Market indices were mixed on Tuesday. The S&P 500 slowly
melted up throughout the day, trading roughly flat into the
The Dow Jones was once down 61 points, but also moved higher
during the session, trading into positive territory late in the
afternoon. The Nasdaq was in the red for most of the day, weighed
down by Apple (NASDAQ:
The Cupertino, California tech giant continued to trade lower
on Tuesday, breaking below $500. At one point, the stock was down
over three percent trading below $485. There was no fundamental
news to support the move lower, although Nomura lowered its price
target on the stock.
Continued speculation remains that iPhone sales could be
weaker than expected. The company will report earnings next
Shares of Dell continued to move strongly higher on Tuesday.
Bloomberg first reported that the company was in talks to go
private on Monday; that report was backed up on Tuesday by
Reuters who said that Silver Lake Partners was leading the
Facebook held a special event on Tuesday. The company unveiled
its latest product initiative, social search.
Facebook's search feature will allow users to look for things
like "Indian restaurants my friends like" and receive instant
answers. Facebook has also partnered with Microsoft (NASDAQ:
) on its search initiative: If users' queries cannot be answered
by searching their social network, it will be turned over to
Microsoft's Bing for a broader web query.
The announcement did little good for any stocks, including
Facebook itself, which dropped about 2 percent on the
) was also hit, dropping as much as 7 percent. Google (NASDAQ:
) saw a pop at the beginning of the Facebook event, but traded
back to near unchanged by the end of it.
Express rallied roughly 24 percent on Tuesday, after the
company raised its guidance Monday night. Express said it now
anticipates fourth quarter earnings of $0.72-0.74 per share, more
than the $0.62-0.68 the company had previously forecast
US Economic Data
U.S. retail sales came in better than expected, up 0.5 percent
on a monthly basis -- more than the 0.2 percent economists had
The producer price index was generally lower than expected.
The PPI on a monthly basis dropped 0.2 percent (the consensus
estimate was a drop of 0.1 percent). Core PPI increased 2 percent
on a yearly basis, slightly less than the 2.1 percent economists
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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