Apple gains on announcement of iPhone

| January 9, 2007 | 0 Comments

In early afternoon trade on Wall Street on Tuesday, the Dow Jones Industrial Average was 0.35 percent lower to 12,380.23. The Nasdaq Composite and the S&P 500 were both lower as well, with the Nasdaq down 0.45 percent to 2,427.34 and the S&P down 0.40 percent to 1,407.12. Investors were worried after warnings from a number of companies that fourth-quarter results will not live up to expectations.

The oil sector was lower as crude prices fell again. ExxonMobil dropped 17 cents to $72.48, while Chevron was 55 cents lower to $70.90 and BP fell $1.83 to $62.46 on a report of falling output and narrower margins.

Alcoa, the world’s largest producer of aluminium, which was scheduled to announce its quarterly results after the close of trade, dropped 3 cents to $28.45 on concerns about the contents of the report, which is expected to show a proft of 66 cents per share.

Sprint Nextel, which said that results for 2007 will not be as high as anticipated, fell $2.03 to $17.61 and was the recipient of lowered recommendations from several brokers.

Apple Computer was $2.55 higher to $88.03 when Steve Jobs announced that its new iPhone will go into production, combining its iPod music player with a mobile telephone.

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