Consumer prices rose in June due to rising gasoline prices. The Labor Department said the Consumer Price Index rose 0.3% last month, right in-line with analysts’ estimates. Gasoline prices, which often increase during the summer, rose 3.3% in June. Food prices rose the smallest amount since January, only 0.1%.
Chipotle shares soared after the fast-food chain raised its full-year sales outlook after reporting profit and revenue that blew past Wall Street estimates in the second quarter. Same-Store sales rose a better-than-expected 17.3% in the quarter as customer traffic increased despite price increases, which helped offset higher food costs.
Meanwhile, McDonald’s opened the day slightly down after it reported misses on both earnings and revenue. It also reported that worldwide same-store sales were flat, and same-store sales in the U.S. fell 1.5% percent.
A Goldman Sachs report says some fund managers aren't so hot on Apple (AAPL) anymore. As of yesterday’s close, the stock is up almost 19% for the year, but the Goldman report said it's one of the most underweighted stock among large cap fund managers.
That trend hasn't soured Apple's confidence. The Wall Street Journal reported that Apple plans to manufacture a total of 70 million to 80 million units of their two versions of the iPhone 6. That's more than the initial shipment of 50 million to 60 million units of the iPhone 5S and 5C. The two new iPhones will reportedly have larger screens to compete with other large smartphone makers like Samsung.
Apple is due to report earnings after the close today.
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