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Stock Futures Drop as Apple Posts First Sales Decline in 13 Years

Stock futures were lower on Wednesday morning after the world's largest company, Apple (AAPL) , posted disappointing sales for its recent quarter.

S&P 500 futures were down 0.23%, Dow Jones Industrial Average futures fell 0.18%, and Nasdaq futures slid 1.1%.

Apple tumbled more than 8% before the bell Wednesday after reporting its first year-on-year sales decline in 13 years. The tech giant reported a 13% decline in revenue in its second quarter to $50.5 billion, below estimates of $52 million, as iPhone sales fell to 51.2 million. Apple forecast current-quarter revenue no higher than $43 billion, below consensus of $47.4 billion.

"While we continue to view Apple through a long-term lens, we acknowledge that the undercurrents of event-driven trading are likely to prevail in the interim," wrote Jim Cramer and Jack Mohr of the Action Alerts PLUS portfolio, which owns Apple.

Twitter (TWTR - Get Report) also was sharply lower in premarket trading after quarterly...


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