Midday Report: Apple Falls on iPhone Forecasts; Stocks Are Choppy

Stocks sank in choppy trading by midday on Monday as crude oil hung around the $35 mark and investors looked to the Federal Reserve meeting later this week. The central bank is expected to raise rates for the first time in nearly a decade. Apple (AAPL) shares slipped after Morgan Stanley analysts predicted iPhone sales would decline by around 3% in 2016. Likewise, Barclays cut its own iPhone sales estimates for the first quarter next year. Morgan Stanley analysts downgraded GoPro (GPRO) on disappointment over its video-editing software. The firm said the software would hinder overall sales. Alibaba (BABA) disclosed that it paid $266 million for the South China Morning Post, an acquisition it announced last week.