Market Recap: Apple Hits a New Record as Indices Approach 4 1/2 Year HIGH
Markets closed up on Wall Street today: Dow +0.19%, S&P +0.19%, Nasdaq +0.46%, Oil +0.53%, Gold -0.10%.
Here’s your Cheat Sheet to today’s top stock stories:
Apple (NASDAQ:AAPL) closed above $630 on Thursday for the first time since April 9, when it hit an intraday high of $644 before beginning a six-week decline that by May 18 had knocked $115 off the share price and more than $100 billion off the company’s market cap.The selloff continued last month when Apple reported a rare earnings miss, but while markets tested and held the $570 level in three separate trading sessions that week, shares never fell below that key support level.
On Friday, the rise continued and Apple closed at $648.11, hitting an all-time record high stock price in the meantime and clearing a 606 billion market cap.
Ann Inc.’s (NYSE:ANN) shares rose 22 percent. The company reported strong second quarter earnings and exceeded profit estimates. It raised its full-year outlook and Piper Jaffray raised its rating from “Overweight” from “Underweight” with a $37 price target.
MetroPCS Communications Inc.’s (NYSE:PCS) shares jumped 5.8 percent and Leap Wireless International Inc.( LEAP ) rose 7.2 percent after J.P. Morgan said Sprint Nextel Corp. (NYSE:S) is now in better situation to purchase either company.
On the downside, Aeropostale Inc.’s (NYSE:ARO) shares dropped 10 percent after the company gave a weaker-than-expected profit forecast for its current quarter.
Marvell Technology Group’s (NASDAQ:MRVL) shares tanked 14 percent after the company disclosed disappointing quarterly results and outlook. Marvell said it has felt pressure from declining PC and smartphone demand and increasing competition from the Chinese phone market.
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