Nasdaq Gives Up Heady Gain, Ends 1.4% Lower

The Nasdaq turned tail after gapping up at the open, closing 1.4% lower on higher volume and undercutting Monday's low. One of the most noteworthy drops came from Apple, (AAPL) which lost 9.67 to 131.76. The 7% slip apparently came on rumors the company may be cutting production of its new i- Phone or its flagship iPod music player. The stock has erased most of its gains since clearing a 127.71 buy point from a pullback near its 10-week moving average.DXP Enterprises (DXPE) also felt the pain, gapping down 11.88 to 32.44 on massive volume. A supplier of electrical motors and other parts, primarily to the oil industry, it missed second-quarter earnings expectations. Tuesday's 27% drop drilled far below DXP's 10- and 40-week moving averages, snuffing a 13-week-old double-bottom base. Read more - Original Story