney Campaign Economic Policy Advisor (700p)

Gov Scott Walker, WI (700p)

Follow Tom Rotunno on Twitter: @tomrotunno

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