Though Cyprus's worries earlier this week shook the market up, Cypriot banks reopened today, and instilled further confidence in the global financial system -- just enough to send the S&P 500 Index (^GSPC 1.28%) up to gains of 6.3 points, or 0.4%, ending at an all-time closing record of 1,569. Although it was an historic day for the iconic index, three of its members, in particular, couldn't do much more than hold it back.
Apple (AAPL -0.09%) slipped 2.1% on news that Chinese authorities will be cracking down on the company, scrutinizing issues such as the company's warranty policy in one of the world's largest and fastest-growing economies. Customer service policies in China are also under the microscope; it's important for the revered global brand to maintain its image in the world's second-largest economy. Apple and China Mobile are reportedly in talks to put the iPhone on the world's largest wireless carrier, which boasts hundreds of millions of subscribers.
Alexion Pharmaceuticals (ALXN), which manaufactures Soliris, a drug used to treat blood disorders, was hit hard today by a warning issued by the Food and Drug Administration, or FDA, regarding an internal investigation into a bacterial issue at one of Alexion's facilities. Though the company claims the issues have been fixed, the FDA can prevent Alexion from selling products made in that facility if the agency isn't satisfied with their quality. The stock slipped 1.9% on the disheartening news.
Lastly, Genworth Financial (GNW 0.08%), a financial services company focusing mostly on life insurance, also lost 1.9% on Thursday. The business said yesterday that it would sell off its wealth management business for $412.5 million, taking total losses of close to $40 million on the transaction. Though Genworth stock's best days were years ago, shares have performed remarkably well in recent times, nearly doubling in price over the past six months.
