Apple Reports Results After Hours; House Passes Debt-Ceiling Extension (AAPL, NFLX)

The House of Representatives voted on Wednesday to extend the debt limit in the US while the major indices saw gains for another session. The S&P 500′s winning streak has now reached six days and nears the investor target record of 1,500 points. Both Advanced Micro Devices Inc. (AMD) and Netflix (NFLX) reported quarterly revenue that beat estimates and saw shares rise. Coach Inc. (COH) dropped 16% today after announcing disappointing profits. Many awaited Apple’s (AAPL) Q1 results which came after the bell – the company released flat earnings despite a gain in revenue and extend losses. After the budget vote in Washington today, oil futures dropped back down below $96 a barrel. The petroleum inventory data will be released later this week with investors expecting a climb in supplies. The dollar did not change much against the euro but ended lower against the Japanese yen.

Word on the Street

• US House of Representatives passes bill that will extend the debt limit.
• McDonald’s (MCD) Q4 earnings beat expectations, but warns of global sales for January.
• General Dynamics (GD) reports a revenue loss on a $2 billion write-down.
• Union membership in the US falls to 11.3%, the lowest level since the 1930s.
• The IMF projects modest rise in global economic growth for 2013.
• Microsoft (MSFT) may be involved in Dell’s (DELL) buyout – why this deal is important.
• WellPoint Inc. (WLP) issues a cautious outlook for 2013 with lower-than-expected profit.

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