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On the commodities front, Oil (NYSE:USO) rose to $88.66 a barrel. Precious metals were mixed, with Gold (NYSE:GLD) increasing to $1,578 an ounce while Silver (NYSE:SLV) fell 0.07% to settle at $26.97.
Here’s your Cheat Sheet to today’s top stock stories:
BONUS: Apple (NASDAQ:AAPL) earnings are out: The Company posted quarterly revenue of $35.0 billion and quarterly net profit of $8.8 billion, or $9.32 per diluted share. These results compare to revenue of $28.6 billion and net profit of $7.3 billion, or $7.79 per diluted share, in the year-ago quarter. Gross margin was 42.8 percent compared to 41.7 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter’s revenue. The Company sold 26.0 million iPhones in the quarter, representing 28 percent unit growth over the year-ago quarter. Apple sold 17.0 million iPads during the quarter, an 84 percent unit increase over the year-ago quarter. The Company sold 4.0 million Macs during the quarter, a two percent unit increase over the year-ago quarter. Apple sold 6.8 million iPods, a 10 percent unit decline from the year-ago quarter. Apple’s Board of Directors has declared a cash dividend of $2.65 per share of the Company’s common stock.
Amazon (NASDAQ:AMZN) is reportedly looking to expand its Kindle line-up, adding “up to five or six tablets” in different sizes, including a 10-inch tablet to rival Apple’s (NASDAQ:AAPL) iPad, according to a Reuters report. Demos Parneros, president of U.S. Retail for Staples Inc. (NASDAQ:SPLS), which sells Amazon’s Kindle Fire tablet, confirmed to Reuters that Amazon is to introduce up to five or six tablet SKUs, or stock-keeping units.
Court mandated settlement talks stalled last week as Apple (NASDAQ:AAPL) and Samsung couldn’t agree on the value of each other’s patents, according to a Reuters report. Apple chief Tim Cook participated in mediation with Samsung’s Vice Chairman Choi Gee-sung and mobile chief Shin John-Kyun last week in the San Francisco area to see if the two sides could resolve the dispute, which will go to trial on July 30 in a San Jose federal court. According to sources familiar with the matter, a settlement is unlikely to come ahead of the trial.
On this large down day, there were a few bright spots. Sarepta Therapeutics (SRPT) jumped 140 percent to $8.30 after it disclosed positive Phase IIb clinical results for its eteplirsen drug. It is undergoing tests to determine if it can slow the process of Duchenne muscular dystrophy. In the last 30 days, the company’s shares have jumped 115 percent and is up 84 percent year-to-date, reported MarketWatch.
Centene Corp. (NYSE:CNC) rose seven percent after the company reported a second-quarter loss but investors offset the news by looking at its cost reduction improvements and large revenue gain. This came in at $2.1 billion, a 61 percent increase from the previous year’s $1.3 billion.
On the down side, Cisco (NASDAQ:CSCO) fell six percent after it reported late on Monday that it would slash 1,200 jobs. In addition, some analysts believed that with with VMware’s (NYSE:VMW) purchase of Nicira for $1.26 billion, it could threaten Cisco in networking virtualization.
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