Tuesday, October 19, 2010

US STOCKS-Citi boosts Wall St; IBM, Apple slide after close

U.S. stocks advanced on Monday as stronger-than-expected profit from Citigroup helped financial shares shake off worries that the foreclosure mess could threaten the stability of the housing market.
Apple Inc (AAPL.O), which hit an all-time high during the regular session, disappointed investors after reporting gross margins and iPad shipments. Its shares skidded 5 percent in after-hours trading while stock index futures fell, suggesting a weak market opening on Tuesday. For details, see [ID:nN18288374].
Shares in IBM also fell after the closing bell, losing 3.5 percent to $137.84. The stock had reached a 52-week high during the regular session. International Business Machines Corp (IBM.N) reported a higher-than-expected profit and raised its outlook for the full year, but the shares fell on sluggish sales of technology services. [ID:nN18152165].
"Both stocks have kind of gone parabolic into the earnings," said Nick Kalivas, an analyst at MF Global in Chicago. "My fear is we're going to get a buy the rumor, sell the fact trade."


Dow Jones Industrial Average

 (DJI: ^DJI)
Index Value:11,143.69
Trade Time:4:03PM EDT
Change:Up 80.91 (0.73%)
Prev Close:11,062.78
Day's Range:11,054.76 -11,159.05
52wk Range:9,596.04 -11,309.00

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