Apple Inc. (NASDAQ:AAPL): Apple has apparently cut its iPhone 5C production by half, according to a report from MacRumors. This implies a quarterly output of around 13.7 million units (300,000 units to 150,000 units per day); the cuts are reportedly due to the Chinese grey market price drops, as the units are smuggled in illegally to help avoid the atmospheric asking price of about $725 that the phone commands in China.
Chipotle Mexican Grill Inc. (NYSE:CMG): Mark Kalinowski of Janney Capital Markets raised his rating on the company, noting that Chipotle has “a promising opportunity” to expand into the breakfast category, Bloomberg reports. Kalinowski said that Chipotle is currently testing coffee in one of its Washington, D.C., shops, which may be a precursor to the chain testing breakfast goods like breakfast burritos later on.
Dow Chemical Co. (NYSE:DOW): Dow Chemical has agreed to divest its global Polypropylene Licensing & Catalysts business, which will be sold to W. R. Grace & Co. for $500 million. The decision is apart of an accelerated strategy of narrowing its focus in the electronics, water, packaging, and agricultural sciences markets, Dow Chemical says.
TransCanada Corp. (NYSE:TRP): GE Chief Executive Jeffrey Immelt, AT&T CEO Randall Stephenson, and Boeing’s James McNerney have all warned President Obama about rejecting the controversial Keystone Pipeline, a project being undertaken by TransCanada. The group says that the U.S. economy is at an inflection point, and whether growth remains modest or picks up speed depends on maintaining investor confidence and strengthening America’s competitiveness; they say the decision on TransCanada’s Keystone will affect both.
The Gap Inc. (NYSE:GPS): Gap shares are sagging nearly 8 percent as the retailer revealed broad slides in same-store sales across its segments, a report that has affirmed a weeklong trend in the sector of soft mall traffic and a decidedly cautious stance by U.S. consumers, Seeking Alpha observes. Gap says that same-store sales slumped 3 percent in September and that overall sales were flat at $1.46 billion.