BUZZ-U.S. STOCKS ON THE MOVE-Apple, Valeant, Mallinckrodt, Wayfair, Sophiris
(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 were lower early on Tuesday afternoon, dragged down by Apple, as investors braced for an interest rate hike by the Federal Reserve next month and fretted about weakening demand in China.
Dow Jones industrial average futures were down 0.11 percent at 17,655, S&P 500 futures were down 0.13 percent at 2,070.25 and Nasdaq 100 futures were down 0.62 percent at 4,623.75.
** APPLE INC, $116.63, -3.27 pct
** AVAGO TECHNOLOGIES LTD, $121.63, -3.85 pct
** CIRRUS LOGIC, $29.24, -9.22 pct
** QORVO, $51.8, -4.23 pct
** SKYWORKS SOLUTIONS INC, $80.54, -5.12 pct
Credit Suisse is the latest broker to note weakening demand for the iPhone 6s leading to cuts in component orders from Apple to its Asian suppliers. CS's comments follow HSBC on Monday, which said that iPhone 6s and 6s Plus adoption after about 40 days of being on sale has been worse than the iPhone 6 and only marginally better than the iPhone 5. Supply chain stocks fell on the commentary. Continued...