Stock Market Slumps as Apple Sells Off

An iPhone supplier's weak forecast is pressuring AAPL shares

by Karee Venema

Published on Nov 12, 2018 at 11:54 AM

The U.S. stock market is spiraling at midday, with the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) down more than 1% each, and the Nasdaq Composite (IXIC) off nearly 3%. Apple (AAPL) is leading a slide in tech stocks as Lumentum's (LITE) weak forecast sparks concern over iPhone demand, while Goldman Sachs (GS) is pacing a slump in financial shares as the U.S. dollar climbs. Elsewhere, oil prices are on pace to snap a lengthy losing streak, with December-dated crude up 1.1% at $60.81 per barrel.

Continue reading for more on today's market, including:

  • Why Stifel thinks this REIT is ready to rally.
  • The FDA news that has this penny stock popping.
  • Plus, Lumentum puts liquidated during sell-off; the drug stock at the bottom of the Nasdaq; and buyout buzz boosts Apptio.

midday market stats nov 12

Lumentum Holdings Inc (NASDAQ:LITE) is seeing unusual options volume today, with roughly 6,400 contracts on the tape so far -- seven times what's typically seen at this point in the day. With LITE stock down 31.2% at $38.54 -- fresh off an annual low of $38.32 -- after the Apple supplier cut its current-quarter forecast, traders appear to be liquidating positions at the December 50 put.

Infinity Pharmaceuticals Inc. (NASDAQ:INFI) is the worst stock on the Nasdaq today, down 32.3% at $1.62 -- earlier hitting a 12-month low of $1.50, and slicing through recent support at its 320-day moving average. Today's bear gap comes in the wake of the company's presentation this weekend on its combination MARIO-1 Phase 1b study with Opdivo.

infi stock daily chart nov 12

Apptio Inc (NASDAQ:APTI) is at the top of the Nasdaq on news the software company has agreed to be taken private by Vista Equity Partners for $1.94 billion in cash, or $38 per APTI share. The deal has been approved by Apptio's board, but the company still has 30 days to accept counter offers. APTI stock is up 51.4% to trade at $37.63.


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