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Shares of Apple (NASDAQ:AAPL) closed 2.13 percent lower on Friday, and continues to edge down in late trading. Piper Jaffray analyst Gene Munster cut his estimate for sales of Apple smartphones in the September quarter by 2.2 million units to 25 million. Munster wrote in a note to investors that based on his in-store checks, supplies of the iPhone 5, which opened up for pre-orders three weeks ago, were “extremely limited.”
Zynga (NASDAQ:ZNGA) shares finished Friday 12 percent in the red. Shares continue to fall more than 1 percent in late afternoon trading as investors are not impressed with the company’s latest update. Although Zynga already cut its full-year guidance once before in July, the company reduced its outlook for the year even more. Bookings are projected to be in the range of $1.085 billion to $1.100 billion, compared to previous expectations between $1.150 billion and $1.225 billion. Facebook (NASDAQ:FB) shares also closed down 4.7 percent on the news.
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General Electric (NYSE:GE) shares gained 0.74 percent to reach a new 52-week high on Friday. The company’s former chief executive officer, Jack Welch, attracted heavy attention after commenting on the dramatically improved unemployment rate. He tweeted out, “Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers.”
Shares of Avon Products (NYSE:AVP) popped more than 7 percent and continues to climb higher in late afternoon hours. The company announced that Andrea Jung has informed the Board of Directors that she will step down as executive chairman at the end of the year. She will be succeeded by Fred Hassan, the lead independent director. “Fred’s experience and leadership on the Avon board, and his unusual record of leading turnarounds at world-class companies over his distinguished career make him ideally suited to take on the independent chairman role,” said Jung.
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