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Tech stocks are holding markets back today, as two of the highest-profile stocks on the market are moving lower. As of 3:30 p.m. EDT, the Dow Jones Industrial Average (INDEX: ^DJI ) is up just 0.06%, and the S&P 500 (INDEX: ^GSPC ) has fallen 0.06%.
Facebook (Nasdaq: FB ) fell as much as 10% today after Barron's said the stock is worth only $15 per share. The bearish predictions continue for Facebook, and we'll need to see fundamental improvement if this stock is ever going to be a long-term winner.
Apple (Nasdaq: AAPL ) is down 1.6% today after it said that it sold 5 million iPhone 5s on opening weekend. That may sound like a lot, but expectations were higher, and the market has pushed the stock below the $700 mark. This helped push Dow components Microsoft (Nasdaq: MSFT ) and Intel more than 1% lower on fears that Microsoft-based phones will also be slow sellers. The market tends to overreact to everything Apple reports on the downside, and before we see Microsoft's full operating-system release, I'm not too worried about what Apple does. In fact, a slow weekend for Apple may be an opportunity for Microsoft and Intel to gain some share in the smartphone wars.
Pfizer is leading the Dow's winners today, climbing a little more than 1%. Moody's gave the pharmaceutical industry a bit of a boost today by upgrading the outlook for the industry's biggest companies from negative to stable. The wave of patent expirations should subside next year, and cost-cutting measures should allow companies to retain decent profitability.
Apple has dominated headlines for a few weeks now, and although it sold out of the iPhone 5, investors still aren't satisfied. So is it time to worry? Find out what our Apple expert thinks in our premium report on the stock, which includes a close look at the iPhone 5. Click here for more details.