MARKET REPORT: Some of America's biggest tech companies take a hammering from investors


Shares on Wall Street last night as some of America's biggest tech companies took a hammering from investors.

Apple fell nearly 4 per cent – taking losses from its October peak to over 20 per cent – following reports that the company has cut production orders for the iPhones unveiled earlier this year.

Facebook followed suit, falling more than 5 per cent. 14 percent per cent over the past month.

Top of the world's top computer chip-makers were engaging in anti-competitive behavior.

Even Amazon shed more than 5 per cent of Black Friday and the Christmas shopping period.

The Dow Jones Industrial Average fell 1.5 per cent, the S & P 500 dipped 1.6 per cent and the tech-heavy Nasdaq Composite lagged 3 per cent.

Back in the UK, Emmerson's fertilizer company will reveal a study today that shows its flagship potash mine in Morocco.

'Outstanding' infrastructure is expected to deliver cashflows of more than £ 140m per year.

The company yesterday closed down 2.7 per cent, or 0.1p, at 3.6p.

As Britain's blue-chip index fell again amid ongoing Brexit dramas, JP Morgan warned investors not to start money into cheap-looking stocks just yet.

In the FTSE 100's 'bargain' stocks – particularly UK-exposed companies which have taken a beating as the path towards Brexit deals became ever-more murky – analysts at the investment bank could be more trouble in store.

Banks, housebuilders, property firms and retail businesses Mislav Matejka wrote a note to clients, because the chance that Theresa May's will be approved by Parliament is still slim.

He said: 'The eventual passing of the deal, probably most of the time between mid-December and mid-January, will probably depend on things getting significantly worse from back to line.'

In the meantime, the prospect of no deal, a leadership challenge to the UK companies, Matejka warned.

The FTSE 100 pared gains early in the day to end down 0.2 per cent, or 12.99 points, at 7000.89.

On the FSTE 250, Diploma – which supplies components for Formula One racing cars – revved ahead of its peers to end the day as the index's biggest riser. The firm, reported in its full-year results, was revenue 7 per cent to £ 485.1m.

Profit before tax rose 9 per cent to £ 72.7m. Shares climbed 4.2 per cent, or 54p, to 1349p.

The firm has generated a total return of 1382.6 per cent for investors over the past decade, while the FTSE 250 has made just 224.9 per cent and the FTSE 100 at mere 155.1 per cent.

Graphene businesses had a strong day. Versarien, which is looking to incorporate its Nanene version of graphene into clothes, wound dressings and airplanes components, shot up 6.1 per cent, or 7.5p, to 130p as a signed agreement with a Chinese company to partner on building a manufacturing center in China.

Its smaller rival, Haydale Graphene, soared 36.7 per cent, or 5.5p, to 20.5p as it signed a contract with Thai banknote printer TKS Siampress.


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