Apple gets pared, again, following an analyst downgrade. Pandora falls more than 7 percent in wake of selling 19 percent of itself to Sirius XM.
Anyone expecting the stock market to come back from the weekend well-rested and willing to put last Friday’s losses behind it was in for a rude experience come Monday.
Investors continued to take profits as many Wall Street analysts said company share prices were at, or near, their peak valuations. Few examples stood out like Apple, which saw its shares fall 2.4 percent and close at $145.42. Prior to the start of the day’s trading, Mizuho Securities analyst Abhey Lamba cut his rating on Apple’s stock to neutral from buy, and lowered his price target on the company’s shares to $150 from $160.
Lamba made his moves largely due to what he saw as limited room for Apple’s shares to rise much higher in the coming months. Apple is expected to release a new version of the iPhone in time for Christmas.
Among other notable Bay Area companies, Pandora fell 7.6 percent to $7.87. Last Friday, Pandora said Sirius XM had bought a 19 percent stake in the Oakland internet radio company.
Facebook shares fell almost 1 percent to $148.44; Adobe Systems gave up 0.6 percent to end the day at $137.25 and Alphabet fell nearly 1 percent to close at $961.81.
The tech-focused Nasdaq Composite Index fell 0.5 percent to 6,175.46.
The blue chip Dow Jones Industrial Average gave up 0.2 percent to end the day at 21,235.67.
And the broad-based Standard & Poor’s 500 Index slipped by 0.1 percent to 2,429.39.
