Midday movers: RadioShack, Apple
Stocks slide as the International Monetary Fund lowers global growth forecasts for the second time since April.
Shares of Apple (AAPL) continued their recent decline. The drop in value of that widely held, widely covered name has put investors on edge, and some may have started booking profits ahead of the kickoff to the third-quarter earnings season.
Shares of Spectrum Brands (SPB), the consumer-products company controlled by Harbinger Group (HRG), surged nearly 12% after the company agreed to buy Stanley Black & Decker's (SWK) Hardware & Home Improvement unit for $1.4 billion in cash. Stanley Black & Decker, meanwhile, saw its stock slide over 1.5% after the deal announcement.
Among the notable stock market gainers Tuesday were RadioShack (RSH), up more than 8% following an upgrade to "buy" from "underperform" at Bank of America Merrill Lynch, and Questcor (QCOR), up over 5% after being upgraded at Jefferies and disclosing its September paid prescriptions for its Acthar drug.
Among the noteworthy losers were Glu Mobile (GLUU), down 18% after being mentioned cautiously at Northland Securities, and Edwards Lifesciences (EW), down about 19% after price targets on shares were lowered around the Street following the company cutting its Q3 revenue guidance.
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Stocks are facing some serious resistance as the bears tear into the market's respite.
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