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Tech Stocks Withstand Apple Downdraft; Apple Shares Slip Below $500 After New iPhone Launches

By: MT Newswires
Posted: 9/10/2013 3:54:00 PM
Referenced Stocks: AAPL;APO;BPOP

Top Tech Stocks

MSFT +2.10%

AAPL -2.36%

IBM +0.99%

CSCO +1.28%

GOOG -0.03%

Technology stocks are largely overcoming any post-Apple ( AAPL ) announcement drag with shares of technology companies in the S&P 500 rising 0.6%.

In company news, Apple Inc ( AAPL ) currently is down 2.4% at $493.968 a share, climbing well off its intra-day low of $485.10 that followed the tech giant's widely anticipated debut of two new iPhone models, including one capable of reading the user's fingerprint before starting up.

The 5S smartphone is "the most forward-looking phone we have ever created," according to Phil Schiller, AAPL's senior vice president of worldwide marketing. The phone runs a new chip - the A7 - that's twice as fast as its A6 predecessor. It also includes "Touch ID," which reads fingerprints at a detailed level.

The iPhone 5C will be available in five colors and will run on the A6 chip but selling for as little as $99 for a $16-gigabyte model and a two-year wireless contract. The 32-gigabyte model sells for $199 with a two-year contract commitment.

In other sector news,

(+) BMC, Bain Capital and Golden Gate Capital complete buyout of the enterprise software firm, with trading of the company's shares ending today with the closing bell.

(-) EVTC, Launches public offering of 20 mln shares of its common stock by affiliates of Apollo Global Management ( APO ) and Popular Inc. ( BPOP ), as well as selected current and former executives at the business software firm.