“Technology stocks led a broad market retreat Wednesday, with major sector leaders such as International Business Machines Corp. and Apple Inc. joining the slump spurred by reported comments from a European Union official about the state of Japan’s nuclear disaster,” Benjamin Pimentel and Rex Crum report for MarketWatch.
“The Nasdaq Composite Index (COMP 2,617, -50.51, -1.89%) fell 1.9% to close at 2,617, losing its gains for 2011. The Dow Jones Industrial Average (DJIA 11,613, -242.12, -2.04%) lost 242 points to close at 11,613,” Pimentel and Crum report. “Other tech-related indexes in the red included the Morgan Stanley High Tech 35 Index (MSH 643.92, -15.20, -2.31%) , which lost 2.3%, and the Philadelphia Semiconductor Index (SOX 412.44, -9.35, -2.22%) , which was down 2.2%.”
Pimentel and Crum report, “Apple Inc. (AAPL 329.01, -1.00, -0.30%) shares slid 4.5% to close at $330.01 after JMP Securities analyst Alex Gauna downgraded the stock to market perform from market outperform. Gauna said an Apple manufacturing partner in Asia was showing sales-growth deceleration even before the devastating Japan quake. Read more about Apple’s rare downgrade. On Tuesday, Apple announced it was delaying the launch of its iPad 2 tablet in Japan.”
Read more in the full article here.
I thought these stock manipulating criminals would be locked up when Obama was elected. I have no more hope or respect. he looks like any other chicago politician to me.
How’s that hopey, changey stuff workin’ out for ya?
If you bought into Obama’s BS, I have a bridge you might be interested in…
Well, with only 63 seats changing hands from D to R last November, I think everyone agrees it was a pretty solid debacle for the Republicans, considering the volume of discontent among their grass-roots “tea party” movement.
As for the famous Sarah Palin quote, the level of partisan poison coming out from that direction never ceases to amaze me. None of this affects me personally that much (not being an American; although, whatever happens in America affects the entire world), but I keep wondering what would THEY have done about the financial calamity… It seems that the conservatives unanimously condemn the government for the bailouts, which implies that they would have let the financial system fail. I wonder who would have survived such a failure…
Somehow mindless banality is preferable to those scary socialists. Sarah for prez!!!!
oh… C1… after following your posts here for years, I can say I’m quite disappointed with that one. I thought better of you than that.
Sorry kiddo, they can’t all win a Peabody.
Yes, why not seal our fates completely? Sarah Palin, the ‘It can only get worse” candidate. You betcha!
It was Bush and Bohner (the new Speaker of the House) that asked for $700B for Wall Street. Bohner even cried to urge Congress to approve the Wall Street bailouts.
A crying Boner. Must have blue balls.
Conservatives may condemn the bailout, but it was done while Bush was still in office.
if you can’t put intelligent sentences together indicating you understand global economics, the history of stock manipulation and where it originated and who sustains it, then sarcastic comments are probably your only option, other than learning before you speak…..
and about “hopey…stuff” ….several Japanese friends and associates live with hope daily..hourly…they think it can help sustain them…..
The “hopey, changey” stuff has not been executed nearly as well as it should have been, even considering an inherited economic crisis, two wars, and a completely obstinate and obstructionist GOP. But it is still far preferable to the Bush administration. That’s how bad Bush (and Darth Cheney) were… I’m still just thankful that McCain/Palin didn’t make it. The 3.5 of them (McCain’s three personalities and Palin’s half of one) would have been absolutely unbearable.
If the Tea Party movement wasn’t sprinkled with lunatics, religious fanatics, and untenable positions, then I might have given that effort more credence. Some of the basic premises of that movement are quite reasonable, but the message is lost in the chaos and insanity.
And so you REALLY think we wold be in anything resembling better shape with McCain at the helm? If so, you might just be the one of the most delusional people alive.
It would take a superhero to repair the damage done by the ‘Shrub and his minions in anything less than 10 years.
A bridge to nowhere?
So is the government supposed to do anything or not? The Republicans say no more big government but criticize when Obama doesn’t do anything. It’s a no-win situation.
And the reality is, it’s the SEC that handles matter such as stock manipulation. The executive branch has nothing to do with it.
The executive branch appoints the chair of SEC. The status quo on Wall Street has been preserved and affirmed by the appointment off the current chair. It is business as usual.
I remember when Apple was still using PPCs, it was discovered that the Intel coprocessor produced incorrect numerical results. And you know what? Of all stocks it was AAPL that took the greatest nosedive, even when AAPL was the only one NOT using INTEL chips! A normal person would have expected that AAPL would be the only company to gain from that news.
This shows how clueless those anal-ists are as to what factors are relevant to a particular company.
E.g., have they considered the fact that iPad use may surge upon more intense user access to the Japan news stories?
We all know that AAPL will be going Up again and make a new high past $364.90 which was the previous high. Bought more 2day at $329 🙂 Short term opps are here yet by May iPhone 5 fever and the rest of the year more Record Profits! AAPL is a BUY!
Correct. Slumps like this are a gift, and nobody should be crying about it.
Agreed, my sis wanted to buy more, and chart said dip was coming. Had her place order for 327.25 when it was 344+. She was amazed I was right when her order was filled today. Now on to $400!
Charts? Please…
Ordered an iPad throught the education store today. Delivery expected on APRIL 27th. WOW.
The company referred to, Foxconn is increasing production at a slightly lower increase rate.
The downgrade of Apple is so bizarre and asinine that it is hard to comprehend. With the nervous Nellies in the market place the dip is indeed a buying opportunity.
@nomoremsbs There is no law against being stupid; but some actions do raise questions of manipulation.
It’s not Obama’s job to enforce securities laws. Write to the justice department with your concern.
A big reason for the overall downward spiral is economic data:
– Housing sales falling.
– Car sales slowing.
– Inflation appearing heavily in food costs.
It’s housing and inflation that are going to scare the entire market silly over the next few weeks and months once Japan calms down, and is off the front pages.
Who needs a house or a car when you can have an iPad. One iPad is about a one month car payment or for me 1 weeks rent.
Gotta go now and get in line for my wi-fi Xoom next week. I expect to be the only one in line, so everyone will probably think I homeless.
This is plan and simple manipulation. Apple has enough cash and products in the production chain to keep it going. In my opinion, short of the oil companies, no other company on the planet is better positioned. While I agree Japan is the third largest economy, what effect it will have on Apple should be minimal, not what we are seeing in the stock market. When Apple goes down more than other companies, its a true sign of stock manipulation.
Asshats!
Oh well. Buy, buy buy!
if i am not mistaken the justice department works for the president.
the parts are already made and in hand at the factory to cover months of builds.
The “downgrade” is PURE market manipulation to gain a better entry point for friends of JMP.
these “analyst” are criminals
• look at the lines for iPad2
• look at the market cap
• look at the cash in the bank
• look at the track record
• etc etc
I never believe, buy or sell based on “anal-lyst”
Tomorrow Apple will probably announce they’ve sold 1 million iPad 2.
Manipulation or not, it’s a great time to buy at a discount.
I find it interesting that one of the most respected firms “Credit Suisse” has upgraded Apple to $500.
As an AAPL shareholder, I am in for the long haul. Any short term market delta will have no effect on my confident in Apple and its team. If you can not take the market’s heat, you probably should not even trading stocks.