U.S. shares wavered as Apple Inc. plunged to the lowest intraday price in a month and the U.S. administration postponed a decision on a military strike against Syria. The Dow Jones Industrial Average (INDEXDJX:.DJI) advanced 0.5 percent while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) lost 0.3 percent at 12:05 p.m. in New York. Most followed shares also included Blackberry, Texas Instruments, General Motors, Marriott International, Verizon Communications and Restoration Hardware.
In technology stocks, Apple Inc. (NASDAQ:AAPL), the world's largest technology company, declined 5.7 percent to $464.81, the lowest intraday price since Aug. 12, after the price of its new lower-cost iPhone disappointed analysts. The Cupertino, California-based company failed to get a new-product bounce despite having released two much anticipated devices — a lower priced iPhone 5C and the iPhone 5S, which boasts a fingerprint sensor. Apple was cut to "neutral" from "buy" at Bank of America Corp.'s Merrill Lynch, which said the lower-cost iPhone cost too much to increase sales in emerging markets. Credit Suisse also downgraded Apple to "neutral" from "outperform" with a $525 price target. UBS also downgraded Apple to "neutral" from "buy". Piper Jaffray Cos. lowered its 12-month price target on Apple’s shares to $640 from $655. The iPhones will go on sale on Sept. 20, and preorders for the iPhone 5C will be taken starting on Sept. 13. The 5C will cost $99 for a 16-gigabyte model, and a 32GB device will cost $199.
Blackberry Ltd. (NASDAQ:BBRY), a Canada-based smartphone maker, lost 1.9 percent to $10.74 after the Wall Street Journal reported the company cut several dozen U.S. sales jobs.
Texas Instruments Inc. (NASDAQ:TXN), the third largest U.S. chipmaker, fluctuated between gains and losses after narrowing its fiscal third-quarter sales and profit forecasts that matched analysts’ expectations. Revenue for the three months through Sept. 30 will be $3.15 billion to $3.29 billion, the semiconductor company said in a statement yesterday. In July, the company projected sales of $3.09 billion to $3.35 billion. Analysts on average predicted sales of $3.23 billion, according to Bloomberg. The stock rallied 30 percent this year before today.
In consumer discretionary shares, General Motors Co. (NYSE:GM) fell 1.8 percent to $36.35 after Canada cut its stake in the Detroit, Michigan-based company by 21 percent, part of a longer-term plan to end the temporary investment it made when it helped bail out the largest U.S. automaker. The Canadian and Ontario governments agreed to sell 30 million General Motors Co. (NYSE:GM) shares worth about $1.1 billion to Bank of America Corp. (NYSE:BAC) Merrill Lynch and Royal Bank of Canada (TSE:RY) in a block trade, according to a statement yesterday.
Marriott International Inc. (NYSE:MAR), the largest publicly traded U.S. hotel chain, rose 2.8 percent to $42.79. Wang Jianlin, China’s richest man and the owner of the country’s biggest commercial land developer said he has hired two investment banks to buy hotel-management companies. The shares were upgraded to "buy" from "neutral" at UBS.
Best Buy Co. (NYSE:BBY), the world's largest consumer-electronics retailer, was swinging between gains and losses. Chief Executive Officer Hubert Joly sold $10.4 million in stock to cover the cost of his divorce, according to a regulatory filing. The Richfield, Minnesota-based company said despite the sale, Joly remains "heavily invested" in Best Buy.
Restoration Hardware Holdings Inc. (NYSE:RH), a home-goods retailer, tumbled 7.2 percent to $70.57 after swinging to a fiscal second-quarter loss amid higher expenses, stock-based compensation charges and other items that masked strong sales growth.
In communications shares, Verizon Communications Inc. (NYSE:VZ), the second-biggest U.S. telephone carrier, was seesawing as it is seeing strong demand from what will be a record corporate bond offering, with the final size due to be set today. The proceeds will be used to help finance Verizon's purchase of Vodafone's 45 percent stake in Verizon Wireless for $130 billion.
Walt Disney Co. (NYSE:DIS), the world's largest entertainment company, advanced 1.3 percent to $63.62 after indefinitely delaying the fifth film in the “Pirates” series. The movie was being produced by Jerry Bruckheimer, whose latest Disney film, “The Lone Ranger,” flopped with audiences this summer. Disney has said it may record a loss of as much as $190 million on “The Lone Ranger” this quarter. The Hollywood Reporter said that the studio delayed the new film because of script issues.
News Corp. (NASDAQ:NWSA), the publisher of the Wall Street Journal, gained 1.1 percent to $16.74. Southeastern Asset Management, the investment firm that joined Carl Icahn in opposing Dell Inc. (NASDAQ:DELL)’s buyout, acquired a 12 percent voting stake in News Corp., making it the largest shareholder after Chairman Rupert Murdoch.
