Ap­ple helps push Dow past 22,000

Los Angeles Times - - BUSINESS BEAT -

Be­ing the world’s most valu­able pub­lic com­pany has its priv­i­leges, like get­ting al­most all the credit for the lat­est stock mar­ket mile­stone. Ap­ple made its big­gest jump in six months Wed­nes­day, help­ing send the Dow Jones in­dus­trial av­er­age above 22,000 points for the first time.

Some other tech com­pa­nies, util­i­ties and in­dus­trial firms rose too. That was just enough to take the Stan­dard & Poor’s 500 in­dex higher.

Much of the rest of the mar­ket was mixed, and most com­pa­nies listed on the New York Stock Ex­change fell.

Ap­ple climbed 4.7% to $157.14, an all-time high. Its stock had slipped re­cently, in part be­cause some in­vestors were wor­ried that pro­duc­tion prob­lems would de­lay the launch of the next iPhone, which would have hurt the com­pany’s sales. But Ap­ple’s rev­enue es­ti­mate beat ex­pec­ta­tions.

Movie theater op­er­a­tors and stu­dios de­clined af­ter AMC said U.S. box of­fice re­ceipts dropped 4.4% last quar­ter, and it ex­pects this quar­ter to be dif­fi­cult too. AMC is also tak­ing a charge of $200 mil­lion be­cause an in­vest­ment lost value.

AMC shares dived 26.9% to $15.20. Cine­mark Hold­ings sank 5.9% to $37.82. Walt Dis­ney fell 1.8% to $108.67. CBS was down 1.9% to $64.81. Vi­a­com slid 4.1% to $34.09.

Re­tail­ers also stum­bled. Big 5 Sport­ing Goods sank 7.8% to $10.10 af­ter it re­ported a weak profit and sales that fell short of fore­casts. Car re­tailer Au­toNa­tion dropped 7.2% to $38.96; it had a dis­ap­point­ing quar­ter as prices for used cars fell. Shop­ping mall op­er­a­tor GGP slid 4.9% to $21.91 af­ter it said it didn’t plan to sell it­self. Nord­strom slid 5% to $46.49 on re­ports the Nord­strom fam­ily might not suc­ceed in tak­ing the com­pany pri­vate.

Pre­scrip­tion drug distrib­u­tor Car­di­nal Health sank 8.2% to $70.99 af­ter it fore­cast a much smaller profit than ex­pected. It said it’s be­ing hurt by lower prices for generic drugs, smaller in­creases in prices of brand-name drugs and the loss of a con­tract with the Safe­way gro­cery chain.

Ge­netic tools firm Il­lu­mina leaped 14.8% to $197.85. It raised its pro­jec­tions af­ter de­mand for its No­vaSeq ge­netic se­quenc­ing sys­tem was bet­ter than it ex­pected.

Bench­mark U.S. crude rose 43 cents to $49.59 a bar­rel. Brent crude rose 58 cents to $52.36 a bar­rel. Whole­sale gaso­line fell 2 cents to $1.64 a gal­lon, heat­ing oil rose 2 cents to $1.66 a gal­lon, and nat­u­ral gas stayed at $2.81 per 1,000 cu­bic feet.

Bond prices inched down. The yield on the 10year Trea­sury note rose to 2.27% from 2.25%.

Gold fell $1 to $1,278.40 an ounce. Sil­ver fell 3 cents to $16.73 an ounce. Cop­per stayed at $2.88 a pound.

The dol­lar rose to 110.61 yen from 110.30 yen. The euro rose to $1.1860 from $1.1801.

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