Stocks Dropped as Apple Sank

U.S. stocks closed down on Thursday as a selloff in Apple Inc. extended a slump in the broader markets. The Dow Jones industrial average fell 210.79 points, or 1.17%, to 17,830.76. The S&P 500 lost 19.34 points, or 0.92%, to 2,075.81. The Nasdaq Composite dropped 57.85 points, or 1.19%, to 4,805.29.

Billionaire Carl Icahn, who has used his financial clout to influence boardroom decisions at publicly traded companies, announced on Thursday that he no longer owns shares in Apple, just days after the company announced its first revenue decline in over a decade.

LinkedIn Corp.’s earnings and outlook topped Wall Street estimates. The company reported adjusted first-quarter earnings of 74 cents on revenue of $860.7 million. For the second quarter, LinkedIn forecast adjusted earnings of 74 cents to 77 cents a share on revenue of $885 million to $890 million.

Pandora Media beat earnings expectations and raised its revenue forecast for the year Thursday. It reported a net loss of $48.3 million, or 23 cents a share, on sales of $297.3 million. The company also raised its forecast for full-year revenue slightly, to $1.41 billion to $1.43 billion, up from $1.40 billion to $1.42
billion.