Wall Street kicked off the week with a slow start as stocks fell on renewed geopolitical concerns. The Dow Jones Industrial Average dipped more than 50 points this morning. The S&P 500 fell over 0.3% at one point, while the tech-heavy Nasdaq was weighed down close to 1% by Apple.
Apple's (AAPL) Monday move hurt the entire tech sector, where reports of sluggish demand for the new iPhone TEN hit suppliers hard. A Digitimes analysis said Apple ordered its suppliers to ship just 40% of planned iPhone TEN production and hold the remainder. The phones are set to ship November 3.
Allergan (AGN) stock gained more than 3% after the company authorized a new share buyback program and promised to pay down $3.75 billion in debt next year. Allergan is set to repurchase $2 billion in stock, which is around 2.9% of current shares outstanding. The move comes as Allergan called its shares "substantially undervalued."
D.R. Horton (DHI) fell slightly after slashing fourth quarter guidance on news recent hurricanes caused delays in its pipeline. The largest U.S. homebuilder anticipates roughly $150 million of cash flow from operations over its fiscal year, down from its previous guidance of $300 million. Its fourth-quarter backlog conversion rate is expected to slip to 85% from a previous target of between 88% to 90%.
Watch More with TheStreet:
- Donald Trump's Tweets Spark NFL Protests
- 3 New Badass Indian Motorcycles That Will Probably Make Polaris Investors Happy
- $1,000 for a Men's Fragrance?
- Domino's Pizza CEO: In 10 Years,Self-Driving Cars Will Deliver Pizza