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Stocks - Nasdaq Ekes out Gain as Apple Cuts Some Losses on Bets of Rebound

Stock MarketsFeb 18, 2020 04:21PM ET
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© Reuters.

Investing.com – The Nasdaq eked out a gain Tuesday after Apple (NASDAQ:AAPL) clawed back some losses as investors bet that the Covid-19 impact on the tech giant's revenue will be temporary.

The S&P 500 fell 0.29%, the Nasdaq Composite rose 0.02% and the Dow Jones Industrial Average lost 0.56%.

"We assume that, as with every other company operating in China, the situation on the ground continues to evolve for Apple). We are reducing our forecasts for both the March and June quarters but we see this as a temporary issue for Apple (NASDAQ:AAPL)," Goldman Sachs said in a note after the company warned on revenue.

Apple said it would miss its fiscal second-quarter revenue guidance amid a coronavirus hit to iPhone demand and production. Its shares closed 1.8% down after falling by more than 3% intraday.

Still, the warning on revenue sent shockwaves across the supply chain, with chip stocks in particular showing weakness. Lam Research (NASDAQ:LRCX) dropped 4% and Taiwan Semiconductor Manufacturing (NYSE:TSM) fell 3.5%.

Downside in the broader market, however, was kept in check by positive quarterly earnings.

Walmart (NYSE:WMT) climbed 1.5% after shrugging off weaker-than-expected fourth-quarter results, which it blamed on a softer-than-expected performance over the holidays.

Advance Auto Parts (NYSE:AAP) reported earnings that topped consensus estimates, sending its share about 6% higher.

Kroger (NYSE:KR), meanwhile, surged 5% after Warren Buffett invested $549 million in for a 2.4% stake in the company.

Energy stocks fell 0.8%, pressured by early weakness in oil prices amid fears about the virus' impact on Chinese oil demand.

"Driving crude oil markets over the short term are discussions between OPEC and Russia about further curtailments in light of this demand," said Tortoise Managing Director Brian Kessens.

Stocks - Nasdaq Ekes out Gain as Apple Cuts Some Losses on Bets of Rebound
 

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Comments (3)
David David
David9 Feb 18, 2020 5:21PM ET
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Apple will hit $350 soon and will go to $400 in a couple of quarters.
Anandha Nan
Anandha Nan Feb 18, 2020 5:21PM ET
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yes its true,,, u can check on Wedbush either... target price of Apple will go to $400
Stephane ADAM
Stephane ADAM Feb 18, 2020 5:00PM ET
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It's the rebound of the dead cat, the first downward, some traders take time to understand, the first move of low is always strongly corrected.Apple wil bounce back but later, must first correct.
Karrs Kars
Karrs Kars Feb 18, 2020 5:00PM ET
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Its a temporary thing, unless thd coronavirus keeps going, they they’ll be in big trouble
First Last
First Last Feb 18, 2020 5:00PM ET
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So much QE in china and the US a little hiccup in shipping wont make a dent in the companies stock. They are pulling out all stops to keep this freight train alive.
Dee Mehta
DMFINANCE Feb 18, 2020 5:00PM ET
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I remember the housing bubble of 2007/2008, Goldman was the culprit upselling MBS. This time they are upselling stocks. Be carefull they are shorting here ....
Kenny Chen
Kenny Chen Feb 18, 2020 5:00PM ET
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GS is not shorting Apple. GS is only telling people to short so they can profit from it.
Dee Mehta
DMFINANCE Feb 18, 2020 5:00PM ET
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Ga is the larget option writer of apple the story will change on the hedge
 
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