Market News: Apple Inc. (AAPL), Oshkosh Corporation (OSK)

Market News: Apple Inc. (AAPL), Oshkosh Corporation (OSK)
market news

The stock markets in the United States rallied today, driven by the positive performances from companies reporting their quarterly financial results. The upward movement of the markets was also propelled by increased consumer confidence.

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Data from the Conference Board index of consumer confidence climbed to 80.7 points in January compared with the 77.5 points recorded in the previous month. Economists polled by Bloomberg estimated 78 points.

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With regard to corporate earnings, Dan Veru, chief investment officer at Palisade Capita observed that the “earnings looked pretty good.” According to him, “The economy is in the process of being self-reinforcing and it can handle the modest amount of tapering we’re planning to do.”

On the other hand, Mark Luschini, chief investment strategist at Janney Montgomery Scott LLC commented, “The ride probably will not be as smooth as we have seen in the last couple years. “We’ve had a pretty decent pullback here in equity prices.”

U.S. Markets

  • Dow Jones Industrial Average (DJIA)- 15,928.75 (+0.57%)
  • S&P 500- 1,792.48 (+0.61%)
  • NASDAQ- 4,097.96 (+0.35%)
  • Russell 2000- 1,137.66 (+0.88%)

European Markets

  • EURO STOXX 50 Price EUR- 3,038.60 (+0.80%)
  • FTSE 100 Index- 6,572.33 (+0.33%)
  • Deutsche Borse AG German Stock Index DAX- 9,406.91 (+0.62%)

Asia Pacific Markets

  • Nikkei 225- 14,980.16 (-0.17%)
  • Hong Kong Hang Seng Index- 21,960.64 (-0.07%)
  • Shanghai Shenzhen CSI 300 Index- 2,219.85 (+0.18%)

Stocks in Focus

The stock price of Apple Inc. (NASDAQ:AAPL) dropped more than 8% to as low as $502.08 per share today. The decline was primarily caused by the weak revenue outlook provided by the iPhone and iPad maker yesterday. Investors ignored the strong financial results of the tech giant—$13.1 billion profit, $57.6 billion revenue, and 51 million iPhones sold for the quarter as they are more concerned with the future growth of the company amid strong competition. The report that Icahn bought additional shares worth $500 million did not help lift the stock price of Apple today.

The shares of Seagate Technology PLC (NASDAQ:STX) declined more than 11% to as low as $50.50 per share after reporting lower-than-expected second quarter financial results. The company delivered $1.39 earnings per share on $3.53 billion revenue, lower than the consensus estimate of analysts at $3.56 billion revenue.

Oshkosh Corporation (NYSE:OSK) gained 8% to as high as $58.50 per share today after the company increased its earnings guidance in the range of $3.10 to $3.40 per share for fiscal 2013. The company also projected to generate around $6.65 billion to $6.85 billion revenue this year. The designer and manufacturer of specialty trucks posted first quarter profit of $54.9 million or $0.63 earnings per share, up from its $46.3 million profit or $0.51 earnings per share in the same period a year ago.

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Marie received her Bachelors Degree in Mass Communication from New Era University. She is a former news writer and program producer for Nation Broadcasting Corporation (NBC-DZAR 1026), a nationwide AM radio station. She was also involved in events management. Marie was also a former Young Ambassador of Goodwill during the 26th Ship for Southeast Asian Youth Program (SSEAYP). She loves to read, travel and take photographs. She considers gardening a therapy.
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  1. I agree with those who are selling Apple. I know that Tim Cook said not to bet against Apple but I have to say it’s not so much a bet against them as it is the fear of two products (iPhone and iPad) holding up this very high stock price of $500. It’s true that the company continues to make money like mad and it has been an impressive run, maybe the run will continue. I still happen to believe that an iTV set is coming somewhere in 2014 or 2015. But despite all the good, I have an individual story to tell.

    My son’s friend got a Microsoft Phone (it was an HTC) back in October, then my son wanted one for Christmas (which he did get) and now two girls that have a crush on my son want a Microsoft Phone. My son turned down an iPhone 5S, just didn’t want it. I asked why and he said that everyone has one, he wanted something different. Now, I realize these are just a few kids in Illinois and that Apple just sold 50 million plus iPhones in the last 90 days. But it just bothered me that the kids don’t care about the iPhone. It’s the kids between 13 and 31 that drive the whole electronics / websites show. If kids in that age group don’t want a tech product or a website they say goodbye. Just look at Blackberry, MySpace and from the looks of things Facebook might start down that uncool path thanks to Instagram. I’m just worried about the cool coming off of Apple and what that could mean to the stock.

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