Midday Report: HSBC Settles Subprime Lawsuit; U.S. Stocks Slide

U.S. stocks extended their decline, pulling markets further into the red for the week.
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U.S. stocks extended their decline, pulling markets further into the red for the week. Apple (AAPL) - Get Report dragged tech lower after Beijing ordered sales of its iPhone 6 to stop, citing patent infringement. Infoblox (BLOX) announced plans to lay off 12% of its workers as part of a cost-cutting plan. The network-software company will likely incur $6.5 million in restructuring charges. Lumber Liquidators (LL) - Get Report roared higher after U.S. regulators ended their investigation into its flooring products containing formaldehyde. Officials did not issue a recall, but ordered a number of safety measures, many of which the company has already implemented. HSBC (HSBC) - Get Report has agreed to pay a $1.6 billion fine to settle a subprime lending lawsuit.