Apple Drops as Plant Catches Fire, Marvell Technology Soars on Upgrade

NEW YORK (TheStreet) -- Apple (AAPL) tumbled after a fire at its sapphire-screen plant in Arizona and a report emerges that fewer billionaire investors are holding its stock. Marvell Technology (MRVL) soared after an analyst upgrade. EMC (EMC) sank after announcing its $1.2 billion buyout bid for Virtustream.

Apple fell 2.2% to close at $129.62.

The iconic computer maker's 1.3 million-square-foot plant in Mesa, Ariz., suffered a fire Tuesday, according to a Bloomberg report. Apple had used the plant to manufacture its iPhone sapphire screens, but more recently was preparing to convert the facility into a data center, according to the report.

In addition to the fire, Apple reportedly has fewer billionaires invested in the stock. According to an Insider Monkey report, 16 of the 19 billionaires that the publication tracks continue to hold Apple shares. In other words, Apple lost three billionaire investors.

Marvell Technology Group soared 2.3% to finish the day at $13.44, on a day when the broader markets retreated.

The storage and semiconductor company jumped after Morgan Stanley upgraded it to overweight from equal weight, as well as raising its price target to $17.50 from $15. 

According to a report in Benzinga, Morgan Stanley analysts stated, "If the company were to divest the wireless business, or otherwise drive it to breakeven, earnings would climb."

On Friday, Marvell faced a sell off after reporting mixed quarterly results. Marvell reported better than expected earnings of 10 cents a share, but its $724 million in revenue was lower than Wall Street expected.

If you liked this article you might like

What's Up With Apple?

AI Pioneer Andrew Ng: There's Room for Multiple Winners in the AI Race

How to Make Your Life Successful Just Like Billionaire Warren Buffett

Watch Out For the Dominoes That Fall: Cramer's 'Mad Money' Recap (Wed 9/20/17)