Apple Inc. (NASDAQ:AAPL) is in the beginning stages of developing a video sharing product. The app will feature filters and drawing capabilities. It’s being built by the department that built iMovie and Final Cut Pro. The chances of success will depend upon whether it is integrated with iMessage or is a standalone app. It will fail if it is a standalone copycat of Snapchat. If it is an added on service for iMessage, it will be popular., Inc. (NASDAQ:AMZN) is launching an auto research portal. This extension of Amazon Auto is aimed at helping customers find specs, photos, videos, and reviews of auto related products. The Director of Automotive said the following:  “Our goal is to support customers during one of the most important, research-intensive purchases in their lives by helping them make informed decisions every step of the way. Amazon Vehicles is a great resource for customers who are interested in car information or looking for a broad selection of parts and accessories – all enhanced by the ability to tap into the knowledge, opinions, and experiences of other car owners within the Amazon customer community.”

The FDA designated Mallinckrodt PLC’s (NYSE:MNK) Synacthen depot formulation for Fast Track review for the treatment of Duchenne muscular dystrophy. A Phase 1 study has started. Fast Track gives more interactions with the FDA review team and a continuous review of the New Drug Application.

Signet Jewelers Ltd. (NYSE:SIG) missed Q2 EPS by 31 cents reporting earning $1.14. Revenue of $1.38 billion missed estimates by $60 million and was down 2.8% year over year. Same store sales fell 2.4% and are expected to be down 2.5% to down 1% for 2017. Kay comps were down 0.5%, Jared’s were down 7.6%, Sterling’s were down 3.1%, Zales was down 1.7%, Zales US was down 2.2%, H. Samuel was down 0.4%, Ernest Jones was up 1.9%, UK Jewelers division was up 0.8%.

Economic News

Signet is the biggest jewelry company in the country, so its poor results are a strong indicator that the consumer is weak. The terrible guidance shows the weakness will not abate.

The Markit services PMI data was very bad news. The drop to 50.9 was the lowest reading since February 2016. New orders were the weakest since May and the jobs data was the lowest in 20 months. The report said GDP growth isn’t accelerating from the 1.2% we saw in Q2. In fact, the report is showing the economy will grow under 1% annualized in Q3.