this is nightly business report with sherrera. >> apple of the eye, the value's top traited company, top profits and revenue concern about price shift products the iphone. a cholesterol drug being made more affordable, but is it beindone to produce sales? >> why gasoline prices set to sizzle this summer. those stories and much more tonight on nightly business port. it's tuesday, may the 1st. >> good evening everyone and welcome. apple's results were solid. the dow component reported better than expected earnings and revenue in the most recent quter and projected sales

momentum. 2011 some concerns aboutap e's iphone which accounts for most of the company's sale and profit. to top it all off, apple will buy back up to $100 billion worth of shares and its increasing its dividend. apple undered $2.73 a share. revenue was up 16%o more than $61 billion. that is the fastest growth in more than two years. and as a result the stock rose in additional ter hours trading. josh lip ton with more from california. >> heading into apple's report kmurhas been concerned aboute th iphone x. iphone revenue up 14%. average price for iphone, $728.

apple making it clear the iphone x was the best-seller. it's true the march quarter just as iwas in december quarter. gave up four tasks for revenue 51.5 and $53.5 million at the midpoint. for nightly business report i'm josh lipton, california. >> let's turn to angelo si no for more on apple results. goodo seeou thanks for joining us tonight. >> thank you for having me. >> we kept hearing rumors about decline and demand for iphone, they were cutting back on component order, all these things. then we get this kind of a report, blah w are to make of the iphone right now? >> think at the end of the day, the way we have to look at this is, sten, iphones are probably not going to be a growth story for this company going forward. with that being said, i think

the fear that has been built t in stock in the sense that, you know, we're going to look for significant declines in the iphone busines is also not going to happen. i think this is a more mature business. you'll probably see studi goin forward. i think apple shift towards higher price devics something i think will continue to succeed in future cycles. >> and you were lking for a buy back on the increase and dividend. we got that, a 16% increase in the dividend. some are saying the buy back number wasoo small. are you happy with it? >> i'd say both the buy back and david dent increase was less than we expected. we were personally looking for an increase b %. with that being said, i think $100 billion where they could do that over the next year is still a good number. i thndk at the of the day, the overall figure should more than off set the t lowern

expected cash return. >> what are you expecting in the future in terms of new products? they've taken a lot o knots recently for evolution than revolution. re you looking for anything revolutionary from apple in the interim? >> ihink in the interim term we have to look at in terms of apple, what can they sell within that services business, via the ecosystem tt apple has. when we look at the quarter here, groh about30%, that's something to be excited about. when you look at the hdware devices specifically, we think that is an opportunity for apple, also growing forth of 30% for the quarter. nothing that's going to go crazy in terms of being a blockbuster hit for apple. we think t goingo be incremental growth for the company. >> angelo think for joining us again tonight. onre wall stocks fail

and recovered most of those nd losses wobbled they're wayh throe day. the industrial fell 24 point. it had been dn 300 points midday. the nasdaq advanced by 64 and the s&p 5006. it's an odd number for stocks. bob explains. >> some markets are facing a try ne neck that of issues. higher earnings that could affect the market. how much global growth is slowing if it's slowing at all? fans have the upper hands for the moment. today's the low consensus manufacturer and constructive spending reports played into this bare narrative and high inflation. the nartive has been stronger earnings, disclosure growth and inflation. all right, so what exactlyould

the bulls do to regain control of the story? they're hoping for three things. first they're hoping the s&p 500 again holds i 200-day moving average. this is al critiupport in february and april. second the federal reserve sounds behapassive enough toede the height of this year. and j the support right at the consensus of 109,000 jobs created. if it's too weak the bearsn wil feed the slower growth story. same with wage growth. expected to be an 0.2% over month that'll be just fine. i'm bob a t new york stock exchange. america and pfizer were the est losers among the reports today. merck's cancer dru keytruda company's powe

results helped to raise the four pass.rofit review knew also diointed over at rival, pfizer expects sales growth to ri at a faster pace. both pfizer and merck were down in deday's t >> you just heard bob mention thatpending unexpectedly fell in march. spendingas done 1.7%, way down by a dp in private sector spending. some contribute that decline to the difficult weither. ould bounce back in the spring. sanctions activity slowed for another month in april. institute for supply management, manufacturers are facing a shortage of skilled workers and rising commodity prices. higher raw material cost are the latest inflation pressures

building in our economy. rising coststc are likely ng the attention as they began their two day on interest rate. money managers were surveyed financial their expectation about the bank, the a economy stock market. the lat interest rates and inflation both rising why the outlook for th stock market has been reduced yet again. the federal reserve not expected to raise at the conclusion ofti its m tomorrow but 80% raise hike in june. see at least one more hike after that. half of them say it's fwn to t nother hike that makes for total rate hikes from the fed this year. part of the reason is most the inflation rising. in fact the consumer race -- in four of the fiveurveys.

