Mixed Open As iPhone Sales Disappoint
The markets opened mixed with the tech heavy Nasdaq losing 6 points to 3147 on disappointing iPhone sales. The Dow climbed 63 points to 13,843.
On the upside
Netflix (Nasdaq: NFLX) reported an unexpected profit for the fourth quarter as subscribers for its video streaming service soared.
Swift Transportation (NYSE: SWFT) reported higher fourth quarter earnings that beat analyst estimates.
NewLead Holdings (Nasdaq: NEWL) won a one year contract to supply 720,000 metric tons of thermal coal for $64 million.
On the downside
Apple (Nasdaq: AAPL) disappointed with flat first quarter earnings as iPhone sales fell short of expectations. Analysts slashed their price targets on the company. Nokia (NYSE: NOK) reversed year ago losses to post a profit for the fourth quarter but revenue dropped and the company announced that no dividend would be paid.
Mellanox Technologies (NYSE: LDK) reported higher fourth quarter earnings but the company forecast current quarter revenue well below expectations.
In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 index gained 6 points to 1499.
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