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Stocks Fall as Apple Slumps, Netflix Hits All-Time High

NEW YORK (TheStreet) -- Stocks were slightly lower on Tuesday as Apple (AAPL - Get Report) fell to six-month lows, while Netflix (NFLX - Get Report) surged to all-time highs. 

The S&P 500 was down 0.09%, the Dow Jones Industrial Average slipped 0.1%, and the Nasdaq fell 0.26%.

Apple continued to fall on Tuesday after entering correction territory on Monday and breaching its 200-day moving average for the first time since 2013. Shares slid 4.1% to $113.50 by mid-morning Tuesday.

Apple shares have dropped 11% since February, closing Monday at their lowest point since Jan. 30. Apple has been pressured by economic slowing in China, its biggest growth market for the iPhone. 

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"When Action Alerts PLUS portfolio holding Apple broke through $120, that meant, frankly, that it has to go lower still, because now the chart is bad and the stock has no support, and everyone loves it and it is linked to China," TheStreet's Jim Cramer wrote in a blog post.

Netflix hit an new all-time high, up 4% to $117.06 on Tuesday, after Guggenheim Partners initiated the stock with a "buy" rating and $160 price target. 

Twitter (TWTR - Get Report) fell to record lows on Monday after heavier-than-normal trading volume. The social network has plummeted 20% since reporting earnings last Tuesday after management warned on user engagement growth. Twitter added 0.9% on Tuesday morning. 

Orders for goods manufactured at U.S. factories climbed 1.8% in June, according to the Commerce Department on Tuesday. The measure had slipped 1.1% a month earlier. The reading was as economists had expected. 

Crude oil prices were recouping some of the losses suffered on Monday with West Texas Intermediate crude adding 1.4% to $45.81 a barrel. Crude closed at its lowest level since March on Monday after manufacturing activity in China slowed to its lowest level in two years in July.

China's Shanghai Composite rose more than 3% on Tuesday on news Chinese brokerages will ban short-selling. Major organizations Citic Securities and Haitong Securities allegedly will no longer allow traders to borrow and repay stocks on the same day, effectively putting a stop to short-selling practices.

Coach (COH - Get Report) added more than 5% after beating quarterly profit and sales estimates. Revenue continues to fall, though, with North American sales dropping 20% due to weakness at department stores. Total sales fell 12% to $1 billion.

CVS Health (CVS - Get Report) fell 3% after issuing a soft outlook for its current quarter as the decision to stop selling tobacco products continues to hurt front-end sales. The company expects quarterly earnings of $1.27 to $1.30 a share, below estimates of $1.37 a share.

AIG (AIG) shares were on watch after the insurer beat quarterly earnings estimates and hiked its quarterly divided by 124% to 28 cents a share. The company also authorized a new $5 billion share repurchase program, increasing its existing authorization to $6.3 billion.

Aetna (AET) reported better-than-expected earnings in its second quarter and raised profit guidance. The health insurer earned $2.05 a share, 23 cents above estimates, and raised yearly operating earnings forecasts to $7.40 a share, up from a range of $7.20 to $7.40.

Toyota (TM) reported record earnings in its recent quarter as profit jumped 10% to 646.39 billion Yen, driven by favorable exchange rates and cost cuts. Revenue jumped 9.4% from a year earlier.

Sprint (S) jumped more than 11% after reporting a narrower-than-expected loss in its fiscal fourth quarter. The telecom reported a net loss of 1 cent a share, above analysts' estimates of a net loss of 7 cents a share.

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AAPL $114.73 -3.10%
COH $31.35 3.00%
CVS $109.37 -3.10%
NFLX $118.70 5.50%
TWTR $29.54 0.92%


Chart of I:DJI
DOW 17,583.56 -14.64 -0.08%
S&P 500 2,097.13 -0.91 -0.04%
NASDAQ 5,107.03 -8.3520 -0.16%

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