Stock Movers Apple and Amazon Earnings; Oil Prices Hit Chevron and Exxon; Take Two's Miss
May 2, 2025
Apple's service revenue has disappointed, prompting a cautious outlook and increased tariff costs. Chevron's stock dipped despite earnings beats as share buybacks are cut due to falling oil prices. In contrast, Exxon plans to maintain its buyback strategy. Meanwhile, Take-Two delays the highly anticipated Grand Theft Auto VI, marking a setback that could impact their revenue significantly.
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Apple's Growth and Tariff Concerns
- Apple shares fell after reported service revenue missed analyst estimates, revealing tariff concerns.
- The company expects $900 million higher tariffs in this quarter, limiting revenue growth to low- to mid-single digits.
Chevron Cuts Buybacks Amid Oil Price Drop
- Chevron announced a 30% cut in share buybacks due to tumbling oil prices despite beating earnings estimates.
- This reduction signals trade war tariffs impacting a key U.S. oil industry sector President Trump had pledged to support.
Exxon and Shell Maintain Buybacks
- ExxonMobil plans to continue buying back about $5 billion in shares per quarter despite oil price challenges.
- Shell also has financial strength to repurchase over $3 billion of shares each quarter even if oil drops to $50 a barrel.