Apple reported stellar earnings driven by iPhone sales. Twitter's earnings beat was overshadowed by a current quarter warning. U.S. stocks were lower. Bobbi Rebell reports.
Apple earnings coming in better than forecasts with revenue up 22 percent. iPhone sales up 36 percent, driven by the launch of the 6S and 6S Plus models last month. Twitter earnings beat forecasts, but investors were extremely concerned about the micro-blogging site's warning that current quarter revenue would be lower than expected. Falling oil prices and mixed earnings dragged Wall Street down for the second straight day. Stephen Wood of Russell Investments. SOUNDBITE: STEPHEN WOOD, CHIEF MARKET STRATEGIST, RUSSELL INVESTMENTS (ENGLISH) SAYING: "It's the middle of earnings season. It's a mixed bag of earnings. The third quarter isn't going to be terribly good at least compared to the last five or six years. So, I think, there's lot of chop." Weak economic data cast doubt on whether the Fed would raise interest rates this year. A gauge on business investment plans fell in September, and consumer confidence slipped this month. Ford shares sputtered. A strong performance in North America drove quarterly profit sharply higher at the automaker, but it fell shy of estimates. UPS delivered mixed results. The package delivery company surprised Wall Street with a decline in revenue due to the strong dollar and lower fuel surcharges. Shares fell. Alibaba's shares shot up. The Chinese e-commerce giant's profit skyrocketed on a huge gain in revenue. The results also lifted shares of its key shareholder, Yahoo. In Europe, a drop in basic materials stocks like BASF led shares lower.