Midday Movers: AAPL, QCOM & More
Take a look at some of Wednesday's midday movers:
Weakness in technology and Apple led U.S. stock markets lower in a broad sell-off. All ten S&P 500 large-cap sectors in the red.
Apple traded down to its 52-week low. Wedge Partners analyst Brian Blair attributed the session's weakness to the warning from one of its suppliers, Cirrus Logic. Blair said that the "perception of decreased demand" for iPhones and iPads has investors wary of Apple.
Chipmakers and Apple suppliers Qualcomm and were also lower. Meanwhile, competitor Linear Technology said its outlook for growth in the June quarter was lower than expected.
Gap traded lower but was off session lows after the company announced its strategy to continue global growth. The retailer expects to expand its presence in China.
Caterpillar was lower following a downgrade from Macquarie Research to "neutral" from "outperform" and a price target cut to $88 from $112 per share. Analyst saying that Caterpillar's macro assumptions look optimistic and that "China continues to drag."
ABIOMED surged on heavy volume after the medical device maker reported preliminary fourth-quarter revenue above market estimates.
Freeport-Mcmoran, Newmont Mining and Cliffs Natural Resources were among miners trading at 52-week lows.
One bright spot, Mattel was one of the few Nasdaq-100 stocks in the green after the toymaker posted better-than-expected earnings.
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—By CNBC's Lori Spechler
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