Across the pond, the Stoxx Europe slipped less than -0.1% after seeing earlier gains of as much as 1.9%. Spain’s IBEX-35 stock index dropped 0.5% after surging as much as 5.9%. Asian markets gained after the Spain news and also benefited from Chinese economic data that exceeded some expectations. Japan’s Nikkei Stock Average rose 2% and China’s Shanghai Composite gained 1.1%.
In corporate news, Apple’s (AAPL) WWDC went off as expected and if you browse to our article from Friday, exactly as how we predicted. Apple’s shares dropped -1.6% and continue to drop in aftermarket trading after they announced their new product lines. Centene (CNC) tumbled -22% as the Medicaid insurer lowered its 2012 earnings outlook. Finally, Forest Laboratories (FRX) eased -3.5% after lowering its current-year earnings forecast, saying it was hit harder than expected after its depression treatment Lexapro lost patent protection in March.
Energy Solutions (ES) slumped -55%. The provider of nuclear-power services such as plant decommissioning lowered its outlook, citing a slowdown in government and commercial businesses.
Thomas Doherty is a Villanova University student majoring in Finance and Economics. Questions and comments at Thomas@KeeneOnTheMarket.com