Services PMI rose to an 11 month high reaching 54.8. New orders were the highest in 2016. There was an extraordinary increase in government spending which caused this metric to spike up along with the manufacturing PMI. This PMI leads us to believe the economy will grow 2% in the fourth quarter. However, given that some data points are weak the results will likely be much lower.
Apple Inc. (NASDAQ:AAPL) reported Q4 EPS of $1.67 which beat estimates by $0.02. Revenues were $46.9 billion which was down 8.9% year over year and in-line which estimates. Net income of $9 billion was down from $11.1 billion year over year. iPhone volumes were 45.5 million which was up 15% from last quarter and down 5% from last year. iPad volumes were 9.2 million units which was down 7% from last quarter and down 6% year over year. Mac sales were 4.88 million which was up 15% from last quarter and down 14% year over year. Services revenue was $6.3 billion which was up 6% quarter over quarter and up 24% year over year. Other Products revenue was $2.3 billion which was up 7% quarter over quarter and down 22% year over year.
Chipotle Mexican Grill, Inc. (NYSE:CMG) reported adjusted EPS of $0.56 which missed estimates by $1.03. GAAP EPS was $0.27. Revenue was $1.04 billion which was down 14.8% which missed estimates by $50 million. Comparable sales were down 21.9%. Comparable transactions were down 15%. Restaurant-level operating margins fell from 28.3% to 14.1%.
Akamai Technologies, Inc. (NASDAQ:AKAM) reported Q3 EPS of $0.68 which beat estimates by $0.07. Revenues of $584 million were up 6% year over year which beat estimates by $12.13 million. Performance and Security Solutions revenues were $345 million which was up 19%. Cloud Security Solutions revenue was $95 million which was an increase of 46% year over year. Media Delivery Solutions revenues were $188 million which was down 14% year over year. Services and Support Solutions revenues were $51 million and was up 17%.