Watch live: New York Gov. Andrew Cuomo holds a press briefing on Covid as cases climb

Apple To Cut App Store Fees For Smaller Developers To 15%

Tech giant Apple Inc. (AAPL) is cutting by half the fees the company charges from developers.

The iPhone maker will now charge a fee of 15%, down from 30%, from developers who generate as much as $1 million in a year from App Store. New developers also qualify. The change will go into effect January 1, 2021, as part of an App Store Small Business Program, Apple said Wednesday in a statement.

The $1 million figure is calculated on the basis of the developers’ post-commission earnings rather than the total revenue of their products.

“The savings mean small businesses and developers will have even more funds to invest in their businesses, expand their workforce, and develop new, innovative features for app users around the world,” the company said in a statement.

Apple’s decision to lower its developer fess follows widespread criticism by developers of the higher percentage of fees Apple charges.

Recently, CEO Tim Cook was also questioned by US lawmakers at a competition hearing regarding the rates his company charges.

Stock Alert: Vmware Shares Down 6% Despite Upbeat Earnings

Shares of VMware Inc. (VMW) are currently trading at $141.14, down $9.37 or 6.23%, with trading volume of 667K more versus an average volume of 1.13 million shares. The stock has been trading in the range of $86.00 – $172.34 for the past one year.

The company raised its financial forecast for fiscal 2021, while reporting upbeat profit for the third quarter.

FY21 Guidance

VMware increased its full-year fiscal 2021 total revenue guidance to $11.7 billion and raised GAAP earnings estimate to between $4.17 and $4.27 per share with non-GAAP earnings of $7.03 per share. Wall Street analysts estimate earnings of $6.66 per share on revenue of $11.62 billion for fiscal 2021.

Q3 Results

The company’s Q3 GAAP net income was $434 million or $1.02 per share compared to $407 million or $0.96 per share for the third quarter of fiscal 2020. Non-GAAP net income was $704 million or $1.66 per share, up 17% compared to $602 million or $1.42 per share last year.

Analysts polled by Thomson Reuters expected earnings of $1.43 per share for the quarter. Analysts’ estimate typically exclude certain special items.

Revenue for the third quarter was $2.86 billion, an increase of 8% from the third quarter of fiscal 2020. Subscription and SaaS revenue for the third quarter was $676 million, an increase of 44% year-over-year, representing 24% of total revenue.

Stock Alert: Autodesk Shares Hit 52-Week High

Shares of Autodesk Inc. (ADSK) reached a 52-week high of $282.46 today, and are currently trading at $277.02, up $18.05 or 6.97% in the regular trading session Wednesday.

The company reported Q3 GAAP net income of $132.2 million or $0.59 per share compared to $66.7 million or $0.30 per share last year. On a non-GAAP basis, net income rose to $231.5 million or $1.04 per share from $173.4 million or $0.78 per share in the prior year period.

Revenue for the quarter increased 13.0% to $952.4 million from $842.7 million generated a year ago.

On average, 17 analysts polled by Thomson Reuters expected earnings of $0.96 per share on revenue of $942.24 million for the quarter. Analysts’ estimate typically exclude certain special items.

For the fourth quarter, the company projects GAAP earnings in the range of $0.53 – $0.59 per share, and non-GAAP earnings of $1.04 – $1.10 per share on revenue of $999 million – $1.01 billion. Sixteen Wall Street analysts have a consensus earnings estimate of $1.06 per share on revenue of $1 billion for the quarter.

The company sees fiscal 2021 GAAP earnings in the range of $1.86 – $1.92 per share, and non-GAAP earnings of $3.91 – $3.97 per share on revenue of $3.750 billion – $3.765 billion. Analysts look for earnings of $3.83 per share and revenue of $3.75 billion for fiscal 2021.

Modest gain of 1.3% in October for manufactured goods

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WASHINGTON — Orders to U.S. factories for big-ticket manufactured goods showed a modest gain in October with a key category that tracks business investment also showing weakness.

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Orders for durable goods, items expected to last at least three years, edged up a slight 1.3% in October after a 2.1% gain in September, the Commerce Department said Thursday.

US ECONOMY GROWS AT RECORD 33.1%, ACCORDING TO SECOND ESTIMATE

A category that tracks business investment plans rose a slight 0.7% in October after a 1.9% gain in September.

Economists are concerned that U.S. factories are still facing significant headwinds including a sharp rise in recent weeks in coronavirus cases that could cause demand to suffer in coming months.

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Stock Alert: Fisker Climbs 18%

Shares of Fisker Inc. (FSR), a manufacturer of electric vehicles, are rising more than 18 percent or $2.90 in Wednesday’s morning trade at $18.87.

According to reports, Citi initiated coverage of the company with a “buy” rating and assigned a 12-month price target of $26 per share.

Fisker has traded in a range of $8.70 to $21.60 in the past 52 weeks.

Watch live: New York Gov. Andrew Cuomo holds a press briefing on Covid as cases climb

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New York Gov. Andrew Cuomo is holding a press briefing Wednesday as the state works to fight off an increase in Covid-19 cases.

On Monday, Cuomo announced that the state would reopen a temporary field hospital on Staten Island to help treat an influx of coronavirus patients. The 100-bed field hospital was one of many New York opened in the spring as it fought back a wave of Covid infections that overwhelmed its hospital system and killed roughly 800 people every day.

Earlier this month, the governor ordered restaurants and bars licensed by the State Liquor Authority to close at 10 p.m. He has also banned gatherings of more than 10 people in a private residence.

Read CNBC's live updates to see the latest news on the Covid-19 outbreak.

–CNBC's Noah Higgins-Dunn contributed to this report.