The three major indices were in the red midday, following the lead of faltering indices in Asia and not the strong performance of stocks in Europe Wednesday. The S&P 500 and Nasdaq were down 0.2% while the Dow Jones Industrial Average fell 0.3%.
All eyes were on Action Alerts PLUS holding Apple (AAPL) today during its annual product unveiling in San Francisco. Among Apples new product launches were the latest iterations of the iPhone and Apple Watch.
TheStreet has full coverage of the event through a live blog.
Nintendo (NTDOY) shares were up nearly 25% after famed developer Shigeru Miyamoto took the stage at Apple's conference to announce that the Japanese video game maker's iconic Super Mario character would make finally come to the iPhone operating system in a game called "Super Mario Run."
Chipotle (CMG) was doing its part to lift market fortunes, rising 6% midday after activist investor Bill Ackman revealed a 10% stake in the struggling burrito maker. The stake is worth about $1.2 billion, making Ackman's Pershing Square hedge fund the second-biggest holder of Chipotle shares. Pershing said that Chipotle "has a strong brand, differentiated offering, enormous growth opportunity, and visionary leadership," in the filing announcing the stake.
Chipotle spokesman Chris Arnold responded to news by telling the Wall Street Journal, "We welcome their investment, and appreciate the confidence they've expressed in our brand."
Shares of Sprouts Farmers Market (SFM) were down about 13% in midday trading on gloomy same-store sales outlook. Sprouts now expects quarterly same-store sales growth to be roughly flat, after previously estimating an increase of between 3% and 4%. And for the full year, Sprouts now sees same-store sales growth at just 1.5% to 2.5% vs. previous forecasts of 3.5% to 4.5%.
Investors clearly thought that the all high-end grocery chains are built alike. Whole Foods Market (WFM) took a hit of more than 5% midday in conjunction with Sprouts' lowered outlook.
Analysts at Oppenheimer also published a note today suggesting that both chains could see a greater drop in stock price and any potential gains would be limited.