After closing Monday at $659.39, Apple shares have surrendered 6.5% since hitting an all-time intraday high of $705.07 on Sept. 21, and like the broad market, there may be more room (and catalysts) to go down rather than up as 2012 draws to a close over the next few months.
The economic calendar is light as well with just auto and truck sales on tap later in the afternoon.
And finally, shares of Blyth (BTH) were big movers to the upside in Monday's after-hours action after the Greenwich, Conn.-based direct-to-consumer marketing company reached a deal to defer the closing of its purchase of its ViSalus weight-loss products business until April 2014.The agreement also includes a new employment agreement with ViSalus founders Ryan Blair, Blake Mallen and Nick Sarnicola, as well as an equity incentive program for the business's management team. The stock was last quoted at $28.74, up 7.4%, on late volume of more than 330,000, according to Nasdaq.com. Additionally, PetSmart (PETM - Get Report) was seeing a boost of nearly 3% after the pet products retailer was named to join the S&P 500, replacing Sunoco (SUN), which is being acquired by Energy Transfer Partners (ETP). The change, which is expected to occur on after the close of trading on Thursday, will prompt Cabela's (CAB - Get Report) to replace PetSmart in the S&P MidCap 400, and Acorda Therapeutics (ACOR - Get Report) to take Cabela's spot in the S&P SmallCap 600. The news is typically a short-term positive for the stocks as fund managers matching the performance of the respective indices have to build positions. -- Written by Michael Baron in New York.
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