Market Reopens, Apple (AAPL) Shares Dip Below $600

Wall Street finally reopened its doors today after the longest weather-related shutdown since 1888. The largest company in the world is probably wishing the market had remained closed for another couple days.

Apple (NASDAQ: AAPL) shares are falling again today, dipping below $600 for the first time since late July. At $593 a share as of 10:30 a.m. eastern time, Apple shares have now declined more than 15% since briefly topping $700 in mid-September.

Apple’s continued drop-off is playing a large role in driving the Nasdaq index down 0.4% in the first trading day since Hurricane Sandy laid waste to the East Coast and forced a two-day market shutdown. The other two major U.S. indices – the S&P 500 and Dow Jones Industrial Average – are up 0.1% and 0.25%, respectively.

Here’s what else is going on as the market tries to get back to “normal” activities following one of the most devastating storms in U.S. history:

  • Housing and construction stocks are climbing, since presumably those companies will have plenty of business in the coming months repairing the damage Sandy wrought in New York, New Jersey, Delaware and elsewhere. The SPDR S&P Homebuilders (NYSEArca: XHB) ETF is up 1.3% today. The likes of Home Depot (NYSE: HD), Lowe’s (NYSE: LOW) and Caterpillar (NYSE: CAT) have risen between 1% and 2%.
  • General Motors (NYSE: GM), Ford (NYSE: F) and Phillips 66 (NYSE: PSX) all beat analyst estimates in their third-quarter earnings reports this morning. GM and Ford shares have each climbed at least 6%. Phillips 66 shares are flat.
  • Facebook (NASDAQ: FB) shares are down 3% as another round of lockup agreements expired today. About 234 million shares held by employees who bought them at the time of IPO were freed from their lockup obligations on Monday – but weren’t eligible for sale until today due to the Hurricane Sandy closure.
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