Stock Down On ISM ( SNDK, MU, CBLI, DDIC, VIAS, SBUX, GMXR, MAGS, AAPL)

U.S. stocks gapped down on Wednesday despite positive report on the U.S. labor market with the Dow Jones Industrial Average fell 150 points to 13,050. S&P 500 Index slumped 15 points to 1,398, while Nasdaq-100 futures lost 42 points to 3,071.This morning, The ADP employment report said private-sector payrolls rose 209,000 in March and the February count was revised to a gain of 230,000 from an initial estimate of 216,000.

Also, he Institute for Supply Management's services-sector index for March slid to 56.0% from 57.3% in February, the private group reported Wednesday, missing economists’ estimates of 56.80%.Final euro-zone purchasing managers’ index readings for March indicated that business activity across the region likely contracted in the first quarter of the year, while an auction of Spanish government debt saw borrowing costs rise and demand weaken in the country’s first test of the credit markets since the presentation of an austerity budget last week.On Tuesday, stocks ended lower, although off session low, after The Fed minutes, which signaled less possibility of another QE.

Shares of chip makers slumped in early trade after SanDisk Corporation(NASDAQ:SNDK) trimmed its outlook for the current outlook due to weaker than expected pricing and demand. The company now projects to generate revenue of $1.2 billion, down from a previous forecast of $1.30 billion to $1.35 billion, well below analysts’ target of $1.34 billion. Shares of SNDK slumped 9%. Micron Technology, Inc.(NASDAQ:MU) shares also fell 5.70%.Cleveland BioLabs, Inc.(NASDAQ:CBLI) lost 35.56% to $1.54 after This morning, The ADP employment report said private-sector payrolls rose 209,000 in March and the February count was revised to a gain of 230,000 from an initial estimate of 216,000.Starbucks Corporation(NASDAQ:SBUX) climbed 0.65% after analyst at Goldman Sachs upgraded the stock from “Neutral” to “Conviction Buy” and raised its price target from $49 to $66. GMX Resources Inc.(NYSE:GMXR) soared 22.40% to $1.53 after the company announced that it successfully drilled and completed its fourth operated horizontal Bakken well, in North Dakota.Magal Security Systems Ltd. (USA)(NASDAQ:MAGS) rose 31.36% to $5.99 after the company said that it earned 27 cents a share on revenue of $33.7 million, compared to a year ago loss of 14 cents a share.
Apple Inc.(NASDAQ:AAPL) shares retreated 1.24% to $621.53 after hitting another record high of $632.21 in the previous trading session. Yesterday, analyst at Piper Jaffray raised the 12-month price target of Apple to $910.