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Market Update

U.S. Stocks Rebound After Morning Doldrums, Verizon Launches $49 B Offering

Author: Nichole Harper
Last Update: 1:23 PM ET September 11 2013

1:15 PM New York – U.S. market indexes traded sideways and rebounded in the early afternoon. Weakness in Apple dragged S&P 500 index lower. Verizon launched $49 bond offering to pay for the remaining stake in its wireless unit.

U.S. stocks trended lower and Apple Inc declined after gaining for six days in a row and Syria worries eased.

U.S. President Barack Obama lowered hostile tone at a public address against Syria. Syria, though not a direct threat to the United States, was singled out by the Obama administration for its alleged chemical attack on rebel groups and on its own people.

S&P 500 index increased 2.01 to 1,685.95 and the Nasdaq Composite Index decreased 8.37 to 3,720.71.

Apple dropped nearly 5% and dragged the S&P 500 index after it unveiled two new phone devices at a cheaper price to gain larger share of emerging markets.

However, Apple new products priced between $99 and $199 may not be cheap for many emerging markets and may lower company’s gross margins.

U.S. Stocks in Review

Synnex Corporation (SNX) soared 20.8% or $10.02 to $57.99 after the computer peripherals retailer agreed to acquire IBM''s worldwide customer care services business for $505 million consisting $430 million in cash and $75 million in common stock.

Verizon Communications Inc (VZ) rose 0.1% to $46.51 after the communication service provider launched a $49 billion bond, the largest corporate bond offering ever sold to reduce debt of $130 billion deal with Vodafone’s stake in Verizon Wireless.

Xoom Corporation (XOOM) climbed 5.5% or $1.69 to $32.37 after the online money transfer service provider priced its secondary offering of 4,403,270 shares of its common stock at a price of $30.50 a share.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc