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Mid-Day Market Update: Dow Surges; Apple Shares Tumble More Than 5%

By: Benzinga
Posted: 9/11/2013 1:20:00 PM
Referenced Stocks: AAPL;PLCM;RH;SNX;TXN

Midway through trading Wednesday, the Dow traded up 0.57 percent to 15,277.76 while the NASDAQ declined 0.20 percent to 3,721.45. The S&P rose, gaining 0.09 percent to 1,685.55.

Top Headline Texas Instruments (NASDAQ: TXN ) narrowed its third-quarter forecast.

Texas Instruments expects Q3 earnings of $0.51 to $0.55 per share on revenue of $3.15 billion to $3.29 billion. Analysts were expecting earnings of $0.53 per share on sales of $3.23 billion. In July, the company had expected sales of $3.09 billion to $3.35 billion.

Equities Trading UP Xoom (NASDAQ: XOOM ) shot up 4.17 percent to $31.96 after the company priced its follow-on offering of 4,403,270 shares of its common stock at a price of $30.50 per share.

Shares of Polycom (NASDAQ: PLCM ) got a boost, shooting up 8.34 percent to $10.78 after the company announced the repurchase of $400 million of its common stock.

SYNNEX (NYSE: SNX ) was also up, gaining 20.53 percent to $57.82 after the company announced its plans to buy IBM's customer care unit for $505 million.

Equities Trading DOWN Shares of Restoration Hardware Holdings (NYSE: RH ) were down 7.46 percent to $70.39 on Q2 results.

Apple (NASDAQ: AAPL ) shares tumbled 5.78 percent to $466.05 as the company unveiled two new iPhones yesterday. Analysts at Bank of America downgraded the stock from Buy to Neutral.

SunEdison (NYSE: SUNE ) was down, falling 6.17 percent to $7.84. SunEdison announced the proposed public offering of 30 million shares of common stock.

Commodities In commodity news, oil traded up 0.40 percent to $107.82, while gold traded down 0.09 percent to $1,362.80.

Silver traded up 0.60 percent Wednesday to $23.16, while copper rose 0.15 percent to $3.27.

Eurozone European shares today. The Spanish Ibex Index surged 0.84 percent, while Italy's FTSE MIB Index rose 1.33 percent. Meanwhile, the German DAX gained 0.58 percent and the French CAC 40 climbed 0.06 percent while U.K. shares rose 0.07 percent.

Economics The MBA's index of mortgage application activity dropped 13.5% last week from the previous week.

US wholesale inventories increased 0.1% in July, while wholesale sales rose 0.1%.

Crude oil supplies declined by 200,000 barrels for the week ended September 6, the US Energy Information Administration reported. However, analysts were expecting a fall of 2 million barrels.

The Treasury is set to auction 10-year notes.

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

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