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Wall Street dived deeper into the red on Wednesday as investors’ focus shifted to the Apple event.
By the close the Dow Jones had dropped 239 points to 16254. The S&P 500 fell 1.4% to 1942 while the NASDAQ gave up 1.2% to 4757.
Apple (NASDAQ:AAPL) fell in afternoon trades even as the world’s largest technology company unveiled its new iPhone with a faster processor and new touch capabilities.
Shares fell 1.9% to $110.15 by the close.
Wall Street round-up
Macy’s (NYSE:M) stock too reversed earlier gains falling 0.3% to $58.93. The retailer revealed it was tightening its belt with the closure of up to 40 stores.
Bookselling retailer Barnes & Noble (NYSE:BKS) slumped around 28% after reporting a fifth successive quarterly fall in sales.
It comes amid continued pressure from online rival Amazon. Sales of Barnes & Noble’s Nook e-reader dropped 22% to US$54mln while the overall retail division saw a 1.7% decline in first quarter sales to US$939mln.
Elsewhere Amazon (NASDAQ:AMZN) revealed plans to roll-out its Kindle Scout publishing platform to more markets around the world – to offer it in Europe Canada and Australia.
It is apparently a wipe-out for iconic surf-wear firm Quiksilver (NYSE:ZQK) in the United States where the company has now filed for Chapter 11 bankruptcy protection.
Quiksilver said the global investment lender Oaktree Capital Management will provide the company with the $175mln it needs to restructure "and fund its ongoing operations in the US and abroad".
Tetraphase Pharmaceuticals (NASDAQ:TTPH) collapsed following news that a phase 3 drug trial for a treatment of urinary tract infections had failed to achieve the primary endpoint. The stock which had been worth US$1.6bn based on Tuesday’s closing price of US$44.78 was down 78% changing hands just below US$10.
In the energy sector Cheniere Energy (NYSE:LNG) slumped nearly 3.6% in late dealing on Wednesday after the liquified natural gas group was targeted by short sellers.
Meanwhile ( NYSE:ECA) moved higher on Wednesday after the oil and gas major told investors it was achieving high-margin production growth across its strategic assets.
Production from the assets averaged 257000 barrels oil equivalent per day during July and August versus 223000 boepd in the second quarter said.
Krispy Kreme (NYSE:KKD) which is due to release earnings after today’s close had dipped about 0.7% lower by mid-morning trading at US$17.71.
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