Chrysler is recalling 792,000 Jeep SUVs worldwide because ignition switches could go out of the “run” position and cause engines to stall. The ignition problem affects Jeep Commanders from model years 2006 through 2007, and Jeep Grand Cherokees from 2005 through 2007. Chrysler says that only one accident has been linked to the recall and is not aware of any injuries.
Several big-name companies have reported earnings. Strong iPhone sales helped Apple (AAPL) boost profits, but iPad sales fell for the second consecutive quarter. Earnings beat estimates, and even though revenue rose 6% from a year ago, it still came in below expectations. PepsiCo (PEP) beat analysts’ estimates thanks to cost-cutting. Revenue also beat estimates helped by higher beverage and snack volumes. Whirlpool (WHR) missed on earnings by $0.29, and fell short on revenue, too, which fell 1.4%. Whirlpool also cut its full-year guidance outlook.
Whirlpool struggled with international sales, but managed to see a 3% rise in North American sales. Meanwhile, the Bureau of Labor Statistics said Tuesday that prices for consumer durable goods are down 1.5% in the past year. Major appliances are down 7.9% and laundry equipment prices fell 8.6%. Prices for other types of consumer durable goods fell too, including TVs (-15%), clocks and lamps (-6.9%), computers (-6.3%) and jewelry (-4.5%).
Facebook (FB) is scheduled to report its earnings after the bell today. User numbers will be a focus for investors, but so will ad revenue, especially from mobile. The company trails only Google (GOOGL) as the biggest recipient of mobile ad dollars. Analysts are expecting to see revenue growth of 55% to $2.81 billion.
Dick's Sporting Goods (DKS) has reportedly cut more than 500 PGA professionals that it employed as golf instructors. The company had previously said its golf sales are struggling, as people seem to be leaving the sport.
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