Weak Earnings and Oil Falling Push Market Lower as Apple Falls to One Year Low
NEW YORK, April 18, 2013 /PRNewswire/ --
Disappointing earnings reports and commodities prices falling pushed stocks lower on Wednesday. The Dow closed down 138 points, the Nasdaq composite closed down nearly 60 points, and the S&P 500 closed down a little over 22 points. Apple shares sank to a new one year low of $398.11, the lowest level seen since December of 2011. Chip maker Cirrus Logic offered a weak outlook for first-quarter revenue on Tuesday night. This may affect Apple as Cirrus's audio chips are used in Apple's iPhones and iPads. Apple is scheduled to report fiscal Q2 results on April 23rd.
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Bank of America Corporation (NYSE: BAC) - BAC trading volume on Wednesday was more than double than average. The stock closed down 4.72% yesterday after revealing that revenues had dropped and that the bank had settled three mortgage-backed securities lawsuits related to its Countrywide unit for $500 million.
Many mid or large cap stocks once started off asPenny stocks!
Acura Pharmaceuticals, Inc. (Nasdaq: ACUR) - Shares of ACUR soared on Wednesday, closing up 33.95%. In intra-day trading Acura Pharmaceuticals saw gains as high as 50% after federal regulators moved to block new painkillers that aren't designed to resist abuse. Acura makes drugs that are designed to be harder to abuse. The stock closed at $2.88 yesterday.
Magnum Hunter Resources Corp. (NYSE: MHR) - Magnum Hunter Resources was one of the biggest decliners on the NYSE on Wednesday. Shares dropped to a new 52-week low of $2.42 after firing its auditing firm. This is the most the stock has dropped in more than two years. Shares closed down 14.76% at $2.83.
Penny stocks can deliver sky-rocketing returns and are a popular choice among many investors in the market because of how much lower they trade than big cap companies.
E2open, Inc. (Nasdaq: EOPN) - E2open had one of the biggest volume advances on the Nasdaq on Wednesday. Trading volume was over 10 times higher than average. The stock dropped as much as 28% after the company reported fourth-quarter results. Shares closed down 24.18% yesterday.
Atlas Energy, L.P (NYSE: ATLS) - ATLS shares hit a new 52-week high of $52.33 on Wednesday after it was announced that the Company agreed to acquire Teak Midstream LLC for $1 billion in cash. ATLS closed up 11.19% yesterday.
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