Stocks Mixed in Mid-Day Trading
U.S. stocks were mixed by midday trade on Monday as tech stocks fell sharply with Apple Inc. (NASDAQ: AAPL) slumping about 3 percent following a news report that the company cut component orders for iPhone due weaker than expected demand.
At last check, the Dow Jones Industrial Average Index inched up 0.08%; the NASDAQ Composite Index fell 0.40% while S&P 500 Index lost 0.18%.
Shares of Apple fell sharply on Monday following a news report which said that demand of iPhone5 was weaker-than-expected; however, several Wall Street analyst, played it down, saying that “news report” seems to be from last month when Apple notified its suppliers to slash production. Meanwhile, Peter Misek, an analyst at Jefferies also defended Apple saying that news does not seem to be a new one, adding that iPhone5 sales were satisfactory although it did not meet up with expectations.
hhgregg Inc. (NYSE: HGG) slumped after the appliances and electronic goods retailer reported weaker than expected preliminary fiscal third-quarter results and warned that same-stores-sales could plunge 10%.
United Parcel Service (NYSE: UPS) edged higher after the company said that it has dropped its plans to acquire Dutch parcel -delivery company TNT.
Elsewhere in Europe, equities ended mainly lower with Pan European Stoxx 600 ending down 0.37%, and FTSE 100 losing 0.22%. Germany’s DAX gained 0.18% for the day.
In some other markets, crude oil futures slipped 0.21% to $93.36 a barrel while U.S. gold futures for February delivery gained 0.34% to $1,666.30 an ounce.
In Asia, equities ended higher on Monday with China’s benchmark index, SSE leaping 3.01% on Monday after country’s regulator said that foreign investors will be soon provided greater access to Chinese equity markets.
No major economic data is set for a release on Monday but Federal Reserve Chairman, Ben Bernanke is scheduled to deliver a speech at the University of Michigan at 4:00 p.m. EST.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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