Afternoon BUZZERS: After Jobs Report, Investors Hitting SELL on These Stocks
Shares of Acme Packet Inc. (NASDAQ:APKT) have plummeted more than 14 percent today. The company expects second-quarter to come in at $66-$68 million, below estimates of $73.9 million. Earnings per share is also expected to be a disappointment.
Navistar International Corp. (NYSE:NAV) shares fell more than 15 percent in the first half of the day. The truck and engine maker announced it will introduce an advanced clean engine technology to meet Environmental Protection Agency emissions regulations. Reuters reports, “The technology, known as In-Cylinder Technology Plus, will also position the company to meet greenhouse gas rules in advance of 2014 and 2017 requirements, Navistar said in a regulatory filing.”
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Apple Inc. (NASDAQ:AAPL) shares edged nearly 1 percent lower today, but are still managing to hang above $600. Recent reports have that the tech giant is gearing up for an iPad Mini has renewed interest in shares. Apple component suppliers in Asia are, according to the WSJ, preparing for mass production in September of a tablet computer with a smaller screen than the iPad, suggesting that the launch date isn’t far off. Two of the people said the tablet’s screen will likely be smaller than eight inches — all iPad models to date have measured 9.7 inches.
Bank of New York Mellon Corp. (NYSE:BK) shares dropped nearly 1 percent this morning. The custodian bank announced it will take a $210 million second-quarter after-tax hit related to settlement costs for a federal lawsuit.
Shares of Caterpillar Inc. (NYSE:CAT) fell 2.71 percent today as of 1 p.m.. The company will pay a fine of $510,000 to Air Resources Board for shipping almost 600,000 on-road and off-road engines that did not come with the legally required emissions controls installed. Construction Equipment reports, “CARB says the settlement calls for Caterpillar to pay a total of $2.55 million in penalties nationwide for violations of the Clean Air Act, and California’s $510,000 portion is based on its share of the engines sold.”
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