Market News: AAPL, ConAgra, Netflix, Urban Outfitters

Market News: AAPL, ConAgra, Netflix, Urban Outfitters
market news

The stock markets in the United States experienced another gain today due to the positive economic data around the world. The latest data from China showed that its economy is improving.

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The situation in Syria is becoming more positive after Russian President Vladimir Putin suggested a diplomatic resolution to prevent the United States from launching military action against the Middle Eastern country. Syria agreed to open its storage sites, provide full disclosure and sign an international agreement prohibiting the use of chemical weapons.

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In an interview with Al-Maydeen TV, Syrian Foreign Minister Walid Muallem said, “We fully support Russia’s initiative concerning chemical weapons in Syria, and we are ready to cooperate. As a part of the plan, we intend to join the Chemical Weapons Convention.” Muallem added, “We will open our storage sites, and cease production. We are ready to open these facilities to Russia, other countries and the United Nations.”

Commenting on the recent economic data and developments in Syria, Gary Flam, portfolio manager of Bel Air Investment Advisors told Bloomberg, “The news from Syria is positive and we had decent economic data out of China. Investors came into September cautiously positioned, but one by one their concerns are being removed or lessened.”

U.S. Markets

  • Dow Jones Industrial Average (DJIA)- 14,833 (+0.16%)
  • S&P 500- 1,639 (+0.41%)
  • NASDAQ- 3,612 (+0.63%)
  • Russell 2000- 1,016 (+0.57%)

European Markets

  • EURO STOXX 50 Price EUR- 2, 851 (+1.90%)
  • FTSE 100 Index- 6,583 (+0.82%)
  • Deutsche Borse AG German Stock Index DAX- 8,446 (+2.06%)

Asia Pacific Markets

  • Nikkei 225- 14, 423 (+1.54%)
  • Hong Kong Hang Seng Index- 22, 976 (+0.99%)
  • Shanghai Shenzhen CSI 300 Index- 2, 474 (+1.40%)

Stocks In Focus

Apple Inc. (NASDAQ:AAPL) unveiled its next flagship iPhone 5S and less expensive iPhone 5C as expected during an event in Cupertino today. The iPhone 5C comes with a hard-coated polycarbonate design, equipped with a 4-inch display and multi-band antenna. The subsidized costs of the device are $99 for the 16GB model and $199 for the 32 GB model. It is available in a variety of colors.

Apple Inc. (NASDAQ:AAPL) confirmed that the iPhone 5S is integrated with a fingerprint sensor located in the home button of the device, as well as being equipped with a better camera, offering a longer battery life, and operating 4 times faster than the original iPhone. The iPhone 5S costs $199 for the 16GB, $299 for the 32GB and $399 for the 64GB with a contract. The devices will be available on the market September 20.

The stock price of Apple Inc. (NASDAQ:AAPL) plummeted by more than 2% to $496.07 a share after revealing its new iPhones.

ConAgra Foods, Inc. (NYSE:CAG) declined by more than 6% to $31.54 a share after reporting weaker first quarter financial results and reducing its full year earnings outlook. The company delivered $0.33 earnings per share, lower than the $0.45 consensus estimate of Wall Street analysts. The company cut its full year adjusted earnings in the range of $2.34 to $2.38 per share.

The stock value of Netflix, Inc. (NASDAQ:NFLX) surged to a record high after the company struck a deal with Virgin Media Inc. (NASDAQ:VMED) (LON:VMED). The British firm agreed to allow its 1.7 million subscribers to access the service of the online video streaming company. The shares of Netflix ended the trading day at around $313 a share, up by more than 6%.

Meanwhile, Urban Outfitters, Inc. (NASDAQ:URB) declined by more than 10% to $38.35 per share after the company reported that its third comparable sales rose by mid-single digit rate compared with the anticipated high-single digit sales improvement. In a note to investors, Adrienne Tennant of Janney Capital Markets opined that the sales performance of the retailer is lower than its first-half results because of the weaker results of its Urban Outfitters brand.

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