Stocks on Wall Street were lower at midday after data showed that purchases of existing U.S. homes unexpectedly declined in August for the first time in five months. Following Alibaba’s (BABA) record-setting IPO on Friday, the tech sector was broadly weak, as witnessed in the Nasdaq being the clear cut laggard among the major indexes. ECONOMIC EVENTS: In the U.S., existing home sales fell 1.8% to a 5.05M unit rate in August, missing expectations for them to rise 1% from the prior month. COMPANY NEWS: Shares of Apple (AAPL) were little changed after the company announced it sold over 10 million new iPhone 6 and 6 Plus models in the three days after their launch on September 19
Mario Randholm Blog. Mario is the founder of Randholm & Co. S.A.C., an investment management company dedicated to producing superior returns for its clients and employees by adhering to mathematical and statistical methods.