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 (^DJI 0.75%) is up just 0.06%, and the S&P 500 (^GSPC 0.55%) has fallen 0.06%.
Facebook (META 2.98%) 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 (AAPL 0.06%) 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 (MSFT -0.32%) 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.
