S&P 500 Futures: Apple Leads 5 Stocks Active Overnight
Futures for the S&P 500 index, Nasdaq 100 and Dow industrials rose slightly late Tuesday after the S&P 500 index hit a record high during the regular session and the Nasdaq composite came up just shy. Apple (AAPL) remained active late as the iPhone maker continued to make news. Nordstrom (JWN), Centene (CNC) and Micron Technology (MU) all rallied in extended trading on headlines, while Amazon (AMZN) executives are reportedly eyeing Boston as a potential second headquarters.
Apple shares fell a fraction in late trading, as the tech titan issued $ 5 billion in debt. Apple has been selling debt in recent years to finance buybacks and dividends to avoid paying the 35% corporate tax rate on its vast overseas cash holdings.
Apple bulls and bears were likely just continuing their debate over Tuesday’s iPhone event. Apple unveiled the iPhone 8, iPhone 8 Plus and the iPhone X, along with a cellular-enabled Apple Watch and new Apple TV set-top box at Tuesday’s long-awaited event. The iPhone X (pronounced “ten”) has an OLED screen, facial-recognition capabilities and other cutting-edge technology but it won’t be available until Nov. 3.
Apple traded up to 163.96 and down to 158.77, ultimately closing off 0.4% to 160.86 in Tuesday’s stock market trading. Apple has tended to fall modestly on iPhone unveiling days. Apple remains in buy range from a 165.75 flat-base buy point.
Meanwhile, Nordstrom jumped 9.5% on a report that the Nordstrom family, which owns 31% of the department store’s stock, was near a deal with private-equity firm Leonard Green to help finance a buyout. Nordstrom has been struggling to get above its 50-day and 200-day moving averages.
Medicaid-focused insurer Centene rose 3.4% late after agreeing to buy Fidelis Care assets for $ 3.75 billion, expanding its government-centric plans in New York. Centene closed at record highs Tuesday.
Micron Technology popped 1.6% in after-hours action. Goldman Sachs upgraded the memory-chip maker to a buy with a 40 price target. Micron had closed up 2.5% to 34.29, its best levels since the start of 2015.
Amazon rose just a fraction, continuing to find resistance at its 50-day moving average as it tries to work its way through a flat base. Several top Amazon executives favor putting a second HQ in Boston, Bloomberg reported. Seattle-based Amazon last week said it wanted to set up another headquarters, with most indications pointing to a city in the eastern U.S.
Apple Introduces $ 999 iPhone X, But It’s Not Available Until Nov. 3
Nordstrom Jumps As Founding Family, Private Equity Firm Near Go-Private Deal
Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks