Both Apple and Twitter delivered bad news to investors after hours on Tuesday. Stocks were relatively unchanged in the regular trading session. Bobbi Rebell reports.
Disappointing after hours earnings news. Apple missing earnings and revenue forecasts and giving weak guidance for revenue in the current quarter. iPhone shipments were slightly better than forecasts. And the company did increase its capital return program by $50 billion. Twitter out with a revenue miss for the first quarter, hurt by weaker spending from big advertisers. The company also warning that revenue would be lower than forecasts in the current quarter. User growth has been slowing, rising to just 310 million from 305 million in the previous quarter. Chipotle also disappointing, reporting its first quarterly loss in history, though it wasn't as bad as expected. The burrito chain has been struggling to win back customers after a string of foodborne illness incidents last year. During the regular session stocks flat as Wall Street awaits the outcome of the two-day Federal Reserve policy makers meeting. The Bahnsen Group CIO David Bahnsen: (SOUNDBITE) DAVID BAHNSEN, CHIEF INVESTMENT OFFICER, HIGHTOWER'S THE BAHNSEN GROUP, (ENGLISH) SAYING: "Certainly, there won't be a big move until we get through, I think, the Fed meeting, also the Bank of Japan as well. So, it'll likely stay subdued." Investors got a string of negative data. Consumer confidence fell in April. Orders for durable goods in March and home prices in February both rose, but they were less than expected. In Europe, rising oil prices helped lift stocks. But the German DAX and French CAC 40 edged lower.