Business Market 18 Jun 2016 Apple, other tech na ...

Apple, other tech names hit as US stocks fall

AFP
Published Jun 18, 2016, 6:43 pm IST
Updated Jun 18, 2016, 6:43 pm IST
The broad-based S&P 500 shed 0.3 percent at 2,071.22, while the Nasdaq dropped 0.9 percent to 4,800.34.
Apple tumbled 2.3 percent on news that it faced a battle to keep selling iPhones in Beijing following an administrative order that concluded the tech giant violated design patents of Chinese maker Shenzhen Baili.
 Apple tumbled 2.3 percent on news that it faced a battle to keep selling iPhones in Beijing following an administrative order that concluded the tech giant violated design patents of Chinese maker Shenzhen Baili.

New York: US stocks sat out an global equity rally that lifted shares in Europe and Asia Friday, with the Nasdaq sinking due to weakness in Apple and other big tech names.

Apple tumbled 2.3 percent on news that it faced a battle to keep selling iPhones in Beijing following an administrative order that concluded the tech giant violated design patents of Chinese maker Shenzhen Baili.  Apple said it is still selling the phones in China, pending an appeal of the ruling.

 

But other tech names were also weak, with Amazon, Facebook and Google parent Alphabet all losing at least 1.0 percent. The Dow Jones Industrial Average fell 0.3 percent to 17,675.16.

The broad-based S&P 500 shed 0.3 percent at 2,071.22, while the Nasdaq dropped 0.9 percent to 4,800.34. Jack Ablin, chief investment officer at BMO Private Bank, said shares of tech and growth stocks are being penalized by investors who prefer dividends as yields on US treasuries languish.

PepsiCo, which sells snacks in addition to soda, fell 0.4 percent. Software giant Oracle climbed 2.7 percent as fiscal fourth-quarter net income rose 2.0 percent behind strong growth in some key service offerings in cloud computing.

Cosmetics company Elizabeth Arden surged 49.1 percent on news it agreed to be acquired by Revlon for about $870 million. Revlon rose 6.6 percent. Most petroleum-linked shares rose on higher oil prices, with Anadarko Petroleum gaining 3.0 percent, Schlumberger 1.6 percent and Devon Energy 3.4 percent.

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