Tariff Refunds Bolster US Firms' Earnings, Apple's Stock Takes Hit

US firms including Apple, Nike, and GM have benefited from major tariff refunds. Apple received nearly $2.2 billion in refunds, adding 11 cents per share to its quarterly earnings, which accounted for about 5% of the quarter's total profit.

The company's stock has been impacted by a downgrade from Jefferies, but Gene Munster remains bullish on future iPhone upgrades. Apple has opened an Advanced Manufacturing Center in Houston, a 20,000-square-foot facility that will begin producing Mac mini units later this year.

Other large-cap companies have also benefited from the refunds: Nike reported $986 million, FedEx received $800 million, Amazon.com logged $640 million, and General Motors Co secured $500 million.