Radar Movers: Apple Touches Below $500, Dell and Herbalife Surge
Shares of Apple (NASDAQ:AAPL) closed 3.6 percent lower on Monday, but received some support in late afternoon trading. The Nikkei newswire as well as The Wall Street Journal said the company had cut productions orders for LCD screens at Japan Display, Sharp, and LG Display by half from an initial total of 65 million for the January to March quarter. Orders for other iPhone components, including processors, had also been cut, the reports added. During intra-day trading, Apple briefly touched below $500 for the first time in 11 months.
Dell (NASDAQ:DELL) shares continued to edge higher in late afternoon hours after surging 13 percent. Two people with knowledge of the matter told Bloomberg that Michael Dell, chief executive officer, could be preparing to take the company private. Hewlett-Packard (NYSE:HPQ) shares also traded higher.
Shares of Lululemon Athletica (NASDAQ:LULU) dropped more than 6 percent in late afternoon trading. The yoga-wear retailer said revenue for the fourth quarter ended February 3 will be at the “high end” of its $475 million to $480 million forecast, falling below analysts’ estimates of $489 million.
Herbalife (NYSE:HLF) shares surged 10 percent on Monday and continue to attract attention in late afternoon trading. Analyst Tim Ramey from D.A. Davidson & Co. said the company could be the “Mother of all Short Squeezes.” Shares hit above $44, their highest price since hedge-fund manager Bill Ackman announced he was short the company and called Herbalife a pyramid scheme.
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