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) 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) to replace PetSmart in the S&P MidCap 400, and Acorda Therapeutics (ACOR) 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.
>To contact the writer of this article, click here: Michael Baron.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV