Apple Keeps Biting the Nasdaq — Tuesday’s IP Market Recap

by Marc Bastow | January 15, 2013 4:55 pm

Apple Keeps Biting the Nasdaq — Tuesday’s IP Market Recap

IPMarketRecap Apple Keeps Biting the Nasdaq    Tuesdays IP Market Recap [1]Continued weakness in Apple (NASDAQ:AAPL[2]) weighed heavily on the markets Tuesday, though better-than-expected news[3] on the retail front was able to keep two of the three major indices in the black for the day.

The Dow Jones Industrial Average edged 0.2% higher to 13,534.89, and the S&P 500 finished up 0.11% to 1,472.34. But the AAPL-laden Nasdaq declined 0.22% to end at 3,110.78.

Apple’s stock dropped below $500 for the second time in as many days, and this time it stayed there — AAPL fell more than 3% to $485.31 on continued worries about slowing demand and margins for the iPhone 5, as well as lowered profit estimates by Nomura. Apple stock had not closed below $500 since February 2012.

Facebook (NASDAQ:FB[4]) made its major announcement: The debut of a social search feature named “Graph Search”[5] that allows users to search their own network of connections for people,┬áplaces, photos and interests they share with others on the site. FB investors yawned, however, knocking shares down 2%. However, Yelp (NYSE:YELP[6]) investors seemed convinced Graph Search could be trouble, bidding the business listings site down 7%.

Dell (NASDAQ:DELL[7]) extended Monday’s rally with another 7% gain as rumors continue to fly that the company is considering a buyout[8]. DELL is up 21% in the past two days.

Express (NYSE:EXPR[9]) stole the show in the retail sector with a 23% surge after announcing surprisingly good holiday sales and raising its Q4 and full-year earnings forecasts. Other retailers headed higher were Aeropostale (NYSE:ARO[10], +7.6%), American Eagle (NYSE:AEO[11], +4.8%), Gap (NYSE:GPS[12], +3.4%) and Macy’s (NYSE:M[13], +2.2%) on the day’s broader sector news[14].

However, athletic apparel stock Lululemon (NASDAQ:LULU[15]) didn’t share in the good news, dropping nearly 4% on Q4 revenue estimates[16] that were lower than Street expectations.

Notable earnings announcements for Wednesday include Goldman Sachs (NYSE:GS[17]), JPMorgan Chase (NYSE:JPM[18]) and Intel (NASDAQ:INTC[19]).

Three Up

Three Down

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

Endnotes:
  1. [Image]: http://www.investorplace.com/hot-topics/investorplace-market-recap/
  2. AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
  3. better-than-expected news: http://investorplace.com/2013/01/retail-sales-surprisingly-strong-in-december/
  4. FB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FB
  5. social search feature named “Graph Search”: http://investorplace.com/ipo-playbook/facebook-gets-into-search-with-graph-search/
  6. YELP: http://studio-5.financialcontent.com/investplace/quote?Symbol=YELP
  7. DELL: http://studio-5.financialcontent.com/investplace/quote?Symbol=DELL
  8. considering a buyout: http://investorplace.com/2013/01/a-private-dell-should-boot-michael-dell/
  9. EXPR: http://studio-5.financialcontent.com/investplace/quote?Symbol=EXPR
  10. ARO: http://studio-5.financialcontent.com/investplace/quote?Symbol=ARO
  11. AEO: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEO
  12. GPS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GPS
  13. M: http://studio-5.financialcontent.com/investplace/quote?Symbol=M
  14. broader sector news: http://investorplace.com/2013/01/retail-sales-surprisingly-strong-in-december/
  15. LULU: http://studio-5.financialcontent.com/investplace/quote?Symbol=LULU
  16. Q4 revenue estimates: http://investorplace.com/2013/01/lululemon-shares-fall-on-q4-guidance/
  17. GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
  18. JPM: http://studio-5.financialcontent.com/investplace/quote?Symbol=JPM
  19. INTC: http://studio-5.financialcontent.com/investplace/quote?Symbol=INTC
  20. DECK: http://studio-5.financialcontent.com/investplace/quote?Symbol=DECK
  21. KWK: http://studio-5.financialcontent.com/investplace/quote?Symbol=KWK
  22. ARNA: http://studio-5.financialcontent.com/investplace/quote?Symbol=ARNA
  23. LEAP: http://studio-5.financialcontent.com/investplace/quote?Symbol=LEAP
  24. SAP: http://studio-5.financialcontent.com/investplace/quote?Symbol=SAP
  25. RSH: http://studio-5.financialcontent.com/investplace/quote?Symbol=RSH

Source URL: http://investorplace.com/2013/01/apple-still-dropping-tuesdays-ip-market-recap-aapl-dell-crus-intc-deck-expr/
Short URL: http://invstplc.com/1nCQlLH