Category: Companies / January 6, 2014 6:13 PM EST
U.S. stocks declined on Monday, as disappointing economic data weighed on investor's decisions ahead of Wednesday’s release of the FOMC’s minutes from its last policy meeting, while the Labor Department is scheduled to release its December jobs report on Friday.
In company news, Twitter Inc. (NYSE: TWTR) shares dropped 3.93 percent to close at $66.29 on Monday after Morgan Stanley cut its rating on the company. The firm said investors should sell the shares because the company may lose online advertising revenue to larger rivals, such as Facebook Inc. (NASDAQ: FB).
Meanwhile, an analayst at Standpoint Research downgraded Apple Inc.’s (NASDAQ: AAPL) stock from "hold" to "sell."
“For Apple Computers to pay their workers $2 an hour while they have $150 billion in the bank is nothing short of obscene. They have workers who are doing back-breaking and eye-burning work in depressed states of mind and in many instances have already committed suicide,” said Ronnie Moas, Standpoint Research's founder and director of research. “Instead of treating their employees like human beings, they are treated like animals. If it were not for their employees, Apple would not be where it is today.”
The Dow fell 44.89 points, or 0.27 percent, to close at 16,425.10. The S&P 500 Index was down 4.60 points, or 0.25 percent, to end at 1,826.77. The Nasdaq Composite lost 18.23 points, or 0.44 percent, to 4,113.68.
Video Credit: Reuters