Mid-Morning Market Update: Markets Edge Lower; Apple Sells 9M New iPhones In First Weekend
Following the market opening Monday, the Dow traded down 0.15 percent to 15,428.67 while the NASDAQ declined 0.13 percent to 3,769.70. The S&P also fell, dropping 0.37 percent to 1,703.55.
Last September, Apple sold more than 5 million iPhone 5 models in the first three days after its launch. Apple also said that it estimates Q4 sales to be near the high end of its earlier projected range of $34 billion to $37 billion.
Shares of Apple (NASDAQ: AAPL ) got a boost, shooting up 5.35 percent to $492.40 after the company reported that it has sold nine million new iPhone 5s and iPhone 5c models in the first weekend.
Maxim Integrated Products (NASDAQ: MXIM ) was also up, gaining 2.02 percent to $30.28 after analysts at Goldman Sachs upgraded the stock from Neutral to Conviction Buy.
Equities Trading DOWN Shares of BlackBerry (NASDAQ: BBRY ) were down 2.01 percent to $8.55. RBC Capital downgraded the stock from Sector Perform to Underperform. On Friday, the company issued weak second-quarter outlook and announced its plans to lower 4,500 jobs.
J. C. Penney Company (NYSE: JCP ) shares tumbled 1.31 percent to $12.79. JC Penney is in talks to raise more money, Bloomberg reported.
Northern Tier Energy LP (NYSE: NTI ) was down, falling 5.63 percent to $18.44 after the company reported an operational issue with crude unit.
Commodities In commodity news, oil traded down 0.68 percent to $104.04, while gold traded down 0.74 percent to $1,322.70.
Silver traded down 0.74 percent Monday to $21.77, while copper fell 1.02 percent to $3.29.
Eurozone European shares were lower today. The Spanish Ibex Index dropped 0.74 percent, while Italy's FTSE MIB Index fell 0.34 percent. Meanwhile, the German DAX dropped 0.51 percent and the French CAC 40 fell 0.35 percent while U.K. shares declined 0.54 percent.
Economics The Chicago Fed National Activity Index surged to +0.14 in August, versus -0.43 in July.
The preliminary reading of Markit flash manufacturing PMI declined to 52.8 in September, versus a reading of 53.1 in August.
The Treasury is set to auction 3-and 6-month bills.
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