U.S stocks gapped down on Monday with all the major indices
plunged between 1.80%-2.50% in the opening session as sovereign bond yields
skyrocketed amid renewed fears about the future of the euro zone and worries
over debt problems in Spain’s regions and Greece. More panic was created when trading
in major Italian banks was suspended for about an hour during the morning after
their shares incurred steep drops, while authorities in Spain and Italy imposed
ban on short selling to stem market volatility.
The shares of Apple Inc.(NASDAQ:AAPL) gapped down this
morning and slumped over 1.92% to $592.72 as the broader markets were hammered
down with the DOW plunged over 200 points. Moreover, investors are awaiting
APPL’s third quarter earnings on Tuesday after market hours. The stock could
remain highly volatile until it reports its earnings. On an average analysts
are estimating the company to report $10.35 a share, compared to a year ago
profit of $7.79 with revenue is projected to grow by 30.30% to $37.23 billion,
from $28.57 billion a year ago quarter. An analyst at Pacific Crest Securities
in Portland predicts that the company may sell about 25.4 million iPhones, he
estimates, compared with 35.1 million in the previous quarter. “It’s going to
be bad now, but great later.”
Can APPL Jump To
$1000 By This Year, Get Trend
Analysis
Deckers Outdoor Corp(NASDAQ:DECK) plunged 6.50% to $43.71 in
the opening session as analyst at Sterne Agee downgraded the stock to Underperform . The firm, which had
upgraded Deckers in April on valuation grounds, is lowering its target for the
shoemaker to $38 from $60. Deckers delivers its Q2 report on Thursday.
Should Investors Buy
DECK At CMP, Get
Updates Here
Nokia Corporation (ADR)(NYSE:NOK) also lost 1% as Moody's downgrades Nokia's debt rating to Ba3
from Ba1 with a negative outlook, saying its "transition in the smartphone
business will cause deeper operating losses...than we had previously
assumed." The cut follows Fitch downgrading Nokia to to BB- from BB+ last
week. The company says that Moody's action would have a limited effect and that
its cash balance remains strong.
Can NOK Rebound After
Recent Slump, Get
Trend Analysis
No comments:
Post a Comment