Diamonds and Dogs
Apple (AAPL) lifts the Dow to 22,000 thanks to better than expected earnings. Apple beats estimates by 10 cents as revenues rose 7.2% year/year to $45.41 billion. Apple's services business continues to march higher, jumping 22% during the quarter to $7.3 billion in sales. The company's cash pile grew to $261 billion in its third quarter.
Fewer and fewer people are going to the movies. AMC Entertainment (AMC) is down 25% to a multi-year low after the company dramatically lowered second-quarter guidance and said the third quarter will be equally unrelenting. AMC blamed its expected loss as "reflecting industry box office trends." American box offices declined 4.4 percent in the second-quarter compared to the same period last year, according to AMC. The main culprit could be Netflix.