Apple and Amazon Earnings; Oil Prices Hit Chevron and Exxon; Take Two's Miss

On this episode of Stock Movers:
- Apple (APPL) shares are lower this morning after the iPhone maker reported service revenue for the fiscal second quarter that trailed the average analyst estimate. The company expects $900 million in higher costs from tariffs this quarter and warned that revenue will increase by a percentage in the low- to mid-single digits, below analyst estimates.
- Chevron (CVX) share are also down despite beating its earnings estimates. Wall Street is punishing the oil giant after it announced it will reduce share buybacks this quarter to about $2.75 billion, 30% less than in the first quarter, due to tumbling oil prices.
- Exxon (XOM) shares are higher after it said it will stick to its plan to buy back about $5 billion in shares per quarter, while Shell has the financial ability to keep repurchasing upwards of $3 billion of shares each quarter.
- Take-Two (TTWO) shares are lower after delaying the release of Grand Theft Auto VI to next year, giving the development team more time to complete the game. The delay is seen as a significant setback for Take-Two, as the Grand Theft Auto franchise is a major contributor to the company's revenue.

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Episode Transcript

Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio News, The Stock Movers podcast,
your roundup of companies making moves in the stock market,
harnessing the power of Bloomberg Data.

Speaker 2 (00:17):
With our stock Mowers, our new successful podcasts John Tucker
and Let's Jared at the Top. Apple receiving at least
two downgrades this morning. This follows the quarterly results that
reinforced concerns over tariffs as well as the growth potential
for the company. Jeffery is cutting the stock to underperform,
becoming one of the rare bears on the iPhone maker. Separately,

(00:40):
you also have Rosenblat Securities downgrading the stock to neutral
from buy. Chevron going to reduce the share buybacks this
quarter after oil prices they tumbled. This indicates that President
Trump's trade war hurting a key US industry that he
actually pledged to help. Chevron is going to repurchase about

(01:01):
two and three quarter billion dollars of stock in the
second quarter. That's thirty percent less than it bought in
the first three months of the year. This comes despite
Chevon beating earny estimates on more low cost production and
Axon Mobile also reporting earnings. Is sticking to its plan
to buy back about five billion dollars in shares per quarter.

(01:21):
And then you have Shell said it has the financial
wherewithal to keep repurchasing upwards of three billion dollars of
shares each quarter, even if crude oil plunges as low
as fifty dollars a barrel. And then you have a
five zero. You said five zero is the number there
to Gallon. I guess at the WAHA last check it

(01:43):
was under three. So you could go like like a
two twenty thirty. It's it's possible. Well, you're verging out
the ummer now, I mean as hommer Is at antiques,
so you know it only bring it.

Speaker 1 (01:55):
To eighty seven down at the BP station rou thirty
five in a wall.

Speaker 2 (01:59):
I'm not too far behind at the water pricing war
these guys.

Speaker 1 (02:02):
There's like three stations there. In there it's a veil
you add for stock moovers your podcast there.

Speaker 2 (02:06):
And then let's wrap up. Let's wrap up with Take
two Interactive. It says it's hits video game Grand Theft
Auto six. It was expected to launch in the fall,
now plan for release in May of twenty twenty six.
On this title, they've already missed multiple deadlines likely it
has been the biggest release, would have been the biggest

(02:28):
release this year, and now again it won't hit the
market till May twenty six, twenty twenty six, take to
announcing in a statement.

Speaker 1 (02:38):
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