U.S. stocks fell after a sharp decline in Apple and Best Buy co shares
The U.S. stocks saw a sharp decline after yesterday’s fall in Apple (AAPL) Inc. by 3.8 percent and news of data showing China’s rapid manufacturing pace.
Apple dropped to $509.79. UBS also has cut its price estimate by $80 i-e $700 from $780 over concerns of slow growth for the iPhone & iPad in coming months.
Best Buy Co. shares also fell by 15 percent to $12.05 after founder Richard Schulze’s announcement of extending the deadline to offer the company as private. Smith & Wesson Holding Corp. (SWHC) shares declined by 4.3 per cent to $9.13 as the murder of children at a Connecticut school encouraged speculation of enhanced gun control laws. Sturm Ruger & Co. declined by 4.5 per cent to $45.57. Schlumberger Ltd. the world’s largest oilfield services provider declined 5 per cent to $68.91 .
The Standard & Poor’s 500 Index were downed by 0.4 per cent to 1413.58 . The Dow Jones Industrial Average fell 0.3 per cent or 35.71 points to 13135.01 today.
The S&P 500 this month has dropped by 0.2 percent with overall drop of 12 per cent in 2012.