Apple Hits a Fresh Low and Bank of America Falls Short: Market Recap

It was a red day on Wall Street today. Reports from the twelve Federal Reserve Districts suggest overall economic activity expanded at a moderate pace during the reporting period from late February to early April, stated the commentary on current economic conditions compiled by the Federal Reserve, known as the Beige Book. The report indicated that economic growth was buoyed by residential construction and auto manufacturing… (Read more.)

DJIA: -0.94% to 14,618.60 S&P 500: -1.43% to 1,552.01 NASDAQ: -1.84% to 3,204.67
Gold: -$10.00 to $1,377.40 per ounce Oil: -2.30% to $86.68 per barrel U.S. 10-Year: -0.027 points to 1.696%

U.S. commercial crude oil inventories declined by 1.2 million barrels during the week ended April 12, according to the Energy Information Association. At 387.6 million barrels, U.S. crude oil inventories are well above the upper limit of the average range for this time of year. Refineries operated at 86.3 percent capacity, with gasoline production kicking up to 8.9 million barrels per day as the U.S. enters driving season… (Read more.)

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The International Monetary Fund lowered its forecast for 2013 economic growth in the United Kingdom on Tuesday and said Prime Minister David Cameron’s government should consider easing austerity measures because of the country’s weakening economic recovery… (Read more.)

According to the Mortgage Bankers Associations latest report for the week ending April 12, loan application volume gained 4.8 percent on a seasonally adjusted basis from one week earlier. This comes after a 4.5 percent increase. These figures include both refinancing and home purchase demand, and covers over 75 percent of all domestic retail residential mortgage applications… (Read more.)

Here’s your Cheat Sheet to today’s top stock stories:

Apple (NASDAQ:AAPL) closed the day down 5.5 percent, touching below $400 per share in intraday trading. The wave of negative sentiment around the tech giant intensified as Cirrus Logic (NASDAQ:CRUS), which is widely believed to make analog and audio chips for the iPhone and iPad, announced a weaker-than-expected forecast. For the first fiscal quarter, the company expects revenue of $150 million to $170 million. Wall Street was expecting revenue above $190 million… (Read more.)

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Bank of America (NYSE:BAC) closed the day down 4.7 percent. The firm reported first-quarter 2013 financial results that fell short of analyst expectations. Net income of $0.20 per diluted share missed estimates for $0.22 per share. Some highlights include a 5 percent increase in deposit balances and a 17 percent increase in commercial loan balances. The firm commented: Relative to the same period a year ago, the results for the first quarter of 2013 were driven by increased brokerage income, higher investment banking fees, and improved credit quality across all major portfolios, partially offset by lower mortgage banking income and lower net gains on the sales of debt securities.”

Yahoo (NASDAQ:YHOO) closed the day down 0.38 percent. The turn-around tech giant posted first-quarter 2013 results after the bell on Tuesday that showed an unattractive (11 percent) decline in display-advertising revenue to $455 million. GAAP revenue declined 7 percent to $1.1 billion, adjusted EBITA of $386 million was flat with the year-ago period, while net earnings increased 26 percent on the year to $420 million.

Mattel (NASDAQ:MAT) closed the day up 1.86 percent after hitting a fresh 52-week high of $45.37 per share. The toy maker reported that first-quarter worldwide sales were up 7 percent and net sales increased 7 percent to $995.6 million. Earnings increased from $0.02 to $0.11 per share.

Don’t Miss: How Bleak is the U.K.s Economic Future.