Recapping the day's news and newsmakers through the lens of CNBC.
Apple's Big Show Short on Juice
Apple's World Wide Developers Conference kicked off with product announcements Monday, with the tech giant unveiling a new operating system, upgrades to its laptops and a new radio service.
As expected, some nice, incremental software upgrades. But anyone expecting a "wild card" surprise announcement of a new gadget or the opening up of the Apple TV platform to app developers was disappointed. Investors who are near-term bearish on the company weren't hard to find as a result of the lack of "wild card" momentum. But there are Apple bulls who say that some of the upgrades should help propel shares to the $500 to $600 range. The keynote from Apple CEO Tim Cook didn't serve as a boost to shares, either.
"We're still sort of in this really long drought of not having new, cool hardware from Apple, but I'm not sure if today they're going to solve that problem. "
—Dan Ackerman of CNET
"I think the stock only works when new products hit the market that people start saying, 'Wow, I guess they can innovate.' "
— Eric Jackson of Ironfire Capital
"Can't innovate anymore, my ass!"—Phil Schiller, senior vice president, worldwide product marketing, Apple
The Post-Jobs Report Lull?
After last week's sturm and drang over jobs and tapering, this week could bring a sideways trend rather than a big, taper-inspired correction. Longer-term, it could be a volatile second half, with the bullish trend still in place, but less reason to be positive in the short term. For big bears, there's the argument being made that every major asset class in the world is overpriced.
"I don't really expect […] for there to be a huge correction, but I do think we're just going to mark some time and trend sideways and I think it's a good opportunity for those that aren't sufficiently in this stock market to take periods of weakness over the next several months to add to positions."
— James Paulsen, chief investment strategist, Wells Capital Management
"We're in a secular trending-upward market and that's something we really haven't seen for some time."
— Goldman Sachs' Peter Oppenheimer
"If you believe the second half of the year's going to be better nothing you learned in this quarter will derail that dream."
—Adam Parker, chief U.S. equity strategist, Morgan Stanley