Following Friday's fiasco, today's trading began unpredictably. Futures began positive, then leveled off. During the course of the day, the markets swung up and down: the Dow traded in a range of 150 points, ending the day up marginally, while the Nasdaq was down almost 1% at one point, and ended with a loss of one-quarter percent. The S%P 500 recovered from a 1% deficit to close almost unchanged.
There were some movers today:
- Apple (AAPL) announced that it had sold its 1 millionth iPhone, and recovered $5 (3%) of last week's losses. The announcement verified that the iPhone is selling very well; Apple's own goal was to sell one million units by the end of September. The news today seemed to calm investor's nerves, after the unsettling price cut on the device last week.
- Countrywide (CFC) fell 5% today after announcing Friday that it was terminating another 12,000 jobs.
- Homebuilders declined, with all major companies falling by over 2%. My Hovnanian (HOV) led the way, giving up another 5% to close at a multi-year low. Hopefully, if the Fed decides to cut rates, the homebuilders will be the first to react positively.
- Harley-Davidson (HOG) fell an additional 3.5% today after declining almost 10% on Friday. A bleaker earnings forecast caused the decline; however, I feel as though the stock price may be over-reacting.
That's all for now; hopefully I'll have a chance to write another individual stock analysis later tonight or tomorrow.