The IMF trims its economic growth forecast again as the U.S.-China trade war continues, Brexit worries linger and inflation remains muted.Economyread more
Citigroup thinks Tesla investors hoping for a post-earnings rally later this week should scrutinize a pair of related financial metrics.Investingread more
Olive branches were extended from both China and the U.S. as the two nations are set to restart face-to-face trade negotiations after a monthlong truce.Marketsread more
Coca-Cola topped Wall Street's expectations for earnings and revenue.Food & Beverageread more
New disclosures show Facebook and Amazon each spent more than $4 million on lobbying activity in the second quarter of 2019.Technologyread more
Boris Johnson, one of the biggest voices in the Brexit movement, wins the Conservative Party leadership race by a 2-1 margin.Europe Politicsread more
Disney can nearly double its earnings by 2024, Morgan Stanley said in a note to clients on Tuesday.Investingread more
Amazon is expected to report its second-quarter earnings on Thursday.Investingread more
The largest residential brokerage company in the U.S. is partnering with the largest online retailer in a strategy to boost sales for both.Real Estateread more
Here are the biggest calls on Wall Street on TuesdayInvestingread more
Canaccord Genuity's Tony Dwyer believes stocks are about to fall as much as 5% from their all-time highs.Trading Nationread more
Jefferies became the latest Wall Street firm to lower expectations for Apple's stock on weakness in the iPhone supply chain.
"It could get worse before it gets better," Jefferies analyst Timothy O'Shea said in a note Wednesday. "It appears that [Wall Street] estimates may still be too high."
O'Shea's firm lowered its 2019 estimates for iPhone revenue by 3 percent and for Apple's profit by 4 percent. Jefferies now expects Apple to sell about 72 million iPhones in the first quarter next year and 206 million iPhones over the full year. That is below Wall Street's expectation for iPhones sales 74 million and 210 million in the respective periods.
Apple shares rose fractionally in premarket trading from Tuesday's close of $166.07 a share. Jefferies slashed its Apple price target to $225 a share from $265. Despite the cut, Jefferies remains largely positive on the stock due to expected growth in the tech giant's services business.
"Apple's iPhone business still looks sufficient to build a massive, high margin, high multiple Services business over time," O'Shea said. "Apple will disclose gross margin of Services for the first time ever next earnings."