surveys forecast at a45% this ye remain there for 2019. concern over higher rates have led to downgrade over equity in a row. increase straight increases in this year. the current analysist s&p 500, 2728 for the end of 2018 is now 150 points or 5% belowhe outlook in january.re ondents race are -- forecast at 2.8%. the probability of recession in the next 12 months remain low at 16.5%. policiesnsist trade rates.sing interest concern for american free trade has written and 58% say president trump's trade policies are bad for. grow this comes from a group where 57 approves of the president's

stewartship over the economy over all. for "nightly news repo"i'm steve liesman. facebook is beingdd to web bush's best ias list. the company is believed to weather the controversy around the scandal. $2, sharz rose to 173.86. u.s. trades -- in the food s distribution iy right now. price target, 36. priceose a fraction today. key, ba roku to make streaming devices a buy in new a co. the potential for long term growth over many years. the price target is $32. the price is up. thd spotify with an overweight

rating. analyst believe spotify -- the price tget is 190. the stock was up 2%o 164.88. still ahead. a clos roll drug getting less expensive but there's a lot more to that story. more nowfan book, turns out he wants to get into the onlinebu dating ness. users will be able to set up a profile that will not be visua tofriends, will not appear in news feeds. ceo mark zuckerberg says thepl form was designed with prophesy and safety in min at news send match.com and its owner interactive sharply lower

today. g> an expensive cholesterol drugting a price cut. while that may sound like a good thing t lower price won't necessarily be available to yo ev. lake terrell with the details. >> 1 and 3 american adults have high cholesterol. but therugs made by regenron and partners, have been commercial flops. reason for that, many sayce is there p tag. both more than $14,000 a year. many insurers theaidoctor's sd were tieing doctors up refusing to pay for the drugs or hitting customers with high copays. >> people who have to have these high co-pays, you walk into the ocery store and get your note, and oh my god, $500.

>> a deal was struck with o armacy manager agreeing lower the cost of the drug to a range of 4500 to $8,000 a year. an exchange will sitfie the process for doctors to prescribe the drug. seek to lower co-pay from patients and exclude the drugsr which co5 million members. >> the reason to exclude tmg product, the data is really good, this drug can allow people to live longer and better lives. >> m. gen isss in disn with insurers to low the pris as well. the drug makers have lost grown to the ctererers while others suggested it may be just what's needed to turn sales of the

medicine around. i'm meg terrell. underfer mirror warns about his profits and that's where we begin tonight's mark focus. expects to report a steeper tan ed loss for the current quarters as inventories remain high and stress remains under pressure. report for the previous quarter with results beating pectations and t results helping strength in the company's national business. finish up 5% to $5.15. handbag maker tapestry hurt revenue growth. still, shares fell nearly 12% today to $47.46. an increase in investments cut earnings growth a auto

nation. the comelny stillered results in line with estimates. company says its focus on used cars and strategy while working. >> that dollar one isur best quarter ever driven by revenue of $5.3 billion, up 2%. we improved growth profits by 3%, driven primarily by our brand extensions where our one price pre-ownedn grossrofit of the 9%. >> shares finishedea upy 1 >er, $46.52. >>. ales and expectations by dropping the amount of health insurance on claims. its mernler are cvs is to close second after of this year. fell adjudication a fraction of 178.71. this after making firearms of retailers pressed -- this will

continue to sell ammunition but it does plan t sell its firearm's manufacturing business. in the latest quarter profits and sales weakened. the share dropped. snap reporting weekly unexpected revenue as it added fewer users. the social media company also warned a flowing year over year revenueh due to drop in ad prices. sellers initially fai in the -- down 1% to 14.13. steel stocks failed today in president trump to post paine steel and aluminum for another 30 days. shares of ak steel, u.s. steel and steel dynams came under pressure. >> president trump in march excluded seven allies from steel and aluminum imposed op russia,

china, japan and others. w thte house extended that hours before it was set to expire. wilbur ross says delays come in talks with allies are ongoing but not to expect more. >> i don't think we have any intention to dedramatic extensions that defeats the whole purpose. >> the one month delay ply to -- with the u.s. brazil, argentina and australia also got a delay in order to finalize an agreement on quotas. australe yawn prime minister welcome the move saying the agreement reflects the trade relationship australia shares with the u.s. the iceu,o and carbon dioxide have insisted they be not accept quotas to gain permanent exemptions. >> last night's decision isnl cert a step forward.

