The mood on Wall Street turned a bit more bearish yesterday as tech stocks dragged down the whole market. The Dow Industrials suffered their first triple-digit decline since June and the other indexes followed lower. There was no real news to trigger the decline other than concerns about third-quarter earnings reports that are starting to roll in. Perhaps the correction in the price of Apple shares contributed to the declines. Apple stock has dipped 10 percent from its high of $705 in mid-September. The vast majority of "experts" have missed the amazing move in the stock value in the past year and, of course, are trying to talk it down so they can get another shot. USA Today has a story this morning with the headline, "Are people too invested in Apple?" An online report says "Apple chart traces dreaded pattern." I pose the appropriate question: If you decide to sell Apple stock now what other tech stock would you add to your portfolio?
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Facebook, the stock Wall Streeters are trying to pump, is back below $20 a share this morning while Apple stock is up $5 to $641.
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A report from the Bureau of Labor Statistics this morning points out there are about 3.6 million jobs available in the U.S. right now, or one job for every 3.5 people who are looking for work. The report notes there were 12.54 million unemployed people as of the end of August compared to 13.92 million at the end of the same month a year ago.
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The big dive from the edge of space has been delayed again. Plans to take Felix Baumgartner up 23 miles in a helium balloon hit a snag yesterday when the balloon was damaged in the attempt to launch. The group organizing the project, which is to be capped off when Baumgartner steps off a platform and plunges back to earth -- breaking a record set in 1960, says it is considering a plan to use a back-up balloon. Not so sure I would feel real confident if I were Baumgartner about going up in a back-up. A lot of money has been pumped into the project, including lead sponsorship by Red Bull.
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You have to love the moxie of the people at Pizza Hut. They are offering free pizza for the person who makes it into the next presidential debate and is able to ask a question to Obama and Romney about a subject that isn't getting enough attention: sausage or pepperoni? The town-hall debate will be on Oct. 16 at Hofstra University.
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The 86th edition of the Neiman Marcus Christmas catalog is out and, as usual, features some impressive bling and other unique gifts. Getting the most attention are a pair of diamond-encrusted watches from Van Cleef & Arpels listed at slightly more than $1 million. However, it also includes trips to both Paris and Geneva. While most people thinks the catalog items are out of their price range, Nieman Marcus points out that more than 40 percent of the gifts are priced below $250.
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Looking for a fast way to get your mornings started? The public is invited to join local Navy sailors for a free boot camp workout session on the flight deck of the USS Midway Museum this Thursday and Friday at 7 a.m. It will be tough, as the one-hour workout will be led by military fitness instructors. The only requirement is to be over the age of 16 and to dress appropriately. The event is part of the celebration of the Navy's 237th birthday. Details and registration are available at www.midway.org.
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