Market Outlook for Monday, September 25, 2017

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News - "Apple Having Its Worst Week Since Early June"

Apple Inc. (NASDAQ: AAPL) shares are trading lower by $1.76 at $151.53 in Friday's session. It has been lower in all but one session this week, when it had a paltry 6-cent gain on Tuesday.

The floodgates opened on Wednesday, when the stock breached the major support level of $158.00 and had well over $2.00 losses on Wednesday and Thursday to go along with a similar decline today.

See Also: Why Apple Investors Shouldn't Worry About This Sell-Off

Wall Street firms are speculating on weak preorders for its newest edition of the iPhone and with the new phone due out in October, production has not yet begun.

After a lower open, Apple's stock found sellers ahead of the lower-end of Thursday's range ($152.75), only reaching $152.27 before continuing its move lower. So far, the ensuing decline took the stock to $150.56, but has rebounded back into the $151.00 handle.

Before its solid Q3 beat on Aug. 1, Apple closed at $150.05 and added $7.00 following the report to close at $154.14.

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Today's Earnings
TickerCompany NameTime
ASNAAscena Retail Group4:00 PM
RHTRed Hat4:00 PM
SNXSynnex4:00 PM
Today's Economic Events
Event NamePeriodYearTime
Chicago Fed National ActivityAug20178:30 AM
Dallas Fed Manufacturing ActivitySep201710:30 AM
Dallas Fed Mfg Business IndexSep201710:30 AM
Movers & Shakers - "12 Biggest Mid-Day Losers For Friday"
    Versartis Inc (NASDAQ: VSAR) shares dipped 86 percent to $3.03 after the company disclosed that somavaratan did not meet primary endpoint in Phase 3 VELOCITY trial. Barclays downgraded Versartis from Overweight to Underweight, while Cowen & Co. downgraded the stock from Outperform to Market Perform. Revolution Lighting Technologies Inc (NASDAQ: RVLT) shares dropped 18.4 percent to $6.18 as the company lowered its FY2017 sales guidance. SECOO HOLDING LTD (NASDAQ: SECO) shares slipped 15.5 percent to $10.99. Secoo Holding prices its IPO at $13 per ADS. Intercept Pharmaceuticals Inc (NASDAQ: ICPT) shares fell 14.4 percent to $63.13. Shares of Intercept Pharmaceuticals lost around one quarter of their value Thursday and another 14 percent Friday in reaction to a concerning U.S. Food and Drug Administration letter sent to doctors regarding its liver treatment product called Ocaliva for the treatment of primary biliary cholangitis. Citigroup downgraded Intercept Pharmaceuticals from Buy to Neutral. Cyclacel Pharmaceuticals Inc (NASDAQ: CYCC) shares declined 13 percent to $1.95. Exelixis, Inc. (NASDAQ: EXEL) shares dropped 12.8 percent to $24.42. Leerink Swann downgraded Exelixis from Outperform to Market Perform. Abeona Therapeutics Inc (NASDAQ: ABEO) shares declined 8.7 percent to $14.80. Compass Minerals International, Inc. (NYSE: CMP) shares fell 8.5 percent to $63.60 as the company lowered its FY17 earnings outlook. Presidio Inc (NASDAQ: PSDO) declined 4.8 percent to $13.28. Presidio reported in-line earnings for its fourth quarter, while sales missed estimates. United States Steel Corporation (NYSE: X) shares dropped 4 percent to $23.68. Cowen & Co. downgraded United States Steel from Market Perform to Underperform. Carvana Co (NYSE: CVNA) fell 3.1 percent to $16.30. B. Riley initiated coverage on Carvana with a Sell rating and a $12.00 price target. Rambus Inc. (NASDAQ: RMBS) fell 2.3 percent to $13.05. JP Morgan downgraded Rambus from Overweight to Neutral.