Midday movers: Facebook, Apple
Stocks are higher as investors await word from the Federal Reserve.
All eyes were on Apple (AAPL) Wednesday afternoon as the company unveiled its next iPhone, a device so hotly anticipated that it could materially impact U.S. GDP. The company's stock edged higher after the launch.
Texas Instruments (TXN) shares were flat after the company narrowed its Q3 sales outlook and raised the lower end of its Q3 EPS view.
Boeing (BA) may face a new combined competitor as Airbus parent EADS (EADSY) and defense contractor BAE Systems (BAESY) confirmed they are discussing a potential merger.
An early forecast for the holiday season called for retail sales to be up 3.3%, which is just below last year's growth rate. Research firm ShopperTrak also sees customer traffic to be up 2.8%, compared with the 2.2% drop during 2011's holiday period.
Among the notable gainers were Mediware (MEDW), up 39% after agreeing to be acquired by private equity firm Thoma Bravo for $22 per share, and Facebook (FB), up nearly 6% after CEO Mark Zuckerberg said at a technology conference that the company plans to get into search and has learned from its mistakes in entering the mobile market.
Among the noteworthy losers were Globecomm (GCOM), down 16% after its earnings and guidance disappointed, and Liquidity Services (LQDT), down 9% following an analyst note that highlighted the company's sales growth deceleration in August
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Stocks drift lower and bonds are hit as investors await the Fed. Prepare for higher volatility this week.
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