Apple Stock Cracked Again: Wednesday’s IP Market Recap

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

IPMarketRecap Apple Stock Cracked Again: Wednesday's IP Market RecapThis 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

Three Down

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

Endnotes:
  1. AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
  2. were downgraded Wednesday: http://investorplace.com/2013/09/3-analysts-downgrade-apple-aapl-after-iphone-5-reveal/
  3. NOK: http://studio-5.financialcontent.com/investplace/quote?Symbol=NOK
  4. NFLX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NFLX
  5. more than 200% gains year-to-date.: http://investorplace.com/2013/09/should-i-buy-netflix-stock-3-pros-3-cons-2/
  6. FB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FB
  7. IBM: http://studio-5.financialcontent.com/investplace/quote?Symbol=IBM
  8. SNX: http://studio-5.financialcontent.com/investplace/quote?Symbol=SNX
  9. NKE: http://studio-5.financialcontent.com/investplace/quote?Symbol=NKE
  10. V: http://studio-5.financialcontent.com/investplace/quote?Symbol=V
  11. GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
  12. VZ: http://studio-5.financialcontent.com/investplace/quote?Symbol=VZ
  13. VOD: http://studio-5.financialcontent.com/investplace/quote?Symbol=VOD
  14. HNR: http://studio-5.financialcontent.com/investplace/quote?Symbol=HNR
  15. LINE: http://studio-5.financialcontent.com/investplace/quote?Symbol=LINE
  16. FIO: http://studio-5.financialcontent.com/investplace/quote?Symbol=FIO
  17. RH: http://studio-5.financialcontent.com/investplace/quote?Symbol=RH
  18. MGAM: http://studio-5.financialcontent.com/investplace/quote?Symbol=MGAM
  19. CRUS: http://studio-5.financialcontent.com/investplace/quote?Symbol=CRUS

Source URL: http://investorplace.com/2013/09/wednesday-market-recap-apple-stock-nok-fb-nke-vz/
Short URL: http://invstplc.com/1fplkq5