Good evening,
U.S. stocks dipped Tuesday, ending the Nasdaq’s winning streak as earnings fears struck the markets. Dow industrials fell a whole 1%, thanks in part to IBM, the S&P 500 was down 0.4%, and the Nasdaq lost 0.2%. …IEX Group is on the verge of becoming an official stock exchange. CEO Brad Katsuyama spoke on Wall Street Week Sunday about his business to high high frequency trading. …Verizon’s earnings were hit hard Tuesday as FiOS video reported a 74% drop in subscriber growth since a year ago, and FiOS Internet was unable to compensate, adding only half as many new customers. …
Tech earnings bum the market. Microsoft is red in the face after writing down the entire value of its one-year-old Nokia purchase. That’s $7.5 billion and doens’t bode well for Microsoft’s mobile phone business. Apple disappointed with slower iPhone sales than expected — although China was a bright spot. IBM continued to see revenues drop. And Yahoo continues to be a shaggy dog story, with everyone waiting for Marissa Mayer to work her magic. Marissa, it’s been three years!
No guac for you! Chipotle’s earnings Tuesday were disappointing. The burrito king increased sales 4.3%, but fell short of the 5.8% estimates. Quarterly earnings of $4.45 a share show almost a dollar increase from the $3.50 earlier this year. CNBC
Arrests made in J.P. Morgan hack. The FBI and Israel have arrested four people in connection to the computer hack and complex securities fraud scheme at J.P. Morgan. A fifth person remains at large. The alleged hackers became friends more than 10 years ago at Florida State University. Bloomberg
Caesars flirts with bankruptcy. The Las Vegas casino operator is due to hear from a judge Wednesday about its request to stall lawsuits that could drive Caesars into bankruptcy. The company is also giving millions of dollars worth of securities to creditors in exchange for pulling their suits. Nasdaq
Five Rod Blagojevich convictions thrown out. A Chicago federal appeals court threw out five of the 18 convictions against former Illinois Gov. Blagojevich. He will be retired on the five counts. Blagojevich is still facing hefty jail time for exploiting his executive power, including trying to sell Pres. Obama’s former Senate seat. Chicago Tribune
Brace yourself for NYC flight problems. About 1,000 security and baggage handlers at JFK International and LaGuardia airports are planning to strike beginning Wednesday night. The airport employees’ union is pushing for higher wages and benefits, and says it has been met with anti-union attitudes. The strike does not include TSA security. Reuters
Taylor Swift takes on Chinese knockoffs. TSwift is not one to messed with. The music goddess is challenging cheap knockoff clothes in Asia by marketing her own line of clothes for Chinese retailer JD.com. She’ll be performing in Shanghai in November. CNN Money
Photo: Anima Kitty