Mixed Markets As iPhone 5 Production Slashed
The markets traded mixed during the midday with the Dow rising 10 points to 13,498. Nasdaq lost 12 points to 3113 after Apple slashed production of the iPhone 5 by half.
On the upside
Maxim Group initiated coverage of Liberty Media (Nasdaq: STRZA) on Friday with a Buy rating.
Hewlett Packard (NYSE: HPQ) reclaimed its status as the top maker of personal computers.
Swatch Group will acquire the Harry Winston Diamond (NYSE: HWD) watch and jewelry brand in a deal valued at approximately $1 billion.
On the downside
Suntech Power (NYSE: STP) regained compliance with the New York Stock Exchange's minimum listing requirement but the stock price fell. UBS downgraded Sprint (NYSE: S) from a Buy rating to Neutral.
Investors locked in profits on Telik (Nasdaq: TELK).
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 index slipped 2 points to 1469.
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