MARKET PULSE-Bank of America, Fairway, Atlas, Acura, BNY Mellon

Wed Apr 17, 2013 1:41pm EDT
 
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(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/faq23t)

April 17 (Reuters) - Some U.S. stocks on the move on Wednesday:

WALL ST SLUMPS IN BROAD DECLINE, APPLE SINKS

U.S. stocks dropped 1 percent in a broad decline on Wednesday, with materials and energy shares leading the way lower as commodity prices dropped, while a selloff in Apple shares pressured the Nasdaq. The Dow Jones industrial average was down 174.93 points, or 1.19 percent, at 14,581.85, the Standard & Poor's 500 Index was down 28.51 points, or 1.81 percent, at 1,546.06 and the Nasdaq Composite Index was down 72.28 points, or 2.21 percent, at 3,192.35.

** CIRRUS LOGIC INC, $18.08, down 16 pct (1303 ET)

** APPLE INC, $402.51, down 6 pct (1303 ET)

The audio chip maker estimated fourth-quarter revenue below analysts' estimates, saying it will record a charge related to an inventory pile up. Its first-quarter revenue forecast also fell short of Wall Street expectations. Cirrus has long followed the fortunes of Apple, from which it gets nearly all its revenue, and some analysts speculated on Wednesday that the weak forecast suggested lacklustre iPhone 5 sales.   Continued...