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Dismal Tech Stocks
Oct 12, 8:39 PM EDT |
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| Nasdaq falls 1% dragging broader averages with it for the third day in a row. Oil above $64. Apple unveils video iPod. Refco CEO arrested. |
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| For the third day in a row, falling tech stocks dragged broader averages down. Investors, who had bid up stocks of Apple and Advanced Micro before the earnings release, had to settle for a loss of 4.5% and 12%respectively. Apple released video iPod after the close and announced a deal with ABC Televison. Refco stocks drop another 22%. |
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Nasdaq Falls 1%
Oct 12, 1:09 PM EDT |
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| Dow component Pfizer Inc. climbed after a British judge ruled to protect the company's patent on the cholesterol drug Lipitor. |
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| The tech sector is a notable decliner in early going on Apple's disappointing outlook and Intel's downgrade. Various Fed officials are to speak during the day and market is nervous. Alan Greenspan said that the economy was weathering the climb in energy prices.The Fed Reserve Chairman did not comment specifically on interest rates increses, but his comments suggested that the strong U.S. economy could handle them. |
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Semiconductor Stocks Under Pressure
Oct 12, 10:55 AM EDT |
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| Dow component Pfizer Inc. climbed after a British judge ruled to protect the company's patent on the cholesterol drug Lipitor. |
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| The tech sector is a notable decliner in early going on Apple's disappointing outlook and Intel's downgrade. Various Fed officials are to speak during the day and market is nervous. Alan Greenspan said that the economy was weathering the climb in energy prices. |
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Apple and Oil Pressure Stocks
Oct 12, 8:49 AM EDT |
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| Oil prices climbed to $64 a barrel on winter supply concerns. Gold advanced in Europe to trade at $477.75. The dollar is up against the yen and euro. |
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| Asian-Pacific markets closed broadly down with the Nikkei down 0.7% on consumer confidence drop and unchanged monetary policy. The markets in Hong Kong and South Korea fell 2.2%. European stocks lost ground at mid-day, led by the DAX 30, down 0.6%. Harley-Davidson reported Q3 income rise of 96 cents a share vs. 77 cents a year ago, beating expectations of 90 cents a share. |
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