MARKET PULSE-Apple, Seagate, Waters Corp, TransGlobe Energy, Pfizer

Tue Jan 28, 2014 1:12pm EST
 
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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/nex49s) U.S. stocks rose on Tuesday after a three-session decline on the S&P 500, but an unexpected drop in durable goods orders in December and disappointing iPhone sales at tech giant Apple kept investors on edge ahead of a two-day Federal Reserve meeting. The Dow Jones industrial average was up 0.47 percent at 15,911.64, the S&P 500 was up 0.42 percent at 1,789.03 and the Nasdaq Composite was down 0.06 percent at 4,081.309.

** APPLE INC, $508.958, -7.55 pct

The world's most valuable technology company needs a cheaper iPhone to keep pace with low-cost rivals, analysts said, after the company's smartphone sales fell short of lofty expectations in the holiday shopping season.

At least 14 brokerages cut their price targets on Apple, after the company's weak revenue forecast for the current quarter renewed fears about Chinese smartphone demand and a tepid global market.

** CLIFFS NATURAL RESOURCES INC, $20.398, +5.14 pct

New York-based hedge fund Casablanca Capital LP picked up a 5.2 percent stake in the iron ore producer and urged it to spin off international assets and double its annual dividend.

  Continued...