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NEW YORK (CNNMoney)
Apple (AAPL, Fortune 500) shares fell nearly 11% after the company said sales in the current quarter would come in below analysts' expectations, even though earnings in the most recent quarter rose to a record $13.1 billion.
The stock has lost more than a quarter of its value in the past four months amid worries demand for the iPhone may be waning as lower-cost smartphones gain market share.
Apple was the main drag on the Nasdaq, which fell 0.3%. But the broader market indexes were modestly higher. The S&P 500 gained 0.3%, briefly rising above 1,500 for the first time since late 2007. The Dow Jones industrial average gained 0.5%.
"Apple is certainly weighing on the Nasdaq," said Ryan Larson, a senior equity trader at RBC Global Asset Management. "But investors are more focused on earnings now that the House has extended the debt ceiling to mid-May."
House lawmakers on Wednesday passed the "No Budget, No Pay Act," defusing the debt ceiling threat for a few months. The bill allows the Treasury Department borrow new money until mid-May, while also requiring Congress to pass a budget resolution or have their pay withheld until they do.
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Before the market opened, 3M (MMM, Fortune 500) said profits rose 4.4% in the fourth quarter, driven by record sales. The company, which makes everything from tape to touchscreen displays, reaffirmed its outlook for earnings this year.
Shares of Nokia (NOK) slumped after the company said its board will propose that no dividend payments be made for 2012. The Finish phone maker reported fourth-quarter earnings were unchanged from last year at 6 cents per share.
Xerox (XRX, Fortune 500) shares rose after the company reported results that were in line with expectations.
Netflix (NFLX) shares surged nearly 40% after the online-video-rental company surprised investors by reporting a fourth-quarter profit late Wednesday.
Still to come, Microsoft (MSFT, Fortune 500), AT&T (JZJ) and Starbucks (SBUX, Fortune 500) report after the bell.
Overall, S&P 500 companies are expected to report earnings growth of 4.3% for the last three months of 2012, according to S&P Capital IQ. Of the 112 companies that have reported so far, 75 have beat analysts' expectations.
U.S. stocks finished higher Wednesday, with the S&P 500 and the Dow hitting new 5-year highs.
In economic news, the government said first-time claims for unemployment benefits fell by 5,000 last week to 330,000. The Conference Board said its index of leading economic indicators rose 0.5% in December, raising hopes for a sustained rebound in U.S. economic growth.
The mood was gloomy in Davos, where business and political leaders gathered for the World Economic Forum. The International Monetary Fund lowered its outlook Wednesday for economic growth in the euro area, and urged U.S. policymakers to address long-term debt issues.
President Obama will nominate Mary Jo White, a former federal prosecutor in New York, to head the Securities and Exchange Commission, an administration official told CNN.
Related: Japan spurs talk of currency war
Asian stocks ended mixed after China's manufacturing sector showed more signs of improvement this month, with a preliminary reading of purchasing managers' sentiment rising to the highest level in two years.
Stocks in Hong Kong and Shanghai fell, but the Nikkei rallied 1.3%. Japan reported a trade deficit of ¥6.9 trillion for 2012, compared with ¥2.5 trillion in 2011. The nation has logged deficits for the past six months as imports have outpaced exports, but analysts said exports could ramp up in 2013 as Tokyo moves to boost the economy.
The yen plunged 1.5% versus the U.S. dollar, reversing gains from earlier this week.
European markets rose in afternoon trading. The FTSE 100 in London rose 0.7%, while shares in Paris and Frankfurt both gained about 0.2%.
In the commodities market, oil prices were higher, while gold prices slid. The yield on the 10-year Treasury note rose to 1.86% as prices fell.
First Published: January 24, 2013: 9:49 AM ET
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