The tech is underperforming widely this morning as shares of Apple Inc.(NASDAQ:AAPL) are trading lower by 1.25% after an analyst at BMO Capital downgraded the stock on “supply constraints”. At Mid, day, Google Inc(NASDAQ:GOOG) spooked investors with early results, that widely missed analysts’ target and hence the stock tumbled 10%.
At 12:43PM EDT, the NASDAQ Composite(INDEXNASDAQ:.IXIC) fell -17.86 (-0.58%) to 3,086.26, while Technology SPDR (ETF)(NYSEARCA:XLK) declined 0.70%.
The analyst trimmed its shipment target for iPhone by 4 million to 46 million and also lowered its price target by $20 to $730.
"We think most of investor concerns are not focused on either the September or the December Qs. Rather, we think investors are focused on the (calendar year) 2013 growth potential of Apple following the recent product launches," The firm said.
BMO also reportedly said that it expects Apple to provide a “very conservative” forecast for the quarter when it reports its results for the September period on October 25, because of the limited supply of the iPhone 5.
The firm expects the company to issue a "very conservative" forecast for the quarter when it reports its results for the September period next Thursday, because of tight supply of the iPhone 5.
Google Inc(NASDAQ:GOOG) surprised the market today by announcing results early, but earnings are not at all in favor of investors and the stock tumbled 8% to $695 after the company widely missed analysts target. The search engine giant said that it earned $9.03 a share in the latest quarter, missing analysts target by a whopping $1.62. Revenue also came in well below analysts target. The company generated $11.33 billion, missing analysts’ estimate by $530 million.
Should Investors Buy GOOG After Today’s Slump? Find Out Here
Vringo, Inc.(NYSEAMEX:VRNG) halts last week gains and lost another 4.27% after slumping 10% in yesterday’s session. The stock had been gaining strongly over the past couple of weeks on positive developments on ongoing patent war with Google.
Facebook Inc(NASDAQ:FB) shares are under as well and lost 3.60% after gaining about 3% in yesterday’s session. Yesterday, the gained momentum as reports revealed that the world’s largest social networking site is performing better than estimated in making money from mobile advertising.
Juniper Networks, Inc.(NYSE:JNPR) rose 3% to $17.87, off session high of $19.22 as as analysts prove skeptical that EMC would consider buying the company, as is suggested by a rumor. Cantor, UBS, Goldman, and Oppenheimer all consider an EMC-Juniper unlikely, though Oppenehimer thinks Ericsson or a P-E firm could be interested.
Nokia Corporation (ADR)(NYSE:NOK) slumped 5% after the company’s third quarter losses widened, which was widely expected on ongoing solid competition from Apple and Google.
The struggling finished phone booked a loss of €0.07 a share on non-IFRS and reported loss of €0.26 per share, compared to a year ago non-IFRS EPS loss of €0.03 while reported loss was €0.02 per share.
Revenues slid sequentially to €7.2 billion ($9.45 billion) from EUR 7.50 in the previous quarter and €8.9 billion a year ago quarter.
Will NOK Hit $5 This Year? Find Out Here