This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Finish Mixed as Apple, Bank Shares Fall

NEW YORK ( TheStreet) -- Major U.S. stock averages were mixed Monday. Apple (AAPL - Get Report) shares fell, and bank stocks declined ahead of earnings reports this week.

The Dow Jones Industrial Average rose 19 points, or 0.1%, to 13,507 to boost the blue-chip index's winning streak to four sessions.

Breadth was positive, with winners outpacing losers 17 to 13. The top percentage blue-chip gainers were Hewlett-Packard (HPQ), Cisco (CSCO), UnitedHealth (UNH) and Boeing (BA).

Hewlett-Packard shares jumped 4.9% after JPMorgan upgraded the stock to "neutral" from "underweight" and raised its price target to $21 from $15.

Financial stocks were some of the biggest decliners in the Dow ahead of their earnings later in the week. Bank of America (BAC) shares fell 1.3%, and JPMorgan (JPM) dipped 0.54%.

Also falling were IBM (IBM) and Intel (INTC).

The S&P 500 shed 1 point to 1,471. The Nasdaq was off 8 points, or 0.3%, to 3,118.

Sectors in the broader market traded mixed. The biggest sector decliner was technology, followed by services. Sector advancers included transportation, consumer cyclicals and consumer non-cyclicals.

Apple shares plunged 3.6% at final check, after opening down 4% on reports that the tech giant has cut orders for components for the iPhone 5 due to weaker-than-expected demand, people familiar with the situation told The Wall Street Journal.

Both Bank of America and UBS said Monday morning that this is "old news" from December and the stock has recovered from its lows.

Kevin Pleines, equity market analyst at Birinyi Associates, said that looking at the 20 instances since 2009 when Apple has opened down more than 2%, "there is no clear trend for the trading day. From the close after the gap down (today's close) the stock has had a tendency to trade higher over the next week and month."

Major bank releases later this week include JPMorgan and Goldman Sachs (GS) on Wednesday, and Bank of America and Citigroup (C) on Thursday. Morgan Stanley (MS) reports on Friday.

JPMorgan Chase's board is expected to dock the 2012 bonuses of CEO Jamie Dimon and another top executive because of the "London Whale" trading debacle, the Journal reported, citing people close to the company.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $125.25 0.58%
HGG $3.24 1.30%
FB $85.80 0.00%
GOOG $522.98 0.28%
TSLA $267.65 2.10%

Markets

DOW 17,607.56 +11.21 0.06%
S&P 500 2,061.60 +3.96 0.19%
NASDAQ 4,978.8510 +20.3830 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs