Pre-Market Buzzers: Apple Breaks $700, Facebook Tumbles
Shares of Apple (NASDAQ:AAPL) closed up 1.23 percent on Monday at $699.78, and continue to climb in pre-market trading, surpassing $700 a share for the first time in company history, placing its market cap at $656 billion. Apple said it sold more than 2 million iPhone 5 units over the first 24 hours of pre-orders, more than double the rate of the iPhone 4S.
Facebook (NASDAQ:FB) shares are trading lower this morning after news yesterday that the social media company will not host its F8 conference this year. The event is held to address thousands of developers creating applications with Facebook’s system, but AllThingsD speculates that the “company probably just doesn’t have any massive new products or features that would warrant calling in developers from across the world.”
Advanced Micro Devices (NYSE:AMD) shares are down 4.5 percent this morning. Thomas Seifert, the company’s chief financial officer, has resigned “to pursue other opportunities,” according to AMD. His departure was “not based on any disagreement over the company’s accounting principles or practices, or financial statement disclosures.” Intel (NASDAQ:INTC) shares were unchanged on the news.
Shares of Ford Motor (NYSE:F) bounced 0.50 percent this morning after closing Monday down 1.33 percent. The automaker made progress with union issues. Reuters reports, “The Canadian Auto Workers union said on Monday it has reached a tentative four-year contract agreement with Ford, averting a strike at the automaker’s Canadian plants before a midnight strike deadline.”
Investor Insight: Internet Stocks Halt Their September Rally
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