Midday Movers: AAPL, PANL & More
Take a look at some of Tuesday's midday movers:
Apple fell as CEO Tim Cook spoke at the Goldman Sachs Technology Conference. With much of the focus on Apple's $137 billion cash stash, Cook said that Apple would consider a large acquisition but is not pressured.
Universal Display fell sharply and bounced following Apple's CEO comments regarding OLED displays saying that "the color saturation is awful."
Boyd Gaming was slightly lower following a downgrade from Goldman Sachs to "sell" from "neutral" on price target of $5.50 a share. The gaming sector has been hot as investors bet that New Jersey could legalize online gambling.
Qualcomm was lower after a downgrade from JPMorgan to "neutral" from "overweight," while the price target remained at $70 a share. JPMorgan cut its rating on the chipmaker saying that smartphone purchases for first-time users are peaking and will start to decline next year.
Reynolds American traded lower after reporting fourth-quarter profits that fell on higher charges and lower cigarette volume.
And Avon Products was higher after reporting better-than-expected fourth-quarter earnings on $3 billion in revenue. The CFO of the troubled beauty products company said investors should not expect a "linear" turnaround.
—By CNBC's Lori Spechler
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