Market Wrap: Apple Sells and Misses; Google's Rise to Highs; Emmys Sparkle on ABC; Caterpillar Gets Real on Outlook


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September 24, 2012 5:22 PM EDT Send to a Friend
Market wrap-up for September 24th

End of the Day: S&P 500 down 3.3 to 1,456.90; Dow Jones down 20.6 to 13,558.92; Nasdaq down 19.2 to 3,160.78

The following is a brief summary of events moving markets today:
  • Just a moment of weakness: By all accounts, Apple, Inc. (Nasdaq: AAPL) sold a ton of iPhone 5s last weekend, the first that the device was on sale. The company reported moving over 5 million units from last Friday through Sunday, outpacing first-weekend sales of the iPhone 4S by a cool 20 percent.

    However, analysts were looking for numbers closer to a range of 8 million to 10 million. Thus, Apple ended the session lower

  • Building confidence, one home at a time: Lennar Corp (NYSE: LEN) aimed to boost the homebuilding segment Monday, reporting stronger than expected Q3 results. EPS nearly tripled to 40 cents per share while revs were solid at $1.1 billion.

    The numbers highlight a theme that has been continuing for a while now: low rates on mortgages and steady unemployment numbers are leading homebuilders to better sales numbers. Many are also at 52-week highs or better.

    For more on Lennar's quarter, click here.

  • My turn!: Just last week, Apple was hitting new high after new high in its stock price. This is shaping up like Google's (Nasdaq: GOOG) time to shine. Following Apple's aforementioned sales numbers as well as a shutdown at ODM Foxconn (Hon Hai) following a worker riot over the weekend, Google had sentiment in its favor and rose over 2 percent to $750.04.

    The price level puts Google with a market cap of $245.1 billion, about 62 percent lower than Apple.

  • Cat-scratch feva': Caterpillar (NYSE: CAT) cut its outlook for fiscal 2015 earnings at an investor and analyst event today, stating that it expected macro pressure to continue over the next three years. CEO Doug Oberhelman said Caterpillar's expected FY15 range is now at $12 to $18, from a prior reading of $15 to $20. Oberhelman noted that the outlook comes with expectations of modest growth and no global recession.

    At last check, CAT shares were about 2 percent lower Monday night, after ending the regular trading session down 0.9 percent. For more on CAT's outlook, click here

  • Oops!: Peregrine Pharma (Nasdaq: PPHM) investors might have been climbing over each other to grab the last few bottles of Pepto today, with the stock getting slammed as much as 85 percent to a new...well, only three-month low. Still, Peregrine rose from under 50 cents per share to about $5.50 in the span of three months, a 1000 percent gain.

    Peregrine said someone entered the wrong codes for some samples from its randomized, double-blind placebo-controlled Phase II trial of bavituximab in second-line non-small cell lung cancer. For more color, click here.

  • A golden night: Disney's (NYSE: DIS) ABC had a relatively successful Emmys telecast on Sunday, drawing in more views from last year. According to data from Nielsen, an average of 13.5 million viewers watch the event, up 6 percent from 2011s reading.

    Last year, News Corp's (Nasdaq: NWSA) Fox broadcast the event, garnering 12.4 million viewers on average.

    Notably, NBC's "Sunday Night Football" event between the Baltimore Ravens and New England Patriots drew in 19.8 million viewers. NBC is owned by Comcast (Nasdaq: CMCSA).
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