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

Wed Apr 17, 2013 2:16pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(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)

Apple shares fell below $400 for the first time since December 2011, after key supplier Cirrus Logic's disappointing revenue forecast fanned fears that weakening demand for the iPhone and iPad are pressuring margins more than anticipated. Cirrus Logic, which makes analog and audio chips for the iPhone and iPad, late on Tuesday forecast revenue of $150 million to $170 million, well below Wall Street's average forecast for above $190 million.   Continued...