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At midday: Apple weighs on S&P 500, while RIM continues rally

North American stocks were relatively flat in midday trading on Monday, even as Apple Inc.'s decline weighed on the technology sector.

Shortly after noon, the S&P 500 was down 3 points or 0.2 per cent, to 1469. The blue-chip Dow Jones industrial average was up 11 points or 0.1 per cent, to 13,499. In Canada, the S&P/TSX composite index was down 2 points or nearly zero per cent, to 12,600.

Within the S&P 500, technology stocks fell 1 per cent. Apple fell 3.3 per cent after the Nikkei newswire reported that the company had cut back on production plans for its iPhone, raising concerns about fading interest in the smartphone as competitors ramp up their offering.

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Research In Motion Ltd. bounced more than 10 per cent, continuing a rally that began on Friday when the company confirmed its launch of its BlackBerry 10 platform at the end of the month.

Meanwhile, telecom stocks within the S&P 500 fell 0.8 per cent and financials fell 0.5 per cent. Consumer stocks showed the biggest gains, with staples up 0.3 per cent and consumer discretionary stocks up 0.2 per cent.

In Canada, RIM's rise gave technology stocks a 2.7 per cent gain. Consumer discretionary stocks rose 0.2 per cent and industrials rose 0.1 per cent. Financials and materials were relatively unchanged, while energy stocks fell 0.2 per cent.

Canada's stock market was dominated by deals on Monday.

Uranium One Inc. rose 14.5 per cent after it accepted a $1.3-billion deal from Russia's state uranium firm to take the company private at a 19 per cent premium to the stock's closing price on Friday. Russia's ARMZ already owns 51.4 per cent of Uranium One.

Harry Winston Diamond Corp. rose 3.9 per cent after it announced a deal to sell it jewellery division to Switzerland's Swatch Group Ltd. for $750-million (U.S.).

In Europe, the U.K.'s FTSE 100 fell 0.2 per cent and Germany's DAX index rose 0.2 per cent.

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About the Author
Investing Reporter

David Berman has been writing about business and investing since 1995. He has written for a number of magazines, including Canadian Business and MoneySense. He worked at the Financial Post as an investing writer and daily columnist before moving to the Globe and Mail in 2008. More

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