Stocks Hit by Apple, EBay Reports Higher Profit

U. S. stocks fell in a broad market selloff on Wednesday, led by a sharp fall in Apple on worries about slowing demand. The Dow Jones industrial average was down 138.19 points, or 0.94 percent, at 14,618.59. The Standard & Poor’s 500 Index was down 22.56 points, or 1.43 percent, at 1,552.01. The Nasdaq Composite Index was down 59.96 points, or 1.84 percent, at 3,204.67.

Apple Inc. slumped on Wednesday to its lowest close since late December 2011 after one of its major suppliers, Cirrus Logic Inc., issued a warning on fourth-quarter inventory reserve charge.

EBay Inc said on Wednesday that first-quarter revenue rose 14 percent. Earnings came in at $829 million,  or 63 cents per share, in the first quarter, compared with $725 million, or 55 cents a share, in the  same period last year. Revenue was $3.75 billion, up from $3.28 billion a year earlier.

Google will take over a troubled municipal fiber-optic system and make Provo, Utah, the third city to  get its high-speed Internet service via fiber-optic cables, the company announced Wednesday.

Shares of Fairway Group Holdings (FWM) finished up more than 33% Wednesday after the New York-based grocery chain priced its initial public offering at $13 a share, above the expected range of $10 to $12.