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Apple has huge quarter from holiday iPhone sales

Apple had another blowout quarter thanks to its new plus-sized iPhones, which helped the company smash sales records for the holiday season.

Apple said yesterday that it sold 74.5 million iPhones during the three months that ended Dec. 31, beating analysts' expectations for the latest models of Apple's most popular gadget, introduced in September.

The surge in iPhone sales drove the company's total revenue to $74.6 billion, up 30 percent from a year earlier. CEO Tim Cook said on a call with analysts that demand for the phones was "staggering," and noted that results would have been even higher if not for the impact of the strong dollar on overseas sales.

Stocks slide on disappointing outlooks

U.S. stocks closed lower yesterday after disappointing outlooks from Caterpillar and Microsoft raised worries about future profit growth at companies.

The Dow Jones industrial average dropped 291.49 points, or 1.7 percent, to close at 17,387.21 yesterday. The blue-chip average dropped as much as 390 points earlier. The Standard & Poor's 500 index slid 27.54 points, or 1.3 percent, to 2,029.55 The Nasdaq composite tumbled 90.26 points, or 1.9 percent, to 4,681.50.

Microsoft shares slid 9 percent, the biggest fall among S&P 500 stocks. The company noted in its quarterly results that licensing revenue for Windows fell, and it warned that a strong dollar will dent revenue.

Caterpillar's stock fell 7 percent after the heavy equipment maker was hurt in the fourth quarter by restructuring costs, and issued a weak outlook.

Obama floats Atlantic drilling lease plan

The Obama administration floated a plan yesterday that for the first time would open up a broad swath of the Atlantic Coast to drilling, even as it moved to restrict drilling indefinitely in environmentally sensitive areas off Alaska.

The proposal envisions auctioning areas located more than 50 miles off Virginia, North and South Carolina, and Georgia to oil companies no earlier than 2021, long after President Obama leaves office. For decades, oil companies have been barred from drilling in the Atlantic Ocean, where a moratorium was in place up until 2008.

Today

• Federal Reserve policymakers meet to set interest rates and release statements.

TOMORROW

• Labor Department releases weekly jobless claims.
• Freddie Mac, the mortgage company, releases weekly mortgage rates.
• National Association of Realtors releases pending home sales index for December.
• Lockton, the world's largest privately held insurance broker, has promoted Chip Manozzi to executive vice president and leader of its Boston office. Manozzi has worked in risk management and commercial insurance for more than 30 years.

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