Apple falls, Icahn slides, Google court victory: Top stories
Apple (AAPL) stock falls below $3 trillion market cap after the company reported its third straight quarter of declining sales. Icahn Enterprises (IEP) shares fall after cutting its dividend in half. Google (GOOG) scores a victory in court in its antitrust case. Google (GOOGL) will no longer face allegations that the design of its search results hurt rivals Yelp (YELP) and Expedia (EXPE). Yahoo Finance's Diane King Hall recaps the top stories.
Video Transcript
- It is closing time here at Yahoo Finance. Here's a look at some of the top stories of the day. Apple losing its crown-- should I say a bite taken out of Apple-- falling below $3 trillion market cap.
The stock sliding on the heels of its earnings. The company reporting its third straight quarter of declining sales. Apple's outlook for its fiscal fourth quarter also weighing on the stock, expecting another decline in revenue for the current quarter.
Legendary investor Carl Icahn seeing his fortune decline by more than $2 billion. His company, Icahn enterprises, announcing it is slashing its dividend in half to $1 per share. The move coming as Icahn is being targeted by short seller Hindenburg Research three months ago, which claims the company is overvalued. Since the report initially came out, Icahn's net worth has plunged $17 billion.
Finally, Google scoring a victory in court in its antitrust cases brought by the Justice Department and state attorneys general. The judge narrowing the case saying Google will no longer face allegations that the design of its search results hurt rivals, including Yelp and Expedia. This opinion unsealed just weeks before the trial is set to begin on September 12th.
