The daily business briefing: April 27, 2016

1. Apple reports first-ever quarterly drop in iPhone sales

Apple on Tuesday announced its first-ever quarterly decline in iPhone sales, as well as its first decline in revenue in more than a decade. Apple sold 51.2 million iPhones, narrowly beating analysts' expectations, but far below the 61.2 million iPhones Apple sold in the same quarter last year. Analysts blamed the decline on the saturation of the market for smartphones. The company's shares dropped by about 8 percent on the news, falling below $100 per share for the first time since February.

Reuters

2. Comcast reportedly discussing buying DreamWorks Animation for $3 billion

Comcast is in talks to acquire DreamWorks Animation for more than $3 billion, sources familiar with the matter told The Wall Street Journal. Comcast is the parent of Universal Pictures. If a deal is reached, it could lead to the merging of Universal and DreamWorks Animation. Universal's animation business, Illumination Entertainment, makes the Despicable Me movies. DreamWorks Animation produces the popular Kung Fu Panda and Shrek franchises. Comcast on Wednesday extended a streak of better-than-expected quarterly financial reports.

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The Wall Street Journal Bloomberg

3. Oil hits 2016 high as investors await Fed statement on interest rates

Global markets were mixed early Wednesday, as oil hit a 2016 high due to falling output and a weaker dollar as investors awaited a statement by Federal Reserve policy makers after their two-day meeting. The Fed is expected to announce Wednesday that it is leaving interest rates unchanged, but possibly signal that it expects to be able to resume nudging rates higher later this year. The Fed lifted its near-zero benchmark rate in December for the first time in a decade, but has held rates firm since then over concerns of a global economic slowdown.

Reuters

4. Chipotle reports second quarterly sales drop since food-safety crisis

Chipotle Mexican Grill posted quarterly sales on Tuesday that fell short of analysts' estimates as it continued to deal with the fallout from several high-profile food-safety cases. Revenue fell 23 percent to $834.5 million, nearly $30 million less than analysts had forecast. Same-store sales took their second straight quarterly plunge since an E. coli outbreak linked to one of its outlets in November, falling by 29.7 percent, slightly more than projected. The company's shares fell 2.2 percent.

Bloomberg

5. Prince's sister tells court he left no will

Tyka Nelson, one of Prince's sisters, filed court documents on Tuesday saying the music superstar left no will when he died last week at age 57. Nelson listed six siblings or half-siblings as heirs to Prince's fortune, which is estimated at around $300 million. Nelson asked the court to appoint a special administrator to handle Prince's remaining assets. The cause of death is still under investigation. An autopsy has been performed but it could be "several weeks" before the results, a Midwest Medical Examiner's office spokesman said.

E! Online Star Tribune