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Citi Downgrades Apple to Neutral

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  • Description

    FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.

  • Duration 4:48
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On the -- Good morning everyone President Obama vowing to use whatever power he has to prevent a similar shooting.

Like the school massacre in Newtown Connecticut -- community prepares to hold the first funeral services for victims of the shooting today.

The president spoke at a memorial service last night for the twenty children and six adults that were killed Friday.

Before the event he met privately with the families of the victims and the emergency personnel.

Who responded to the shootings -- at the service the president told the crowd that tragedy.

Has hit not just the people in their community but.

People around the world.

I am.

Very mindful.

That mere words cannot match the depths of your sorrow.

Nor committee he'll.

-- wounded hearts.

I can only hope that helps for you to know.

You're not alone.

In your grief.

That our world to has been torn apart.

For her part senator Dianne Feinstein says she'll push to -- -- an assault weapons ban that expired in 2004.

Which would limit the sale of guns large clips and M on drums.

Let's take a look at markets now here in US futures have been mixed most of the morning -- Dow -- of seventeen SPs -- three in NASDAQ down one.

In Europe stocks are trading lower as concerns about the US fiscal cliff negotiations way.

On markets both here and abroad you -- London's currently down about 32 points Paris is down about fifty and -- down.

About three points but let's take a look at what's affecting.

Those markets now with Chris -- -- market analyst at IG over in London -- European Union said today that with two months ago in 2012 Greece is still about.

The billion euros behind its target for recovering old outstanding tax claims.

And that the countries also way short of its target on audits on large taxpayers what good is it for -- to -- new tax laws.

If it still hasn't figured out how to collect taxes from its people.

When exactly time to -- -- and tossed for Greece of collecting its taxes is back taxes.

Continues and really it is no hope for the country if it doesn't really sort of make a move on these outstanding issues other programs we've seen some progress in -- but not enough.

We do need to seize the firm commitment to recovering the money to states is that if we can move forward from this crisis.

And Chris looking at Asia how do you expect new leadership changes there.

To affect global markets going into the new year.

We -- cautiously positive reaction to that they were democratic party's victory in Japan.

Over the weekend I think markets column by the fact this mean.

I think -- commitment to more aggressive easing from to pat.

But Citi -- support for that economy evidence so welcome was as we deal with the US fiscal cliff and the lack of progress increase.

And Chris how optimistic burned to a lack thereof -- because our investors when it comes to the US fiscal cliff and other.

Watching it almost as is closely there is we are here so a -- the sentiment there right now.

Well I think we're still expecting against -- I beat expectations that there will be some sort of positive resolution.

It is that's because pain is comments over the course that we -- a more positive welcome sign maybe that I'm just hopefully that the -- are negotiation can be stopped in around Christmas -- -- Well see that's Chris -- -- -- IG markets.

Over London thanks risk.

And Sprint Nextel says it has reached a deal to acquire the rest of Clearwire that it doesn't already own for 2.2 billion dollars.

The offer comes to two dollars 97 cents a share seven cents more than -- initial bid and it values Clearwire at about ten billion dollars.

Deal which still requires approval from regulators and shareholders.

-- gives sprint more space on the airwaves for data services also keep in mind Japan's Softbank is in the process of buying a 70% stake.

In sprint for twenty billion dollars.

Shares of apple meanwhile are lower in premarket trading after Citigroup downgraded the stock from buy to neutral this morning.

-- analyst says apple has to cut orders or have to cut orders to its vendors raising concerns about demand for the iPhone 5.

He also cut his price target on the stock from 675.

Dollars to 575.

Dollars.

The downgrade came just as apple said -- sold more than two million iPhone by China after launching the device there on Friday.

Here's a look at commodities now -- seeing oil and gold.

-- at the moment oil seems to be searching for direction down by just about a penny it.

-- about flat there at 86 dollars barrel.

Although it down by about five dollars and 1692 an -- Imus in the morning continues right now on Fox Business.

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