5 Bellwether Stocks Struggle to Give Market Momentum
Bank of America (NYSE:BAC): During May’s second half, financial shares rose 9%, the largest increase since March 2009. There was also a 75% increase in Bank of America and a 61% increase in Citigroup (NYSE:C) led by shorts, other TBTFs were affected also. The triple-leveraged, financial bear FAZ increase 11% during the last month. Shares of Bank of America are trading 0.20% lowertoday.
Apple Inc. (NASDAQ:AAPL): According to Qualcomm (NASDAQ:QCOM), its issues with the 28nm baseband chip shortage that affected its June quarter guidance will no longer effect the company by the year’s end as contract manufacturer TSMC (NYSE:TSM) ramps supply. With this timetable, the company could still lose some business, especially if the new iPhone (NASDAQ:AAPL), expected to use the 28nm Qualcomm baseband, uses a large portion of available supply. Shares of Apple Inc. are trading 0.93% lower today.
Featured Reading: Did Apple Miscalculate MacBook Pro Demand?
Facebook, Inc. (NASDAQ:FB): A report in the Korea Times released information that Samsung is working secretly and plans t0 launch a social network service for Internet-enabled devices early next year, taking Facebook (NASDAQ:FB) head-on at its own game. The report states Samsung could integrate its service with Amazon’s (NASDAQ:AMZN) cloud computing platform. Shares of Facebook, Inc. are trading 0.71% lower today.
Featured Reading: Facebook Goes 1984 on Shareholders>>
AT&T, Inc. (NYSE:T): According to AT&T CEO Randall Stephenson, the wireless industry may experience an increase in consolidation as a result of firms purchasing each other’s spectrum assets to handle the high demand by smartphone users. Analysts believe that Verizon’s new data plan’s launch will be the catalyst for many similar plans in the industry since wireless firms are focusing more attention on Internet data charges. Shares of AT&T, Inc. are trading 0.20% lower today.
Nokia Corporation (NYSE:NOK): The Verge cites a Nokia executive in reporting that Nokias PureView camera technology will be transferred to Lumia Windows Phone devices. Shares of Nokia Corporation are trading 2.79% lower today.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.