U.S. equities were stagnant Tuesday as President Donald Trump announced that the U.S. will be withdrawing from the “one-sided” Iran nuclear deal, as he called it. The S&P 500 Index fell a fraction of a percentage, while the Dow Jones Industrial Average gained a fraction of a percentage and the Nasdaq Composite gained a fraction as well.
Here’s what you should know:
Apple Inc. (AAPL)
Apple announced that it has garnered a new patent for its smartwatch series.
The tech giant said that it has received patent approval for a watch with a round display, which is a departure from its current model with a square frame. The Apple Watch has been around since 2015.
The patent application isn’t anything new for the company, as Patently Apple reported that the patent was first filed right after the release of the original Apple Watch. It is unclear if the patent will eventually become a product, but the company wanted to secure the patent in order to have options if its executives want to try out something new.
Apple is also very close to becoming the first American company with a market value of at least $1 trillion thanks to AAPL stock’s 13% rally this month alone. The surge was propelled by a strong quarterly earnings report, as well as by Warren Buffet’s announcement that he bought an additional 75 million Apple shares during the company’s first quarter.
Marriott International Inc (MAR)
Marriott International shares dipped slightly following the company’s latest quarterly earnings report.
The hotel chain announced that its first quarter of fiscal 2018 brought in adjusted earnings of $487 million, tallying up to roughly $1.34 per share. The figure was stronger than its year-ago adjusted earnings of $375 million, or 96 cents per share.
Marriott International added that its revenue tallied up to $5.01 billion for the year, a 2% increase from the $4.91 billion it raked in during the year-ago quarter. For its second quarter of fiscal 2018, the company projects adjusted earnings to be in the range of $1.34 to $1.36 per share.
For fiscal 2018, the chain is calling for adjusted earnings in the range of $5.43 to $5.55 per share.
MAR stock fell about 0.9% after Tuesday’s market close.
Monster Beverage Corp (MNST)
Monster Beverage also reported its latest quarterly results after hours yesterday.
The Corona, California-based company announced earnings of $216.05 million, or 38 cents per share, topping its year-ago totals of $177.98 million, or 31 cents per share. Analysts were calling for earnings of 39 cents per share, according to data compiled by Thomson Reuters.
Monster Beverage also unveiled revenue of $850.92 million for its first quarter of fiscal 2018, a 14.7% gain from the $742.15 million it brought in during the year-ago quarter. Six analysts surveyed by Zacks Investment Research projected revenue of $859.8 million.
The energy drink manufacturer’s sales in the Strategic Brands segment, including brands acquired from Coca-Cola, fell 3.3% year-over-year to $65.8 million. Net sales to customers outside the U.S. gained 26.8% to $242.1 million, while U.S. sales were up 3.8%, compared to an 8.1% gain in the year-ago quarter.
MNST stock fell about 4.8% after hours Tuesday following a 0.4% slide during regular trading hours.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.