Midday Report: Goldman Cuts Apple Outlook; Oil Weighs on Stocks

U.S. stocks pared losses, though remained in the red as crude oil continued to pressure Wall Street on Thursday. Crude fell below $49 after OPEC failed to agree on a production cap. Apple (AAPL) - Get Report weighed on the Dow after Goldman cut its price target and reduced full-year earnings estimates. The firm blamed weaker growth forecasts for the smartphone industry. Apple recently reported its first quarterly decline in iPhone sales. Joy Global (JOY) slipped after reporting a double-digit percentage decline in quarterly revenue. A drop in demand and activity in the U.S. coal industry hurt the mining-equipment company. Bank of America downgraded oil giant Exxon Mobil (XOM) - Get Report to NEUTRAL from BUY. The firm said the move was a valuation call based on a $96 price target.