Midday movers: Apple, UPS

Stocks are mixed with the Dow clinging to modest gains and the tech giant's decline weighing on the Nasdaq.

By MSN Money Partner Jan 14, 2013 2:12PM
Wall Street sign, Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

Shares of Apple (AAPL) are down more than 3% but back above the psychologically and technically important $500 level, after a dip below that round number at the open. 

The weakness has been attributed to a Wall Street Journal report over the weekend citing sources that claim the company has cut its orders for iPhone 5 components due to weak demand. 

The report also dented several of Apple's component suppliers, including Cirrus Logic (CRUS), down 8%, TriQuint (TQNT), down 1%, and Qualcomm (QCOM), also down 1%.

UPS (UPS) shares rose over 1% after the company announced it will drop its pursuit of TNT Express (TNTEY) after concluding their proposed merger would not be allowed in the EU. Following the announcement, UPS shares were upgraded to "buy" at Deutsche Bank and to "market perform" at Avondale.

Among the notable gainers was Aurizon Mines (AZK), which rose 33% after Alamos Gold launched an offer to buy the miner for C$780 million. Also higher were shares of Comverse Technology (CMVT), Verint Systems (VRNT) and Nice Systems (NICE), which all rose about 7% following a report from Globes that said Verint and Nice are in tie-up talks. Verint Systems signed a merger agreement with Comverse in August of last year. 

Among the noteworthy losers were hhgregg (HGG), down nearly 9% after cutting its yearly earnings view, and Qihoo 360 (QIHU), down over 5% after reports that Baidu (BIDU) is making a strategic investment in one of its key competitors. Also lower were shares of H&R Block, which slid 3.7% following a downgrade to Underweight at Morgan Stanley.
Tags: AAPLCRUSNICEQCOMTQNTups
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1Comment
TruthSeekerInVT
Jan 14, 2013 4:24PM
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No reason why this market shouldn't be below 11,000 except for the continued manipulation especially since there is so much negative data.
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