Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Apple Volatile on Watch Product Event


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

Stock recovered from Friday's losses on deal activity while Apple (AAPL) was volatile on the rollout of its highly-awaited Watch product line.

Aluminum producer Alcoa (AA) said it was buying RTI International Metals (RTI) for $1.5 billion.

Additionally, shopping mall operator Simon Property Group (SPG) revealed a $16 billion bid for Macerich (MAC).

On the buyback front, automaker General Motors (GM) announced a $5 billion share repurchase program. Activist investors had been seeking an $8 billion buyback, though the company said the program was in the works, and not a result of pressure from investors. General Motors shares rose 3.1% to $37.66.

But the big news today was Apple's press event, at which it unveiled a partnership with HBO, a new Macbook notebook computer, and its long-awaited Watch lineup.

Apple shares rose as much as 2.3% to $129.57 intraday. But the Watch presentation did not contain any particularly impressive surprises, and the stock quickly sank to an intraday low of $125.04 before rebounding to finish at $127.14, up 0.4%.

For the third straight day, the biotech sector, which has been the dominant force in the current bull market, undeperformed.

While the S&P 500 rose 0.4% today, the NASDAQ Biotechnology Index (NBI) was up just 0.2%

Sector leader Gilead (GILD) was under pressure, dropping 0.4% as an unlicensed version of its Sovaldi Hepatitis C treatment popped up in Bangladesh. According to a Bloomberg report, Sovaldi pills are selling for just $10 each in Bangladesh vs. $1,000 in the US.

There were no major US economic or earnings reports on the calendar today.

Among global markets, China was a standout performer. The Shanghai Composite rose 1.9% after February export data rose significantly faster than Wall Street expected.

European bond yields fell as the European Central Bank's QE program began, with reports indicating that the ECB was buying German and Italian bonds.

Monday's Financial Outlook

Overnight, China will be back in focus with its February Aggregate Financing, New Yuan Loans, and CPI data.

In the US, we'll see February NFIB Small Business Optimism, January Wholesale Inventories. and January JOLTS Job Openings data tomorrow.

There are no major companies reporting earnings.

Twitter: @T3Live
< Previous
  • 1
Next >
No positions in stocks mentioned.
Featured Videos