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Mid-Afternoon Market Update: Apple Releases Two New iPhones, SolarCity Rallies on New Contract

By: Benzinga
Posted: 9/10/2013 3:46:00 PM
Referenced Stocks: AAPL;ALJ;NBIX;TUES;URBN

Toward the end of trading Tuesday, the Dow traded up 0.80 percent to 15,184.85 while the NASDAQ surged 0.54 percent to 3,726.68. The S&P also rose, gaining 0.69 percent to 1,683.09.

Top Headline Apple (NASDAQ: AAPL ) finally broke the silence and released a series of much awaited products this afternoon.

Among them was a lower priced plastic iPhone 5c, and a more advanced and feature rich iPhone 5s. The 5s included the expected feature of fingerprint identification, while sporting a blazingly fast 64 bit processor.

Following the release, shares traded in a choppy range until falling below the $500 dollar level, currently resting at $495.99, down 2.02 percent. Equities Trading UP Five Below (NASDAQ: FIVE ) shot up 17.36 percent to $48.16 after the company reported upbeat fiscal second-quarter results. Shares of Tuesday Morning (NASDAQ: TUES ) got a boost, shooting up 9.76 percent to $13.95 after the company appointed Jeffrey Boyer as chief administrative officer and chief financial officer. SolarCity (NASDAQ: SCTY ) was up as well, gaining 19.74 percent to $35.76 after the company announced a deal with direct energy this morning. Equities Trading DOWN Shares of Neurocrine Biosciences (NASDAQ: NBIX ) were down 29.22 percent to $11.82 after the company reported Phase IIb results Of VMAT2 Inhibitor NBI-98854 for treatment of tardive dyskinesia. Alon USA Energy (NYSE: ALJ ) was up as well, gaining 6.67 percent to $11.26 after the company announced an offering of $130 million in senior notes this morning. Urban Outfitters (NASDAQ: URBN ) was down, falling 9.15 percent to $38.78. William Blair cut its Q3 earnings view for Urban Outfitters to 45c. Commodities In commodity news, oil traded down 1.95 percent to $107.38, while gold traded down 1.54 percent to $1,365.80. Silver traded down 2.91 percent Tuesday to $23.02, while copper fell 0.35 percent to $3.26.

Eurozone European shares were higher today. The Spanish Ibex Index surged 1.96 percent, while Italy's FTSE MIB Index rose 0.51 percent. Meanwhile, the German DAX gained 2.06 percent and the French CAC 40 climbed 1.89 percent while U.K. shares rose 0.82 percent.

Economics The Johnson Redbook Retail Sales Index rose 0.3% for the first week of September versus August. The NFIB Small Business Optimism Index fell to 94.00 in August, from a prior reading of 94.10. However, economists were expecting a reading of 95.00. The ICSC/Goldman Sachs Chain Stores Sales gained 1.5% in the week ended Saturday versus the previous week.

The Treasury is set to auction 3-year notes.

(c) 2013 Benzinga does not provide investment advice. All rights reserved.

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