iPhone X supplier accused of illegal student labor
Apple’s (AAPL) iPhone X supplier, Foxconn, reportedly had students illegally working overtime to assemble the flagship device. According to the Financial Times, six high school students said they worked 11-hour shifts to help assemble the tech giant’s new phone at a factory in Zhengzhou, China. The report said the six were among 3,000 students sent to work in the factory in September. Apple shares were last trading at $173.47, a few bucks shy of their all-time high hit earlier this month.
Justice Department sues to block AT&T-Time Warner deal
The Justice Department has filed a federal lawsuit to block the $85 billion merger between AT&T (T) and Time Warner (TWX). Regulators argue that the deal will result in higher prices for consumers. In a statement, AT&T called the suit “a radical and inexplicable departure from decades of antitrust precedent” and said it sees “no legitimate reason for our merger to be treated differently.”
HP earnings: What to expect
HP Inc. (HPQ) is set to release earnings after the bell this afternoon. Analysts expect earnings per share of 44 cents on revenue of $13.35 billion. Investors will be paying close attention to HP’s guidance following its $1.05 billion acquisition of Samsung’s printer business. Another thing that’ll be watched closely is the number of personal computers shipped worldwide. According to a report released by Gartner, the number of PCs shipped by HP increased 4.4% during the quarter. HP’s stock has jumped nearly 22% in the past three months.
Urban Outfitters shares climb on earnings beat
Urban Outfitters (URBN) topped earnings and revenue expectations in the third quarter and reported a surprising 1% increase in comparable sales. A 5% jump in comp sales from Urban Outfitters’ Free People brand boosted results. Shares of Urban Outfitters were last trading up 3.7% at $29.31.