Wall Street kicked off the week with a slow start as stocks fell on renewed geopolitical concerns. The Dow Jones Industrial Average dipped more than 50 points this morning. The S&P 500 fell over 0.3% at one point, while the tech-heavy Nasdaq was weighed down close to 1% by Apple.
Apple's (AAPL) - Get Report Monday move hurt the entire tech sector, where reports of sluggish demand for the new iPhone TEN hit suppliers hard. A Digitimes analysis said Apple ordered its suppliers to ship just 40% of planned iPhone TEN production and hold the remainder. The phones are set to ship November 3.
Allergan (AGN) - Get Report stock gained more than 3% after the company authorized a new share buyback program and promised to pay down $3.75 billion in debt next year. Allergan is set to repurchase $2 billion in stock, which is around 2.9% of current shares outstanding. The move comes as Allergan called its shares "substantially undervalued."
D.R. Horton (DHI) - Get Report fell slightly after slashing fourth quarter guidance on news recent hurricanes caused delays in its pipeline. The largest U.S. homebuilder anticipates roughly $150 million of cash flow from operations over its fiscal year, down from its previous guidance of $300 million. Its fourth-quarter backlog conversion rate is expected to slip to 85% from a previous target of between 88% to 90%.
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