iPhone Orders Questioned and Obama’s Press Conference: Market Recap
The markets were mixed today, with declining issues out-numbering advancing issues across the board. Investors are looking ahead to more financial earnings releases later this week.
At the close: DJIA: +0.14%, S&P 500: -0.09%, NASDAQ: -0.26%.
On the commodities front, Oil (NYSE:USO) climbed 0.69 percent to $94.21 per barrel. Precious metals were were also up, with Gold (NYSE:GLD) climbing 0.40 percent to $1,667.20 per ounce, and Silver (NYSE:SLV) climbing 2.09 percent to $31.05 per ounce. The yield on the 10-year T-bill dropped 0.021 points to 1.847 percent.
Reports on Monday that Apple (NASDAQ:AAPL) had cut orders for iPhone 5 components after lowered demand took the company’s shares down, but according to UBS, there was nothing new in the news to spark worry. Analyst Steve Milunovich wrote in a research note that there had been no change in component orders since a cut by his firm last month. While the research team had reduced its iPhone quarterly sales forecast last month, it did not see the need to take a fresh look at numbers now… (Read more.)
After nearly a year of negotiations and review, United Parcel Service (NYSE:UPS) is expecting European officials to veto its 5.2 billion euro ($7 billion) takeover bid for TNT Express, a Dutch delivery company. UPS had hoped to acquire the firm in order to increase its footprint in Europe and take advantage of its fast-growing network in Asia… (Read more.)
There appears to be a communication breakdown between General Motors (NYSE:GM), PSA Peugeot Citroen, and the media. While GM said more than once, in simple terms, that its Opel unit was not for sale, the French media said in less simple terms that Peugeot could take over Opel… (Read more.)
Due to a wealth of crude oil coming up in Alberta, Canada, and Bakken, North Dakota, oil and natural gas companies are investing hundreds of millions of dollars in rail projects to get the oil flowing as soon as possible. Specifically, many in the oil industry are investing in rail depots, with more than $1 billion planned to go into such projects, according to Plains All American Pipeline LP (NYSE:PAA)… (Read more.)
President Barack Obama held the last press conference of his first term on Monday. The President’s swearing-in ceremony will take place in just one week, on January 21, following a private oath of office on January 20.
“Right now, our economy is growing and our businesses are creating new jobs,” Obama said at the beginning of the press conference. “So, we are poised for a good year if we make smart decisions and sound investments, and as long as Washington politics don’t get in the way of America’s progress.” (Read more.)
At the Asian Financial Forum in Hong Kong on Monday, Chicago Fed president Charles Evans said that “Given more explicit conditionality, markets can be more confident that we will provide the monetary accommodation necessary to close the large resource gaps that currently exist. Additionally, the public can be more certain that we will not wait too long to tighten if inflation were to become a substantial concern.” Evans rotates into a voting spot this year, and his focus on removing uncertainty could be a boon for the markets… (Read more.)
With consumers no longer viewing personal computers as the number one gift, and problems that go far beyond a weak economy, preliminary worldwide PC shipments declined in the fourth quarter. According to Gartner, the world’s leading information technology research and advisory company, PC shipments on a global basis totaled 90.3 million units in the fourth quarter, representing a 4.9 percent drop from the prior year… (Read more.)
Don’t Miss: Are Troubling iPhone Reports Needless Noise?