US stocks edged lower Friday, with the Dow industrials and the S&P 500 halting their lengthiest stretch of weekly gains since August, as investors fixated on the absence of a federal government budget agreement and overlooked upbeat economic news in the US and China.
US stocks endedlower Friday, as the Dow Jones Industrial Average lost 36 points to 13135, the Standard & Poor’s 500-stock index slipped six points to 1414, and the Nasdaq Composite declined 21 points to 2971. Among the companies with shares actively trading were Apple, Clearwire, Sprint Nextel and Goldman Sachs Group.[article_detail_ad_1]
Apple Inc.(NASDAQ:AAPL) slipped 3.8% laterthan UBS AG cut its price assessment for shares of the consumer technology firm, mentioning worries of decelerating demand for the iPhone and iPad.
Steven Milunovich in a report stated that they have reduced theirforecasts due to supply chain checks show the iPhone build rate is falling to 25mn units for the Mar quarter,secondly, some of their Chinese sources do not anticipate the iPhone 5 to do as good as the iPhone 4S,thirdly, the mini may be eating up the larger iPad and sustaining a 20mn iPad run rate isn’ttrouble-free, and fourthly,theirprior growth evaluations seem aggressive given the European economy and tougher handset opposition.
Clearwire Corporation(NASDAQ:CLWR) shareholder Mount Kellett Capital Management LP is openly being in conflict with Sprint Nextel Corporation(NYSE:S)’s acquisition proposal of Clearwire as opportunistic and underestimating the smaller company.
Mount Kellett, a private investment companymanaged bybypreviousGoldman Sachs Group, Inc.(NYSE:GS)officials, wrote a letter to Clearwire’s board citing that it would fight majority-shareholder Sprint’s proposal of $2.90 per share, calling it a highly coercive proposal.
Mount Kellettholds 53.2 million shares, or almost 7.3% of Clearwire’s non-Sprint shares; Sprint presentlypossesses 50.45% of Clearwire.Shares of Clearwirerose +6.65% and shared of Goldman Sachs added +0.73% butSprint Nextelslipped -1.60%.