Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Apple's plunge hits Nasdaq, but Dow ends higher  Join our daily free Newsletter

MENAFN - AFP - 24/01/2013

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) Apple's shares plunged more than 12 percent Thursday after its earnings disappointment, but the Dow held up in positive territory with help from a Boeing rebound.

Netflix meanwhile soared 42.2 percent in heavy trade after showing strong growth in subscribers, driving income to 945 million in the fourth quarter.

The Dow Jones Industrial Average gained 46.00 points (0.33 percent)at 13,825.33.

The broad-based S&P 500 ended flat, adding just 0.01 (0.00 percent) at 1,494.82.

The tech-heavy Nasdaq Composite fell 23.29 (0.74 percent) to 3,130.38.

The mixed finish followed disappointing revenues and guidance from Apple after the markets closed Wednesday.

Shareholders of Apple, the biggest US company by market capitalization, punished the stock. Apple shares dropped 12.4 percent to 450.50.

The Apple cloud muted the impact of numerous upbeat global economic reports including stronger-than-anticipated reads on Chinese manufacturing output and eurozone business activity, Charles Schwab & Co said in a research note.

The positive news continued in the United States, where weekly US jobless claims fell for a second straight week.

Outside technology, "nearly all other sectors gained ground thanks to better-than-expected profit tallies and encouraging economic data," Well Fargo Advisors analysts said.

Dow member 3M reported in-line profits; shares were up 0.2 percent.

Cisco Systems was the strongest Dow gainer, up 1.9 percent.

Defense contractor Lockheed Martin's shares slid 2.9 percent after it reported earnings that fell short of analyst expectations.

Lockheed projected that 2013 profits would come in above the 2012 levels, but it also acknowledged it faces the "uncertainty" of possible defense cuts in Washington.

US airline United Continental rose 2.2 percent after reporting revenues that bested expectations despite an overall loss for 2012.

Biotechnology giant Amgen offered an improved 2013 outlook but shares fell 0.5 percent following lower 2012 profits.

Bond prices fell. The yield on the 10-year US Treasury rose to 1.84 percent from 1.83 percent late Wednesday, while the 30-year yield increased to 3.04 percent from 3.03 percent. Bond prices and yields move inversely.


 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help