SAN FRANCISCO (MarketWatch) � Shares of Bank of America Corp., Citigroup Inc., and Freeport-McMoRan Copper & Gold Inc. made big moves during U.S. trading Wednesday, while Apple Inc. and Citigroup Inc. were among top trending tickers.
Top tickers trending$AAPL: Apple AAPL slumped 6.4%, its worst single-day percentage loss since December 2008. The stock is headed for what investors refer to as a �death cross,� which is formed when its 50-day moving average crosses below its 200-day moving average.
Still, this is not necessarily a bad thing, according to Collin Monsarrat at Birinyi Associates Inc.
The death cross �has happened 5 times in AAPL since November 2000. Looking at these occurrences the data is fairly inconclusive but if it shows anything it is that a death cross implies better performance going forward,� he said in an investors� bulletin. �The stock has tended to struggle for the week and month following the cross, but 3 months later the stock has tended to be not only up but outperform the S&P 500 60% of the time,� he said.
Click to Play Mossberg reviews iTunes 11iTunes 11 makes major improvements to the most popular program for buying and playing media; �Black Ops 2� sales top $2 billion in 15 days; and Netflix strikes a deal with Disney.
Meanwhile, some clearing firms are reportedly raising the margin requirement for Apple shares. StreetInsider.com said COR Clearing raised its margin requirement for Apple to 60% from 30%.
Laurence Balter, principal with Oracle Investment Research, told Barron�s that this is due to the rogue trader at Rochdale Securities whose unauthorized trade in Apple shares resulted in a $5 million loss for the brokerage. See: Former Rochdale trader charged in Apple trade
Apple is also due back in court for a post-trial hearing in its fight with Samsung Electronics KR:005930 on Thursday. When it goes before the judge, it will seek to impose injunctions on various Samsung products, which it says infringed on its patents while Samsung will try to get a new trial and reduce the $1-billion verdict. Here�s a quick laundry list of what Apple and Samsung will be arguing over from allthingsd.com: See: Four things to watch at Apple-Samsung hearing
Separately, market researcher International Data Corporation raised its 2012 forecast for the global tablet market to 122.3 million units from its previous forecast of 117.1 million. It also said its 2013 forecast to 172.4 million versus 165.9 million units previously and by 2016, global shipments are likely to reach 282.7 million units.
Android�s tablet share is expected to rise to 42.7% in 2012 from 39.8% in 2011 while Apple�s share will slip to 53.8% from 56.3%. �Windows-based tablets (including Windows 8 and Windows RT) will grab share from both iOS and Android, growing from 1% of the market in 2011 to 2.9% in 2012, on its way to 10.2% in 2016,� IDC said in its report.
@NorthmanTrader: $AAPL is holding the entire class back.
@market_raven: Apple is about to be marked for death... $AAPL
@AsifAmeer_AP: $AAPL is rising downwards.
@tomliberti: If the #fed would stop buying treasuries and start buying $AAPL the world will be fixed.
@davidpbaskin: $AAPL can be seen as either a real company with products, or as a trading vehicle for speculators and hedge funds. Clearly the latter today.
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