Apple beats on earnings but revenue outlook falls short

Apple reported fiscal third-quarter earnings and revenue that beat analyst forecasts on strong iPhone shipments, sending shares higher in late trading. But fourth-quarter sales guidance fell short. "I don't subscribe to the view that the higher end of the smartphone market has hit its peak," CEO Tim Cook said on the earnings call. 

Net income fell 22 percent to $6.9 billion, or $7.47 per share, from $8.8 billion, or $9.32 per share, in the year-earlier period. Revenue ticked up to $35.3 billion from $35 billion a year ago. The results still beat analyst forecasts for earnings of $7.32 per share on sales of $35.02 billion, according to estimates for Thomson Reuters.

China July flash HSBC PMI plunges to 11-month low

China's manufacturing activity shrank for a third straight month in July, a private survey of Chinese manufacturers showed on Wednesday, highlighting persistent weakness in both external and domestic demand. The closely-watched flash estimate of the HSBC China Purchasing Manager's Index (PMI) fell to an 11-month low of 47.7 from 48.2 in June.

 This was significantly below market expectations for the index to hold steady at 48.2. A reading above 50 indicates expanding activity and one below 50 signals contraction. The slowdown in the manufacturing sector is leading more factories to cut back on workers, with the unemployment sub-index falling to a 52-month low of 47.3.

World awaits first glimpse of Britain's new prince

 The world could get it's the first glimpse of Britain's new prince on Tuesday, with Prince William and his wife, Kate, expected to leave a London hospital with their baby son. Kate, 31, gave birth to the couple's first child, who is third in line to the British throne, on Monday afternoon, ending weeks of feverish anticipation about the arrival. Royal aides said the couple and their newborn were all doing well and expected to leave hospital after 1700 GMT (1:00 p.m. EDT) on Tuesday, or possibly on Wednesday morning. "We would like to thank the staff at the Lindo Wing and the whole hospital for the tremendous care the three of us have received," William and Kate said in a statement.

UK housing recovery spurs 'bubble' warnings

The U.K. housing market recovery is gathering speed according to the latest data and is set to be further supported by government funding schemes, but some are warning the measures could spur a housing bubble and the government should instead be tackling the lack of housing supply. On Tuesday, the British Bankers Association (BBA) reported that mortgage approvals hit a 17-month high in June, totaling 37,278. Approvals were up 32.4 percent compared to June 2012.

Duchess of Cambridge gives birth to baby boy

Britain's Duchess of Cambridge delivered a baby boy Monday afternoon, an event analysts said would be "overwhelmingly positive" for the U.K. economy. The child of the Duchess of Cambridge Kate Middleton and Prince William will be third-in-line to the throne. Middleton gave birth in the private wing of Saint Mary's hospital in London.The boy, whose name was not immediately revealed, weighed 8 pounds, 6 ounces.

US Futures Get Lift from DuPont, Travelers Earnings

U.S. stock index futures moved higher on Tuesday as the busiest day so far of earnings season kicked into gear. Dow component DuPont reported profit that beat expectations by a penny and said it is exploring selling its performance chemicals unit. The news sent shares up more than 2 percent in premarket trading. While dozens of companies are reporting, the greatest anticipation is being saved for Apple, which Wall Street expects to show a $7.32 per share profit and $35 billion in revenue an in after-the-bell report. Shares edged higher in the morning. Apple's sales are closely watched for what they say about the broader industry. Technology has been one of the most disappointing sectors so far, with results fromMicrosoft, Google, and Intel missing analysts' forecasts.

Breaking News: UPS posts earnings of $1.13 a share, matching estimates!

UPS posts earnings of $1.13 a share, matching estimates!
Analysts had expected the company to report earnings excluding items of $1.13 a share on $13.59 billion in revenue, according to a consensus estimate.