Apple Stock Cracked Again: Wednesday’s IP Market Recap

by Marc Bastow | September 11, 2013 4:55 pm

This time it’s a company manning the headlines and moving the markets, as Apple (AAPL[1]) stock fell more than 5% after its high-profile iPhone announcement on Tuesday failed to excite investors or brokerage houses.

AAPL shares were downgraded Wednesday[2] by JPMorgan, Credit Suisse, Bank of America and UBS, and the stock fell right from the opening bell. That helped weigh down the Nasdaq, which fell 0.11% to finish at 3725.01.

Balancing out some of the Apple pain was continued stability in Syria, where possible U.S. intervention is on hold pending talks between Russia and Syria and a delay in a Congressional vote on military action.

The Dow Jones Industrial Average rose for seventh straight day, climbing 0.89% to 15,326.60, and the S&P 500 also managed to counter Apple’s weight, rising 0.31% to end at 1689.13.

Nokia (NOK[3]) jumped nearly 5% after it was upgraded by both RBC Capital and Bank of America. Meanwhile, Netflix (NFLX[4]) — which touched all-time intraday highs earlier Wednesday, fell nearly 2% after being downgraded by BTIG. Nonetheless, NFLX still is sitting on more than 200% gains year-to-date.[5]

Facebook (FB[6]) rose over 3%, topping the $45 per share mark for the first time since its May 1, 2012 IPO date.

IBM (IBM[7]) rose more than 2% after announcing it would sell its customer-care outsourcing business to hardware reseller Synnex (SNX[8]), whose stock rocketed 21% higher on the news.

Nike (NKE[9]) edged up more than 1% to touch an all-time high as it sees continued buying after it was announced that it, Visa (V[10]) and Goldman Sachs (GS[11]) will join the Dow beginning Sept. 23.

Finally, Verizon (VZ[12]) finalized its record-breaking $49 billion bond sale, the proceeds of which will help finance the purchase of its 45% stake in Verizon Wireless from Vodafone (VOD[13]). VZ finished up fractionally.

Three Up

• Harvest Natural Resources (HNR[14]): Up 26.5% ($1.10) to $5.25.
• Linn Energy (LINE[15]): Up 12.8% ($3.16) to $27.90.
• Fusion-io (FIO[16]): Up 11.5% ($1.51) to $14.64.

Three Down

• Restoration Hardware (RH[17]): Up 11.9% ($9.02) to $67.04
• Multimedia Games (MGAM[18]): Down 7.3% ($2.84) to $36.14
• Cirrus Logic (CRUS[19]): Down 5.2% ($1.20) to $21.89

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

Source URL: https://investorplace.com/2013/09/wednesday-market-recap-apple-stock-nok-fb-nke-vz/

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