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Stock Market News, July 22, 2014: The DJIA slumped on Monday, as military action continues in the Gaza Strip and geopolitical tensions remain high in Ukraine. The United States and European allies have strengthened economic sanctions against Russian interests and are threatening further action against Vladimir Putin if he doesn't pull support from pro-Russian militants in Eastern Ukraine.
Here's what you should know to make your Tuesday profitable:
- Surging Shares: Tech giant Apple Inc. (Nasdaq: AAPL) is ramping up production of its next line of iPhones. The model will feature larger-screen models designed to lure new customers away from its primary competitor Samsung Electronics Co. Reports indicate that Apple will ask its suppliers to manufacture more than 70 million units, which include large-screen formats with 4.7-inch and 5.5-inch displays by December 30. The company will report its fiscal third-quarter results after hours today.
- Earnings Win: Shares of Verizon Communications Inc. (NYSE: VZ) were down marginally in premarket hours after the company announced second-quarter adjusted earnings of $0.91 per share and revenue of $31.48 billion. The report beats Wall Street estimates of $0.90 per share and revenue of $31.12 billion. The company reported growth across all major segments and businesses.
- Earnings Miss: Shares of The Coca-Cola Co. (NYSE: KO) slipped nearly 2% in premarket hours on news the company missed second-quarter earnings expectations. The company reported a 3% decline in net profits for the quarter, citing an end to its Brazilian bottling operations and a restructuring of its juice-manufacturing unit in Russia.
- Commodities Escape: A day after one of its primary competitors went in one direction, Credit Suisse Group (NYSE: CS) announced plans to wind down its commodity trading activity to focus on more profitable business practices. In an investor presentation that accompanied the firm's quarterly earnings, the firm said it could save nearly $75 million and reduce risk-weighted assets by $2 billion by reducing its commodities desk. On Monday, Morgan Stanley (NYSE: MS) said it was rebuilding its commodity desk and planning to hire new analysts and sales team members.