Apple Falls Flat: Tuesday’s IP Market Recap

by Marc Bastow | September 10, 2013 4:57 pm

Apple Falls Flat: Tuesday’s IP Market Recap

IPMarketRecap Apple Falls Flat: Tuesdays IP Market Recap Markets survived what turned out to be a big yawn in Cupertino, Calif., on Tuesday, and instead focused on continued good news from China and the possibility of a military-free resolution to the Syrian crises.

Chinese industrial output rose a solid 10.4% in August, and Russian overtures to force Syria to surrender its chemical weapons defused concerns over U.S. military strikes, paving the way for the rally. The end result was a sixth straight day of gains across all three major indices.

Leading the way was the Dow Jones Industrial Average which registered its second straight day of triple-digit gains, rising 0.85% to 15,191.06. The Dow also announced a retooling — as of Sept. 23, Visa (V[1]), Goldman Sachs (GS[2]) and Nike (NKE[3]) will join the index, replacing Alcoa (AA[4]), Bank of America (BAC[5]),  and Hewlett-Packard (HPQ[6]). All three new entrants got a bump on the day, with GS and V ahead over 3%, and NKE up over 2%.

Meanwhile, the S&P 500 advanced for a sixth straight day, closing higher by 0.73% at 1683.99, and the the Nasdaq ended higher by 0.62% to close at 3729.02.

Apple’s (AAPL[7]) much-awaited unveiling of its iPhone 5S and 5C[8], and its newest iOS — 7 — was met with broad disappointment on the stock side, with AAPL down nearly 3%.

Netflix (NFLX[9]) soared more than 6% to vault the $300 mark and finish at a record high after RBC Capital raised its target price on the stock to $330 per share with an “outperform” rating. The company also announced its content is now available on Virgin Media’s (VMED[10]) United Kingdom cable system.

Microsoft (MSFT[11]) shares headed 2% higher as speculation on a replacement for outgoing CEO Steve Ballmer centers on Ford’s (F[12]) Alan Mulally and Computer Sciences (CSC[13]) Mike Lawrie — both noted turnaround specialists.

Retailer JCPenney (JCP[14]) lost over 2% after coffee-press maker Bodum Group announced it would sue[15] JCP for allegedly reneging on a contract to offer Bodum’s products as part of its now-defunct “store-within-a-store” concept.

Joining JCP in retail losses was Urban Outfitters (URBN[16]), which fell more than 10% after announcing that same-store sales would come in shy of analyst expectations. Meanwhile, Janney Montgomery dropped its target price on URBN shares from $52 to $46 per share.

Three Up

Three Down

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

Endnotes:
  1. V: http://studio-5.financialcontent.com/investplace/quote?Symbol=V
  2. GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
  3. NKE: http://studio-5.financialcontent.com/investplace/quote?Symbol=NKE
  4. AA: http://studio-5.financialcontent.com/investplace/quote?Symbol=AA
  5. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
  6. HPQ: http://studio-5.financialcontent.com/investplace/quote?Symbol=HPQ
  7. AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
  8. unveiling of its iPhone 5S and 5C: http://investorplace.com/2013/09/apples-iphone-event-iphone-5s-and-iphone-5c-unveiled/
  9. NFLX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NFLX
  10. VMED: http://studio-5.financialcontent.com/investplace/quote?Symbol=VMED
  11. MSFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=MSFT
  12. F: http://studio-5.financialcontent.com/investplace/quote?Symbol=F
  13. CSC: http://studio-5.financialcontent.com/investplace/quote?Symbol=CSC
  14. JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
  15. would sue: http://investorplace.com/2013/09/coffee-press-maker-sues-jcpenney-over-shop-in-shop-fail/
  16. URBN: http://studio-5.financialcontent.com/investplace/quote?Symbol=URBN
  17. SCTY: http://studio-5.financialcontent.com/investplace/quote?Symbol=SCTY
  18. TUES: http://studio-5.financialcontent.com/investplace/quote?Symbol=TUES
  19. SHLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=SHLD
  20. Read more: http://investorplace.com/2013/09/should-i-buy-shares-in-sears-3-pros-3-cons/
  21. MYGN: http://studio-5.financialcontent.com/investplace/quote?Symbol=MYGN
  22. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  23. BBRY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBRY

Source URL: http://investorplace.com/2013/09/tuesday-market-recap-apple-falls-flat/
Short URL: http://invstplc.com/1fv0dm8