Stocks extended their decline through the morning with the basic materials and financials sectors the worst hit. Indexes had started the day positive and the Nasdaq even hit a new intraday record high. Apple (AAPL) hit its own records earlier in the session after announcing the launch of a cheaper iPad and a special 'red' edition of its iPhone 7 and iPhone 7 Plus. The special editions will be available in stores this Friday. Lennar (LEN) fell despite reporting a better-than-expected quarter driven by healthy demand in the housing market. Net income fell from a year earlier, though exceeded estimates by a penny. Carnival (CCL) was upgraded to OUTPERFORM from MARKET PERFORM at William Blair. Analysts said the company will likely beat earnings estimates as it enjoys favorable trends through this year and next.
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