Diamonds and Dogs
BlackRock (BLK) bucks the downtrend. The world's largest asset manager is up 4% following better-than-expected earnings for the third quarter. BlackRock 's earnings jumped 19% helped by strong growth in performance fees. Revenue grew by 16% to $5 billion as the investment management giant reported $9.46 trillion in assets under management.
A rare day when Apple (AAPL) is the dog of the day. The stock is down 1% as the company lowered iPhone 13 production by up to 10 million units due to chip shortage from Broadcom (AVGO) and Texas Instruments (TXN). Both stocks are lower as well. Apple is also dealing with a shortage of camera modules out of Vietnam and other component shortages out of China. With the stock only down 1%, investors don't seem too worried about demand going away.
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