U.S. stocks tumbled on Monday, as the Dow fell 100 points at the open, after the government shutdown entered day 14. The deadline for the U.S. government to raise the debt ceiling is Thursday, October 17 in order to avoid a potential default on its debt.
In company news, Facebook Inc. (NASDAQ: FB) has agreed to acquire Israeli mobile app maker Onavo. The price was not disclosed.
“As you know, Facebook and other mobile technology leaders recently launched Internet.org, formalizing Facebook’s commitment to improving access to the internet for the next 5 billion people — this is a challenge we’re also passionate about,” Onavo said in a statement.
“We’re excited to join their team, and hope to play a critical role in reaching one of Internet.org’s most significant goals – using data more efficiently, so that more people around the world can connect and share,” said Guy Rosen, Co-Founder & CEO, in the statement. “When the transaction closes, we plan to continue running the Onavo mobile utility apps as a standalone brand. As always, we remain committed to the privacy of people who use our application and that commitment will not change.”
On Monday, shares of Facebook fell 2.30 percent to $47.98 in morning trading.
Apple Inc. (NASDAQ: AAPL) iPhone 5C shipping estimates were slashed 33 percent by a KGI Securities analyst for the fiscal fourth quarter. KGI analyst Ming-Chi Kuo estimates Apple shipped 11.4 million 5Cs in the September quarter, and also expects 5C sales to be just 10.4 million units for the December quarter, a 10 percent sequential drop.
Shares of Apple edged up 0.33 percent to $494.42.
Ikea, the world's largest furniture retailer, said on Monday sales rose 3.1 percent to 27.9 billion euros, or $38 billion, in the latest fiscal year after increasing demand for its furniture and accessories.
“Value for money is increasingly important to our customers -- and our sales development shows that people all over the world appreciate our concept of good quality, well-designed products at low prices,” Chief Executive Officer Peter Agnefjaell said in the statement.
The Sweden-based company said it benefited from market share growth in Russia and China, and that North America showed "significant progress."
The Dow Jones industrial average fell 69.92 points, or 0.46 percent, at 15,167.19. The S&P 500 fell 7.85 points, or 0.46 percent, at 1,695.37. The Nasdaq Composite was down 10.93 points, or 0.29 percent, at 3,780.41.
Morning Movers: Facebook Inc. (FB), Apple Inc. (AAPL), Ikea
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