Weak Earnings and Oil Falling Push Market Lower as Apple Falls to One Year Low
NEW YORK, April 18, 2013
NEW YORK, April 18, 2013 /PRNewswire/ --
Disappointing earnings reports and commodities prices falling pushed stocks
lower on Wednesday. The Dow closed down 138 points, the Nasdaq composite
closed down nearly 60 points, and the S&P 500 closed down a little over 22
points. Apple shares sank to a new one year low of $398.11, the lowest level
seen since December of 2011. Chip maker Cirrus Logic offered a weak outlook
for first-quarter revenue on Tuesday night. This may affect Apple as Cirrus's
audio chips are used in Apple's iPhones and iPads. Apple is scheduled to
report fiscal Q2 results on April 23rd.
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Bank of America Corporation (NYSE: BAC) - BAC trading volume on Wednesday was
more than double than average. The stock closed down 4.72% yesterday after
revealing that revenues had dropped and that the bank had settled three
mortgage-backed securities lawsuits related to its Countrywide unit for $500
Many mid or large cap stocks once started off asPenny stocks!
Acura Pharmaceuticals, Inc. (Nasdaq: ACUR) - Shares of ACUR soared on
Wednesday, closing up 33.95%. In intra-day trading Acura Pharmaceuticals saw
gains as high as 50% after federal regulators moved to block new painkillers
that aren't designed to resist abuse. Acura makes drugs that are designed to
be harder to abuse. The stock closed at $2.88 yesterday.
Magnum Hunter Resources Corp. (NYSE: MHR) - Magnum Hunter Resources was one of
the biggest decliners on the NYSE on Wednesday. Shares dropped to a new
52-week low of $2.42 after firing its auditing firm. This is the most the
stock has dropped in more than two years. Shares closed down 14.76% at $2.83.
Penny stockscan deliver sky-rocketing returns and are a popular choice among
many investors in the market because of how much lower they trade than big cap
E2open, Inc. (Nasdaq: EOPN) - E2open had one of the biggest volume advances on
the Nasdaq on Wednesday. Trading volume was over 10 times higher than average.
The stock dropped as much as 28% after the company reported fourth-quarter
results. Shares closed down 24.18% yesterday.
Atlas Energy, L.P (NYSE: ATLS) - ATLS shares hit a new 52-week high of $52.33
on Wednesday after it was announced that the Company agreed to acquire Teak
Midstream LLC for $1 billion in cash. ATLS closed up 11.19% yesterday.
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