Morning Stocks: Apple, Wal-Mart And Nokia Plunged
After trading in the red most of the time on Wednesday, Apple (NASDAQ:AAPL) shares dropped nearly 1 percent during early morning trading too. According to research firm ForeSee’s annual Holiday E-Retail Satisfaction Index, customer satisfaction with Apple’s online store fell by three points this year. Apple’s dip to 80 points from 83 in 2011 was among the biggest declines and gave the company its lowest score in four years, according to AllThingsD.com. Amazon.com (NASDAQ:AMZN), the world’s largest online retailer, topped the list in customer satisfaction.
Shares of Wal-Mart (NYSE:WMT) plunged 0.47 percent in pre-market trading. The company is the most recent entrant into the same-day delivery battle. During the holiday season, the retailer tested a same-day shipping service in five markets, which gave customers a 4-hour window for delivery and charged a flat $10 fee. So far, the test has been met with limited customer interest. While Amy Lester, a Walmart spokeswoman for global commerce, declined to give exact figures, she told The New York Times that shoppers picked next-day delivery more often than same-day.
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J.C. Penney (NYSE:JCP) plunged nearly 6 percent on Thursday. The company was recently targeted in the Wall Street Journal as a “do or die” candidate in 2013. Even though J.C. Penney has spent the last year reforming its image, during the first nine months of the fiscal year, the retailer’s sales fell 23 percent to $9.1 billion and more than half its cash reserves evaporated as the chain recorded $433 million in losses. Other struggling retailers such as Best Buy (NYSE:BBY) and RadioShack (NYSE:RSH) also made the list.
Nokia (NYSE:NOK) shares sank 3.00 percent in pre-market trading on Friday, despite positive reports concerning China sales. The Chinese version of the company’s flagship Windows phone, the Lumia 920T, sold out during its recent Shanghai debut. The phone also topped Amazon China’s top-five list last week, but dropped off after it once again sold out. Nokia, which secured a contract with the country’s largest wireless company, China Mobile (NYSE:CHL), in early December, has helped boost the phone’s popularity with its low-cost offer. While the phone costs $738, or 4,599 yuan, without a contract, the device can be bought for as low as 1 yuan with a 2-year service contract that amounts to $62 per month.
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