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Shares of Apple (NASDAQ:AAPL) closed 3.6 percent lower on Friday, and continues to attract heavy attention in late afternoon hours. The company has now closed lower for four consecutive weeks. After Verizon (NYSE:VZ) reported that it had made 650,000 iPhone 5 activations, Jefferies & Co. released a trimmed estimate for total iPhone 5 sales unit sales in the quarter, cutting its initial prediction of between 8 and 10 million to 5 million. “We had thought that Apple could recognize 8 to 10 million in iPhone 5 sales in Q3, but Verizon’s 650,000 implies that the number could be closer to 5 million,” explains Jefferies analyst Peter Misek.
Despite a broad market pullback, Facebook (NASDAQ:FB) shares closed Friday slightly higher. The social media giant received some good news about its ongoing SEC probe. Bloomberg reports, “The Securities and Exchange Commission, which launched a review of Facebook May 17 IPO after its stock price plummeted, hasn’t found any evidence that the company withheld material information from investors, a person familiar with the matter said.”
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Google (NASDAQ:GOOG) shares are struggling to find support. The search giant closed almost 2 percent lower, and continues to decline in late afternoon trading. The company surprised investors with an early release of earnings — a mistake Google is blaming on third-party publisher R.R. Donnelley & Sons (NASDAQ:RRD). Net income came in at $2.18 billion for the third quarter, compared to $3.18 billion a year earlier. Larry Page, chief executive officer, apologized for the early leak. In regards to the quarterly results, he said, “I am also really excited about the progress we’re making creating a beautifully simple, intuitive Google experience across all devices.” Google shares edged slightly higher in late trading.
Shares of Advanced Micro Devices (NYSE:AMD) plunged more than 16 percent on Friday. The company recently reported a loss of $157 million (21 cents per share) for the third quarter, compared to a net gain of $97 million (13 cents per share) a year earlier. “The PC industry is going through a period of very significant change that is impacting both the ecosystem and AMD,” said Rory Read, AMD president and CEO. “It is clear that the trends we knew would re-shape the industry are happening at a much faster pace than we anticipated.
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