Summary Box: Apple drags tech stocks lower

AP News
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Posted: Oct 19, 2011 5:29 PM
Summary Box: Apple drags tech stocks lower

EUROPE: European leaders met Wednesday in preparation for a summit scheduled for this weekend. Markets sank after a report came out that Germany and France were in a deadlock over how to expand an emergency fund for heavily indebted countries.

APPLE: Apple Inc. slumped 5.6 percent after the company's income and revenue fell short of forecasts. It was a rare miss for the company, which had jumped 31 percent this year through Tuesday.

EARNINGS: Travelers Cos., a major insurer, jumped 5.7 percent after reporting revenue that beat analysts' expectations. Intel Corp. rose 3.6 percent after its net income beat Wall Street's target.