There are winners and losers in the market battles.
In afternoon trading, shares were up over 5% to $200.03.
The company announced earnings after the bell Tuesday, July 31. It blew the estimates out of the water, impressing Morgan Stanley analysts with the Services sector growth. Apple's services revenue grew 31% year over year, which beat expectations of 26%. The amount of subscribers to Apple's services revenue climbed over 300 million, a 60% increase year over year.
Shares of Caesars Entertainment (CZR) were halted temporarily Wednesday afternoon as investors flee from casino stocks following disappointing revenue growth numbers out of the Macau gaming region in China.
Caesars was down more than 20% at one point, but have since pared losses and is down 15%.
Macau's Gaming Inspection Coordination Bureau reported that gross revenue from gambling rose 10.3% year over year in July to 25.33 billion patacas, or about $3.13 billion. However, analysts polled by Bloomberg were expecting revenue growth north of 11% for the month of July.
Meanwhile, Stifel analyst Steven Wiecynzski said Macau's July results were "right down the middle" of consensus expectations. But he also said he only expected to see shares modestly lower following the results.
MGM Resorts International (MGM) , another Vegas casino company with exposure in Macau, is down 6.7% Wednesday afternoon, while Las Vegas Sands Corp. LVS is down 3.4%, and Wynn CZR is down 4%.
Ferrari N.V. (RACE) is down over 10% after Louis Camilleri, the new CEO, said that he believes that Sergio Marchionne, the former CEO of Fiat-Chrysler, had "aspirational" business plans.
To end on a positive note, Sodastream skyrocketed 20% after it beat earnings expectations. The company posted earnings of $1.14 a share, which is up from FactSet's EPS estimate of 73 cents a share.