Einhorn’s Bad Bet, Apple Drags the Market, and Better Earnings: Market Recap
The markets were mixed on Thursday. Positive economic indicators and a lingering sigh of relief from yesterday’s debt-ceiling vote in the House helped pull the S&P into positive territory alongside the Dow, after briefly breaking 1,500. The Nasdaq ended the day in the red, largely because of tremendous losses at Apple (NASDAQ:AAPL).
At the close: DJIA: +0.33%, S&P 500: +0.03%, NASDAQ: -0.74%.
On the commodities front, Oil (NYSE:USO) climbed 0.82 percent to $96.01 per barrel. Precious metals fell, with Gold (NYSE:GLD) shedding 1.16 percent to $1,667.10 per ounce, and Silver (NYSE:SLV) dropping 2.34 percent to $31.68 per ounce. The yield on the 10-year T-bill climbed 0.027 points to 1.852 percent.
Here’s your Cheat Sheet to today’s top stock stories:
Apple closed the day at $450.50, down 12.35 percent as a result of its first-quarter earnings. The company sweat off as much as $50 billion in market value after performance failed to live up to expectations. The company reported a 17.7 percent year-over-year revenue increase to $54.51 billion. Earnings came in at $13.81 per share, well ahead of the company’s own guidance of $11.75.
Starbucks (NASDAQ:SBUX) posted record first-quarter fiscal 2013 results after the markets closed. Total revenues increased 11 percent to $3.8 billion and earnings increased 14 percent to $0.57 per share. Comparable store sales grow 7 percent in the Americas and 11 percent in China/Asia pacific, which is a strong indicator of growth…