canada will continue to work for full and prermt compensatoex n uncertainty till the end of the month, with this new deadline now at ars collisione with another potential set of tariffs. this one on high tech imports from china. a team from the trump administration, including ross, treasury secretary, steven mnuchin, peter navarro and trade representative robert lighthouser is heading to china fo talks. >> i know we were hoping but not alwayspe l. it's a big big challenge. all right. there's a very different system over there and it's aysm that has, in all honestly work pretty well for the chinese. it has not worked well for us. >> business leaders are hopeful this administration can settled the t dispute without setting off a trade war.

for nightly busines report i'm cay in washington. coming up, why this could be ethe mostensive summer for drivers in years. united airlines has a new pet picy under the new rules announced this afternoon. the airline will now only transport dogs and cats in the cargo hole. noore rabbits or gekkos or orr animals for example. and is banning more than 20 breed of dogs, pitbulls and mas

tus which don't tolerate flights very well.24 animals died on u.s. basednd flights 18 of those were on united flights. t's also reviewing its in-cabinet policy. the epa recently said that standards on vehicles, model years 2022 to 2025 should be revived. reversing the move by the obama administration to put tighter standards in place. spring as not exactly sprung at car lots. >> it's premature to say the auto market is hitting the brakes. much like april's weather sales

st month cooled off. only fiat cysler posted better sales in april. with ford and toyota dropping 4.5%. gm no longer telling the public how sales went last month.nd suvs a trucks are still i demand. in fact, jeep helped power fia chrysler pass forfeitd when it s to retl sales. ford's had its best april sales since the year 2000. it is yet another example of why ford is throwing in the towel anlaing to stop offering all but a few cars starting next year. iile april was lackluster for many brandst was sensational for porsche which had its best monthly sales in the united states. even thoh the average price

for a gallon of gas climbed by 50 sent lacent last month. s americans all clammering for less fuel efficient trucks and suvs. most believe that's likely toge chs long as gas remains lower than $3 a >> and just reported gas prices are indeed going up. this summer is expected to be the most expensive for driving in four years, drivers are taking notice. >> it has affected my driving habits because i have an suv, so, i no longer drive that. i use m honda civic to get better gas mileage. >> made me drive a lot less which is annoying. >> i'm on the road for sales so i have to do the job noatter what. so, i really can't not go to work. p forced to it. >> it affect me out of my pocket of course but we ve

responsibilities, people have things to do. we still have to continue our day-to-day. yes, it does cut into our extracurricular activities. ju >> joining us now i patrick, he's the senior analyst at gas buddy.com. good to have you re, even though the news is not that good. what's driving prices higher this time around? >> it's the lack of the typical spring characters. this year's a bit different, of course m enteringth of 16 for crude oil gas cuts. global supply anden demand has etter balanced and that's pushing up the price of oil than 2014. >> i'm confused. yeah opaque and russia areac putting on their

pr.suction. but producers are playing a role in economy when it comes to oil productions. why are we still going u then? >> that's right. you make a good point. opaque and russia are kind of opening the door, at least a little bit for u.s. producers. it takes a long time for the u.s. to continue increasing production, we're certainly doing that in terms of monthly productions and u.s. we're at about0.5 million barrels a day. that pails in comparison from what we've seen from opaque and russia. >>s we go into later spring and early summer, how much dogher do you anticipate prices will go? we get a reprieve in the summer as we normally do? i think if this was a baseball game in terms of how nk we havel go, i t a couple weeks left that we can see prices tiptoe higher. there are some adopts to keep in mind, situations with ira is

flaring up. look for a changen june. then july and august, hurricane season opens up. the national average will stay just under 3 dlrs a gallon and' settle in 2.65 or 2.08 for the summer. >> quickly, is becoming me ennamered with you hasuvs and b cars are going to come back to hunt us? >> i think so. >> thanks so much. death is forcing behind -- thpany however will stay in business during bankruptcy thanks in part to a new loan for up $130,000. gifts is legendary. begin so beginson was founded back in 1984.

devastating financial fall. >> before we go, a final look at the numbers on wall street. f the dowl 62, nasdaq rose 65. s&p 50086. that will d it for "nightly siness report"'m susan herrera. >> an dah griffin, havewo erful weekend we'll see you tomorrow

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