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Late Movers: Apple gains after report of iPhone production cuts

Sears edged up after a judge gave Chairman Eddie Lampert another chance to buy the retailer out of bankruptcy and save 50,000 jobs

An iPhone
The company is reportedly reducing planned production for its three new iPhone models by about 10%

Apple Inc (NASDAQ:AAPL) was the best performer Wednesday among the 30 companies on the Dow Jones Industrial Average after Nikkei Asian Review reported that the company reduced planned production for its three new iPhone models by about 10%.

The tech giant climbed $2.56, or 2%, to $153.31.

READ: Apple boss Tim Cook made US$136M in 2018 but faces tough year ahead amid waning iPhone sales

Sears Holdings Corp (OTCMKTS:SHLDQ) climbed $0.01, or 1%, to $0.39 a day after a judge gave Chairman Eddie Lampert another chance to buy the retailer out of bankruptcy and save 50,000 jobs.

Sears had been ready to reject his bid to save the 126-year-old company, which would have put it on a course to liquidation.

Shares of another beleaguered retailer, J C Penney Company Inc (NYSE:JCP), gained $0.13, or 10.7%, to $1.34 after saying it would close some stores. While the company reported a 3.5% drop in same-store sales for the nine weeks to January 5, it said it still expects to end fiscal 2018 with cash of more than $2 billion.

Caterpillar Inc (NYSE:CAT) rallied on the prospect of a trade agreement between the US and China before trimming its gains before the close. Its shares ended up $0.50, or 0.4%, at $130.27.

Constellation Brands Inc (NYSE:STZ) shares sank $21.57, or 12.5%, to $150.94 as the brewer posted an outlook for the year that missed expectations, dented by higher interest expenses. In November, the company invested $4 billion in cannabis company Canopy Growth Corp (NYSE:CGC), financing the deal with debt.

Contact Dennis Fitzgerald at dennis@proactivenivestors.com

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