Apple (AAPL) was down sharply in early trading. The company beat Wall Street earnings and revenue estimates, but reported disappointing iPhone sales. Apple's projections for the next quarter also fell below Wall Street's estimates.
A slew of big corporate earnings reports were released before the opening bell. American Airlines reported results for the first time since the merger with US Airways. American Airlines Group (AAL) reported a loss of $2 billion for the fourth quarter, due largely to charges related to the merger. The company did beat analysts’ earnings estimates by $0.04 a share.
Comcast (CMCSA) raised its dividend and authorized a new share repurchase program when it reported earnings this morning. The company missed adjusted earnings per share estimates by $0.02 while it saw revenue rise 6.2% from a year ago, beating estimates. Comcast said it added 43,000 video customers in the quarter versus a loss of 7,000 a year ago and also saw an 8.7% boost in its broadband revenue.
Ford (F) reported earnings that beat estimates by $0.03 a share and saw revenue rise 3.5% from a year ago, beating estimates as well. The better-than-expected results were attributed to record profits in North America and Asia and smaller losses in Europe.
Pfizer (PFE) also beat earnings per share estimates by $0.04. Revenue fell 2.4%, but also beat estimates. Pfizer blamed the decline in revenue on increased competition from generic drugs.