ASSOCIATED PRESS Trader Tommy Kalikas worked on the floor of the New York Stock Exchange, today. Stocks slumped on Wall Street, led by a sharp slide in technology companies after Apple reported a slowdown in iPhone sales over the holidays in China. NEW YORK >> The latest on developments in financial markets: 11 a.m. Stocks slumped on Wall Street, led by a sharp slide in technology companies after Apple reported a slowdown in iPhone sales over the holidays in China. The 5 percent drop in tech stocks today was the biggest for the sector since 2011. The Apple news jolted markets and reinforced fears that the global economy is slowing. A surprisingly weak report on U.S. manufacturing made matters worse. Apple dropped 10 percent, erasing $74.6 billion in value. Makers of phone parts also fell. The Dow Jones Industrial Average fell 660 points, or 2.8 percent, to 22,686. The broader S&P 500 fell 62 points, or 2.5 percent, to 2,447. The Nasdaq lost 202 points, or 3 … [Read more...] about Apple stock closes down 10 percent; Dow loses 660 points
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Apple CEO Tim Cook has said multiple times that the iPhone is the most popular smartphone in China. Stephanie Keith/Getty Images Apple stock, which was recommended by experts as the only safe investment in today’s turbulent stock market not long ago, surprisingly tumbled four percent during Monday’s early trading after a key supplier of iPhone components signaled that Apple was going to make fewer iPhones due to falling demand.Lumentum, a laser manufacturer that makes components for iPhones’ front-facing cameras that enable facial recognition (Face ID), announced a reduced production forecast for the second fiscal quarter in 2019 (September 2019 to December 2018) on Monday, citing an order cutback by a key customer.“We recently received a request from one of our largest industrial and consumer customers for laser diodes for 3D sensing to materially reduce shipments to them during our fiscal second quarter for previously placed orders that were originally … [Read more...] about Why Apple Stock Suddenly Fell 4 Percent Despite Strong iPhone Sales
With the Nasdaq composite, S&P 500 index and Dow Jones industrial average seemingly rangebound, Apple stock leads five top tech companies that are trading at or near buy points. FANG stocks Facebook (FB), Amazon (AMZN), Netflix (NFLX) and Google parent Alphabet (GOOGL) join the list along with Apple (AAPL). X FANG Stocks Plus Apple Stand Out In Nasdaq Grouping the original FANG stocks and Apple together creates what some on Wall Street call the FANG+ stocks or FAANG names, which are five of the largest tech stocks in the Nasdaq. Netflix has been on a tear in 2018, and leads the group with a highest-possible IBD Composite Rating of 99. Amazon follows close behind with a 98, while Facebook earns a 96 despite its big sell-off earlier this year. Apple and Alphabet round out the group with an 88 and 83, respectively. Top stocks tend to have high Composite Ratings as they launch big runs. Netflix, Apple and Amazon are all members of IBD's Leaderboard. IBD Newsletters Get exclusive IBD … [Read more...] about Apple Stock, FANGs Facebook, Amazon, Netflix, Google Are In Or Near Buy Zones
President Trump offered a plan Friday to reduce the prices of costly ethical drugs, and the speech spurred generally positive reactions within the pharmaceutical and related industries. X The biotech group was among the day's top three industries of the 197 tracked by IBD, rising 2.7%. Generic drugmakers rallied 2.5% as a group, while ethical drug stocks bounded up 2.4%, drugstores were up 1.7%, managed care up 1.6%, and wholesale drug supply up 1.4%. Meanwhile, the major equity indexes played small ball throughout most of Friday's session. But they finished the week with smart gains as IBD upgraded the stock market current outlook to "Uptrend resumes" on Thursday. Apple (AAPL) posted a second straight weekly gain. The iPhone giant halted a nine-session winning streak, but still closed the bullish week up more than 2% at 188.59. That's on top of a 13% jump the prior week in unusually heavy volume. The recent rally has hoisted Apple as much as 6% past a new proper buy point of 179.04 in … [Read more...] about Indexes End Flat As These 3 Growth Stocks Join IBD 50; Still OK To Buy Apple Stock?
Warren Buffett's company bought 75 million more Apple shares in the first quarter, giving it more than 240 million shares of the iPhone maker.Buffett told CNBC about the latest Apple stock purchases Friday as tens of thousands of shareholders begin to arrive at Berkshire Hathaway's annual meeting this weekend.Berkshire has continued buying Apple shares even with the price rising 25 percent over the past 12 months. Shares hit an all-time high Friday.At the end of 2017, Buffett's company held 165.3 million Apple shares.Buffett has said he looks at Apple like a consumer products company with a strong competitive position, rather than as a tech company.Besides investments, Berkshire owns more than 90 subsidiaries in a variety of industries, including insurance, utilities, railroads, and manufacturing. … [Read more...] about Apple stock hits all-time high after Buffett says he bought 75 million shares