Apple shares drop on demand worries
US stock index futures fell today as shares of Apple were hit by demand concerns, while the corporate earnings season was set to pick up this week.
Apple slid more than 3 per cent in premarket trade after a report that the tech company has cut orders for LCD screens and other parts for the iPhone 5 this quarter due to weak demand. The stock was down 3.8 per cent at $500.80.
S&P 500 futures fell 1.1 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 18 points, and Nasdaq 100 futures were down 13.25 points.
Transocean has disclosed that billionaire activist investor Carl Icahn has acquired a 1.56 per cent stake in the offshore rig contractor and is looking to increase that holding. Its shares rose 3.3 per cent to $55.89.
Hewlett-Packard rose 1.8 per cent to $16.45 after JPMorgan raised its price target to $21 from $15.