New Apple High Amid the Dips — Tuesday’s IP Market Recap

by Kyle Woodley | March 27, 2012 5:09 pm

[1]After Monday’s bumper day (which might or might not have been sparked by Ben Bernanke’s “news”[2]), Tuesday trading saw the markets list slightly lower.

And of course, Apple (NASDAQ:AAPL[3]) hit a new high.

Shares of AAPL gained more than 1% to set a new all-time high at $614.48 as good news from China continues to build. The company keeps making headway toward getting its latest iPad approved for official sale in the China, and CEO Tim Cook now says Apple plans to invest more in the company’s second-largest market[4], according to Bloomberg.

China accounted for $13 billion in sales for the Cupertino, Calif.-based company last year, with its iPhones helping to line the pockets of China Unicom (NYSE:CHU[5]) and the China Telecom (NYSE:CHA[6]), the latter recently becoming an official iPhone carrier.

Otherwise, a number of sectors trended downward Tuesday. A number of energy and services firms recorded losses, including Kodiak Oil (NYSE:KOG[7], -3.8%), Schlumberger (NYSE:SLB[8], -3.4%), Transocean (NYSE:RIG[9], -3.3%) and BP (NYSE:BP[10], -2.9%). Several miners also were in decline, such as NovaGold Resources (AMEX:NG[11], -3.8%), Kinross Gold (NYSE:KGC[12], -3%) and Agnico-Eagle Mines (NYSE:AEM[13], -2.7%).

Lions Gate Entertainment (NYSE:LGF[14]), the studio behind the film adaptation of the hit novel The Hunger Games, retreated more than 6% on Tuesday, but LGF remains near all-time highs, with analyst price targets still well higher[15]. The Hunger Games earned more than $150 million in its opening weekend, best for third all-time, and the series is spawning a new Mattel (NASDAQ:MAT[16]) Barbie doll[17] modeled off the protagonist, Katniss Everdeen.

Three Up

• Dangdang (NYSE:DANG[18]): Up 9.5% (71 cents) to $8.17.
• Molycorp (NYSE:MCP[19]): Up 8.3% ($2.45) to $32.16.
• Groupon (NASDAQ:GRPN[20]): Up 5.2% (90 cents) to $18.28.

Three Down

• Apollo Group (NASDAQ:APOL[21]): Down 8.5% ($3.66) to $39.54.
• McMoran Exploration (NYSE:MMR[22]): Down 7.5% (91 cents) to $11.23.
• Bank of America (NYSE:BAC[23]): Down 3.3% (33 cents) to $9.60.

Kyle Woodley[24] is the assistant editor of InvestorPlace.com[25]. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here[26].

Source URL: https://investorplace.com/2012/03/new-apple-high-amid-the-dips-market-recap/

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