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Another Day, Another Beatdown for Apple

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Today's financial recap and tomorrow's financial outlook.

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The S&P 500 (INDEXSP:.INX) finished in negative territory on Friday, closing down 0.40 at 1413.74, though it was a peculiar day to say the least.

We saw significant outperformance in the small-cap Russell 2000 (INDEXRUSSELL:RUT). Chinese stocks also rallied following a better-than-expected PMI number.

However, the slow-motion train wreck that is Apple (NASDAQ:AAPL) dragged down the tech-heavy Nasdaq (INDEXNASDAQ:.IXIC) from two separate angles. First, it has a huge weighting in the index, and secondly, rumors circulated that the iPhone-maker was cutting component orders, putting a dent in semiconductor plays like Qualcomm (NASDAQ:QCOM) and ARM Holdings (NASDAQ:ARMH).

Additionally, traders' anxieties over how the fiscal cliff plays out are likely weighing on the market, especially since chatter about a 'sell the news' reaction, as happened following QE3, is starting to spread.

In economics, the Consumer Price Index rise 1.8%, coming in below the 1.9% consensus. Excluding volatile food and energy prices, the Index rose 1.9%, again below consensus.

Over on the bond front, we saw significant strength in US Treasuries, which bounced off the closely-watched 200 day moving average.

Monday's Financial Outlook

On Monday, we will see the Empire Manufacturing survery at 8:30 a.m., with Long-Term TIC Flows report following at 9:00 a.m. On the international front, we'll see the Eurozone Trade Balance and Canadian Existing Home Sales reports.

There are no major earnings reports scheduled.

We continue to recommend that investors watch for fiscal cliff news, or at least that which contains actual news rather than the usual reports of no progress.

Twitter: @Minyanville

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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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