Apple's Stellar Quarter No Help for Stocks
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Better than expected quarterly results from Apple (NASDAQ: AAPL), Texas Instruments (NYSE: TXN) and Lexmark (NYSE: LXK) did little good for stocks on Tuesday, as the major market indexes ended the day lower.
Apple's shares closed just under $200, up nearly 5 percent on the day, after the company reported record profits that easily surpassed Wall Street expectations on a 25 percent jump in sales.
Lexmark soared 16 percent on much than better than expected earnings and sales despite a 15 percent year-over-year sales decline, while Texas Instruments ended up a fraction after the chip maker's results topped forecasts, also on a 15 percent revenue drop.
Volterra Semi (NASDAQ: VLTR) slumped 18 percent on rising litigation costs, and JDA Software (NASDAQ: JDAS) lost 5 percent on its numbers.
Yahoo (NASDAQ: YHOO) and SanDisk (NASDAQ: SNDK) kept the string of strong results going after the close, and shares of both companies rose in after-hours trading. But Seagate (NASDAQ: STX) slipped despite solid results.
Still to come this week are earnings reports from eBay (NASDAQ: EBAY) and VMware (NYSE: VMW) on Wednesday, EMC (NYSE: EMC) and Amazon (NASDAQ: AMZN) on Thursday, and a rare Friday morning report from Microsoft (NASDAQ: MSFT).
The Nasdaq lost 12 to 2163, the S&P 500 fell 6 to 1091, and the Dow gave back 50 to 10,041. Volume rose to 5.4 billion shares on the NYSE, and 2.16 billion on the Nasdaq. Decliners led by a 24-12 margin on the NYSE, and 20-7 on the Nasdaq. Downside volume was 77 percent on the NYSE, and 71 percent on the Nasdaq. New highs-new lows were 372-44 on the NYSE, and 118-16 on the Nasdaq.