Investors Begin to Worry About Apple

It was a busy day on Wall Street, filled with earnings and economic news. The earnings news was generally good, while the economic news was a tad lackluster. The highly anticipated 10-year Spanish bond auction, meanwhile, was considered well received, although investor jitters did not completely ease. Investors also began to worry about Apple's (Nasdaq: AAPL - News) earnings next week, following the earnings commentary from Verizon (NYSE: VZ - News) and Qualcomm (Nasdaq: QCOM - News). Given its size, Apple's moves can influence the market.

The Israel Stocks and ADRs Index was the top performing tickerspy Index on the day, led by Mellanox Technologies (Nasdaq: MLNX - News) with a 52% gain. The RF Semiconductor Stocks Index was the day's worst performing tickerspy Index, with Skyworks Solutions (Nasdaq: SWKS - News) down -5%.

Stocks fell on the day, led lower by a -24 point, or -0.8%, decline in the Nasdaq to 3,008. The Dow dropped -69 points to 12,964, while the S&P fell -8 points to 12,964. Oil edged -40 cents lower to $102.27 a barrel, while gold rose $1.80 to $1,641.40 an ounce.

In economic news, initial jobless claims fell by -2,000 last week to 386,000, but that is well above the 375,000 new claims economists expected. The National Association of Realtors, meanwhile, said sales of existing homes fell -2.6% in March to a seasonally adjusted annual rate of 4.48 million from 4.60 million in February. Economists had expected a reading of 4.63 million for March. Elsewhere, the Philadelphia Federal Reserve Bank said its business activity index slid to 8.5 in April from 12.5 in March, good for the lowest reading since January. Economists had expected an April reading of 12. The Conference Board's leading economic indicators index, meanwhile, rose 0.3% last month following a 0.7% gain in February. That's good for the sixth consecutive month of higher readings. Economists had expected a 0.2% increase in March.

In earnings news, shares of F5 Networks (Nasdaq: FFIV - News) surged 7.9% after the company said its fiscal second-quarter profit rose to $68.6 million, or 86 cents a share, from $55.6 million, or 68 cents a share, a year earlier. Revenue climbed 22% to $339.6 million. On an adjusted basis, F5 earned $1.09 a share. Analysts had expected a profit of $1.07 on revenue of $335.3 million. For the third quarter, F5 expects to earn $1.12-$1.14 a share on revenue of $350-$355 million. The profit estimate is at the low end of analysts' expectations while the revenue forecast is inline with what Wall Street is expecting.

Shares of data storage giant EMC (NYSE: EMC - News) fell -3.6% after the company said its first-quarter profit rose to $586.8 million, or 27 cents per share. On an adjusted basis, the company earned 37 cents a share, barely beating the 36 cents analysts expected. The company said it will meet or perhaps beat its 2012 goals of $22 billion in revenue, adjusted EPS of $1.70, and free cash flow of $4.9 billion.

Yum Brands (NYSE: YUM - News), owner of the KFC, Pizza Hut and Taco Bell restaurant brands, said its first-quarter profit rose 73% to $458 million, or 96 cents a share, from $264 million, or 54 cents, a year earlier. Revenue climbed 13% to $2.74 billion. On an adjusted basis, Yum earned 76 cents a share. Analysts had expected a profit of 73 cents on sales of $2.71 billion. Shares of Yum fell -2.1%. Sixty-three pros held Yum in their portfolios at the end of Q4 and more than 800 tickerspy members own the stock in their portfolios.

Charge card company American Express (NYSE: AXP - News) said its first-quarter profit rose to $1.26 billion, or $1.07 per share, from $1.18 billion, or 97 cents per share, a year earlier. Revenue climbed 8% to $7.61 billion. Analysts had expected a profit of $1.00 per share on revenue of $7.57 billion. Shares of American Express slid -0.8%. Sixty-six pros held American Express in their portfolios at the end of Q4 and nearly 1,200 tickerspy members own the stock in their portfolios.

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