In other stocks, Procter & Gamble Co. (NYSE:PG), the world's largest consumer-products maker, slid 0.2 percent to $77.80.- SunTrust downgraded the stock to "neutral" from "buy", saying the company has done well with its cost-cutting efforts, but still needs to show consistent top line growth. Reported by Proactive Investors 5 hours ago.
In technology stocks, Apple Inc. (NASDAQ:AAPL), the world's largest technology company, declined 5.7 percent to $464.81, the lowest intraday price since Aug. 12, after the price of its new lower-cost iPhone disappointed analysts. The Cupertino, California-based company failed to get a new-product bounce despite having released two much anticipated devices — a lower priced iPhone 5C and the iPhone 5S, which boasts a fingerprint sensor. Apple was cut to "neutral" from "buy" at Bank of America Corp.'s Merrill Lynch, which said the lower-cost iPhone cost too much to increase sales in emerging markets. Credit Suisse also downgraded Apple to "neutral" from "outperform" with a $525 price target. UBS also downgraded Apple to "neutral" from "buy". Piper Jaffray Cos. lowered its 12-month price target on Apple’s shares to $640 from $655. The iPhones will go on sale on Sept. 20, and preorders for the iPhone 5C will be taken starting on Sept. 13. The 5C will cost $99 for a 16-gigabyte model, and a 32GB device will cost $199.
Blackberry Ltd. (NASDAQ:BBRY), a Canada-based smartphone maker, lost 1.9 percent to $10.74 after the Wall Street Journal reported the company cut several dozen U.S. sales jobs.
Texas Instruments Inc. (NASDAQ:TXN), the third largest U.S. chipmaker, fluctuated between gains and losses after narrowing its fiscal third-quarter sales and profit forecasts that matched analysts’ expectations. Revenue for the three months through Sept. 30 will be $3.15 billion to $3.29 billion, the semiconductor company said in a statement yesterday. In July, the company projected sales of $3.09 billion to $3.35 billion. Analysts on average predicted sales of $3.23 billion, according to Bloomberg. The stock rallied 30 percent this year before today.
In consumer discretionary shares, General Motors Co. (NYSE:GM) fell 1.8 percent to $36.35 after Canada cut its stake in the Detroit, Michigan-based company by 21 percent, part of a longer-term plan to end the temporary investment it made when it helped bail out the largest U.S. automaker. The Canadian and Ontario governments agreed to sell 30 million General Motors Co. (NYSE:GM) shares worth about $1.1 billion to Bank of America Corp. (NYSE:BAC) Merrill Lynch and Royal Bank of Canada (TSE:RY) in a block trade, according to a statement yesterday.
Marriott International Inc. (NYSE:MAR), the largest publicly traded U.S. hotel chain, rose 2.8 percent to $42.79. Wang Jianlin, China’s richest man and the owner of the country’s biggest commercial land developer said he has hired two investment banks to buy hotel-management companies. The shares were upgraded to "buy" from "neutral" at UBS.
Best Buy Co. (NYSE:BBY), the world's largest consumer-electronics retailer, was swinging between gains and losses. Chief Executive Officer Hubert Joly sold $10.4 million in stock to cover the cost of his divorce, according to a regulatory filing. The Richfield, Minnesota-based company said despite the sale, Joly remains "heavily invested" in Best Buy.
Restoration Hardware Holdings Inc. (NYSE:RH), a home-goods retailer, tumbled 7.2 percent to $70.57 after swinging to a fiscal second-quarter loss amid higher expenses, stock-based compensation charges and other items that masked strong sales growth.
In communications shares, Verizon Communications Inc. (NYSE:VZ), the second-biggest U.S. telephone carrier, was seesawing as it is seeing strong demand from what will be a record corporate bond offering, with the final size due to be set today. The proceeds will be used to help finance Verizon's purchase of Vodafone's 45 percent stake in Verizon Wireless for $130 billion.
Walt Disney Co. (NYSE:DIS), the world's largest entertainment company, advanced 1.3 percent to $63.62 after indefinitely delaying the fifth film in the “Pirates” series. The movie was being produced by Jerry Bruckheimer, whose latest Disney film, “The Lone Ranger,” flopped with audiences this summer. Disney has said it may record a loss of as much as $190 million on “The Lone Ranger” this quarter. The Hollywood Reporter said that the studio delayed the new film because of script issues.
News Corp. (NASDAQ:NWSA), the publisher of the Wall Street Journal, gained 1.1 percent to $16.74. Southeastern Asset Management, the investment firm that joined Carl Icahn in opposing Dell Inc. (NASDAQ:DELL)’s buyout, acquired a 12 percent voting stake in News Corp., making it the largest shareholder after Chairman Rupert Murdoch.
In other stocks, Procter & Gamble Co. (NYSE:PG), the world's largest consumer-products maker, slid 0.2 percent to $77.80.- SunTrust downgraded the stock to "neutral" from "buy", saying the company has done well with its cost-cutting efforts, but still needs to show consistent top line growth. Reported by Proactive Investors 5 hours ago.