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Street Slumps, Apple Sours — Monday’s IP Market Recap

Morning news from Germany puts a damper on the markets

   
Street Slumps, Apple Sours — Monday’s IP Market Recap

IPMarketRecap Street Slumps, Apple Sours    Monday's IP Market RecapU.S. markets turned down on Monday as markets showed renewed concerns over the global economic climate.

With no positive economic news to speak of on either side of the Atlantic, stocks were impacted early by a report that showed Germany’s business climate index falling to its lowest level since February 2010. That was enough to get the day off on the wrong foot.

The Nasdaq and S&P 500 took the day’s biggest hits, losing 0.6% to end at 3,160 and 0.22% to finish at 1,456, respectively, while the Dow was lower by 0.15% at 13,558.

Claiming a big part of the day’s losses on the Nasdaq and S&P was Apple (NASDAQ:AAPL), which fell more than 1% despite news that it had sold more than 5 million iPhones over the weekend. The company was impacted by riots at a Foxconn facility that supplies parts for iPhones and iPad, which will cause production delays in both gadgets.

However, Google‘s (NASDAQ:GOOG) enthusiasm went undampened, as it reached an all-time intraday high of more than $750 per share before settling down just below that mark. Google shares are up more than 15% this year, powered by its continued domination in search and success of its Android operating system.

On the other side of the coin, Facebook (NASDAQ:FB) shares slumped just more than 10% after a weekend Barron’s story panned the stock.

Better-than-expected earnings results from homebuilder Lennar (NYSE:LEN) powered shares to early 4% gains before the stock — and the rest of the sector — up nearly 4% on the day in early trading before the stock reversed and eventually lost over 1.5% for the day. The entire housing sector was down on the day.

On-demand television provider TiVo (NASDAQ:TIVO) shares soared nearly 4% after the company reached a $250 million settlement with Verizon (NYSE:VZ) over a patent dispute regarding Verizon’s FiOS pay television service.

Luxury retailer Prada (PINK:PRDSF) bucked a trend set by Burberry (PINK:BURBY) last week by announcing earnings rose over a similar period last year — though the numbers didn’t beat analyst estimates — and provided Wall Street with optimistic financial forecasts. Prada shares finished up just more than 1%.

Tuesday’s earnings calendar includes Jabil Circuit (NYSE:JBL) and Carnival (NYSE:CCL).

Three Up

  • Rambus (NASDAQ:RMBS): Up 17.65% (87 cents) to $5.80.
  • Barnes & Noble (NYSE:BKS): Up 6.6% (79 cents) to $12.73.
  • Cooper Tire & Rubber (NYSE:CTB): Up 4.5% (89 cents) to $20.83.

Three Down

  • Nii Holdings (NASDAQ:NIHD): Down 5.8% (48 cents) to $7.86.
  • Vonage (NYSE:VG): Down 5.4% (13 cents) to $2.27.
  • Citrix (NASDAQ:CTXS): Down 5.2% ($4.19) to $77.

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he is long AAPL.


Article printed from InvestorPlace Media, http://investorplace.com/2012/09/apple-sours-and-markets-slump-mondays-ip-market-recap-aapl-goog-len-tivo-fb-vz/.

©2014 InvestorPlace Media, LLC

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