Stocks – Apple Hits $1 Trillion Market Cap Midday; Materials Stocks Fall

Apple hit the $1 trillion milestone midday. – Apple became the first U.S. company to reach $1 trillion in market capitalization Thursday.

Apple shares (NASDAQ:AAPL) hit the magic $207.05 level a little before 12:00 PM ET (16:00 GMT) and then fell back. The stock has been rallying since reporting strong earnings after the bell Tuesday.

Meanwhile, materials stocks fell in midday trading, despite better-than-expected quarterly results from DowDuPont as trade-war fears hit the overall market.

The S&P Materials Sector index fell about 1.5% at 12:25 PM ET (16:25 GMT).

DowDuPont (NYSE:DWDP) stock dropped nearly 3%, although the company reported profit that beat analyst estimates for a fourth-straight quarter. Materials stocks were among others hit by the prospect of the Trump administration raising tariffs on $200 billion in Chinese goods to 25% from 10%.

Other materials index stocks falling include WestRock (NYSE:WRK), down about 4.7% after missing on revenue forecasts, and International Paper (NYSE:IP), off about 1.5%.

One of the strongest stocks in the index was CF Industries (NYSE:CF), which jumped about 8.5%. The company handily beat expectations and said it would start returning cash to shareholders.

Elsewhere, the restaurant sector was very active.

Red Robin Gourmet Burgers (NASDAQ:RRGB) plunged about 19% as the company forecast full-year earnings per diluted share of $1.80 to $2.20 compared to the consensus estimate of $2.54.

And Jamba (NASDAQ:JMBA) jumped about 16.7% after Focus Brands agreed to buy the juice and smoothie purveyor for $13 per share.

Meanwhile, Yum! Brands (NYSE:YUM) rose about 1% despite same-store sales at Pizza Hut and Taco Bell missing forecasts. Burger chain Shake Shack (NYSE:SHAK) reports earnings after the bell today. The stock was up about 1.7%.

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Author: HEDGE

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