Afternoon Market Update (BBY, RTP, DELL, MSFT, GOOG, INTC, AAPL)
Retail stocks moved up gradually as manufacturing activity in the New York region indicated an improvement in the business conditions in June. However, the top US electronics retailer, Best Buy Co (NYSE: BBY), dropped 5.7% to $38.71 as it announced its FQ1 profits and sales short of the expectations.
Shares of Mining group Rio Tinto (NYSE: RTP) moved up by more than 1% after the company’s announced its plans to invest $469 million for the construction of the Kennecott Eagle nickel and copper mine in the Upper Peninsula of Michigan. RTP made the decision after it received the final environmental approval. The company will start the construction this year.
The technology stocks continued to post gains today. Stocks making waves in the technology sector are Dell Inc (NASDAQ: DELL), Google Inc. (NASDAQ: GOOG), Microsoft Corp (NASDAQ: MSFT), Intel Corp (NASDAQ: INTC) and Apple Inc (NASDAQ: AAPL). Shares of AAPL moved up after the company launched the new version of its Mac mini desktop computer.
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