BUZZ-U.S. Stocks on the Move-Apple, U.S. Gulf Coast banks, CTC Media

Mon Dec 1, 2014 1:30pm EST
 
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(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s)

U.S. stocks fell at the open on Monday as manufacturing growth across Asia and Europe eased in November, while retailers could be pressured as Thanksgiving weekend in-store sales failed to impress. The Dow Jones industrial average was down 0.08 percent at 17,814.06, the S&P 500 was down 0.46 percent at 2,058 and the Nasdaq Composite was down 0.92 percent at 4,747.36.

** APPLE INC, $116.1398, -2.35 pct

The iPad maker's shares tumbled in early trading. The cause of the decline was not yet clear, though traders pointed to high-speed algorithmic trading programs as a potential culprit. Steve Hammer, a trading educator and founder of HFT Alert in Santa Barbara, California, which monitors algorithmic trading, said about 300 different stocks showed elevated price traffic beginning about 9:50 a.m. EST, a sign of institutions putting on sell programs.

Morgan Stanley strategists dropped Apple's weighting in their strategic portfolio to 3 percent from 4 percent in an equity outlook note released Monday, but traders said the swiftness of the decline was too dramatic to be attributed solely to the note.

Graphic on Apple's slide (link.reuters.com/vys53w)

Apple leads sharp slide in tech shares

** FACEBOOK INC, $75.67, -2.61 pct   Continued...