Apple Unveils Watch, Larger iPhones; Francesca's Shares Drop After Downbeat Results
At the end of trading on Tuesday, the Dow traded down 0.57 percent to 17,013.87 while the NASDAQ declined 0.87 percent to 4,552.29. The S&P also fell, dropping 0.65 percent to 1,988.44.
Leading and Lagging Sectors
In trading on Tuesday, health care shares fell by just 0.16 percent. Meanwhile, top gainers in the sector included Endocyte (NASDAQ: ECYT), up 17.03 percent, and Threshold Pharmaceuticals (NASDAQ: THLD), up 4.12 percent.
Utilities shares tumbled 0.81 percent in trading on Tuesday. Meanwhile, top decliners in the sector included Companhia Paranaense de Energia (NYSE: ELP), down 5.53 percent and CPFL Energia SA (NYSE: CPL), off 4.04 percent.
The new phone will come in two sizes (4.7-inch and 5.5-inch). The larger model will be known as the iPhone 6 Plus, finally putting an end to the iPhone XL rumors. Both devices will feature an aluminum back and a stainless steel Apple logo. Both of the new iPhones feature curved edges and a fairly narrow bezel.
Apple unveiled its first payment system, Apple Pay and also unveiled its first smart watch, known as Apple Watch, with a square display, curved edges, and gold or silver bodies.
Apple shares dropped 0.38 percent to close at $97.99.
Equities Trading UP
Shares of Burlington Stores (NYSE: BURL) got a boost, shooting up 3.11 percent to $37.18 after the company reported a narrower than expected second quarter loss and lifted its forecast for the year.
HD Supply Holdings (NASDAQ: HDS) shares were also up, gaining 2.77 percent to $28.15 after the company reported better than expected second quarter results.
Equities Trading DOWN
Shares of FuelCell Energy (NASDAQ: FCEL) were down 9.36 percent to $2.42 after the company reported downbeat quarterly revenue. The company reported in line loss for the quarter and announced an agreement to sell University fuel cell project to NRG Energy (NYSE: NRG)
Pep Boys - Manny, Moe & Jack (NYSE: PBY) shares tumbled 9.64 percent to $10.31 after the company reported second quarter earnings of $0.00 per share on revenue of $525.80 million. However, analysts were expecting earnings of $0.17 per share on revenue of $534.26 million.
Francesca's Holdings (NASDAQ: FRAN) was down, falling 4.51 percent to $13.34 after the company reported weaker than expected second quarter results and lowered its earnings forecast for fiscal year 2014.
In commodity news, oil traded up 0.09 percent to $92.74, while gold traded down 0.30 percent to $1,254.00.
Silver traded down 0.76 percent Tuesday to $19.11, while copper fell 1.84 percent to $3.10.
European shares were lower Tuesday. The eurozone’s STOXX 600 fell 0.35 percent, the Spanish Ibex Index dropped 1.36 percent and Italy’s FTSE MIB Index declined 0.68 percent. Meanwhile, the German DAX fell 0.49 percent and the French CAC 40 fell 0.50 percent, while UK shares dropped 0.08 percent.
The NFIB Small Business Optimism Index rose to 96.10 in August, versus a prior reading of 95.70. However, economists were expecting a reading of 95.90.
The ICSC-Goldman Store Sales Index rose 0.7% in the week that ended Saturday versus the earlier week.
The Johnson Redbook Retail Sales Index gained 0.2% in the first week of September versus August.
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