SAN FRANCISCO (MarketWatch) — Apple Inc. extended gains to a fourth session in the wake of an analyst upgrade on Monday while Tesla Motors Inc. appeared to leave last week's Model S fire in the rearview mirror.
Top Tickers Trending$AAPL: Apple (AAPL) shares climbed 1.8%, among the top gainers in the S&P 500 (SPX) . The stock was raised to a buy rating from hold on Monday by Jefferies, which also raised its price target to $600 from $425. The move came after Jefferies analysts met with Apple's suppliers in Asia, who have become "far more lenient on price," which will lift gross margins. Analyst Peter Misek also said Apple's price is likely to appreciate ahead of the iPhone 6 launch.
$TSLA: Tesla (TSLA) shares continued their recovery from last week's rout to add about 2%. The stock shed more than 5% last week after a Model S electric car caught on fire after an accident but subsequently rebounded as Chief Executive Elon Musk emphasized the safety of Tesla's cars.
$BA: Boeing Co. (BA) shed 0.4% as Japan Airlines (JP:9201) signaled the end of its exclusive partnership with the U.S. airplane manufacturer by placing its first-ever order with European Aeronautic Defence & Space Co.'s Airbus for 31 long-haul jets worth more than $9 billion. Deliveries will begin in 2019. Executive at Japan Airlines had openly questioned the flagship carrier's exclusive relationship with Boeing in the wake of the grounding of one of its 787 Dreamliners earlier this year due to problems with lithium-ion batteries.
$IBM: Shares of International Business Machines Corp. (IBM) retreated 0.8%. The stock was lowered to equal-weight from overweight at Barclays on Monday. Analyst Ben Reitzes also cut his price target on the stock to $190 from $215.
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$FB: Facebook Inc. (FB) shares edged down 0.2% after an analyst at Raymond James lowered the stock to strong buy from outperform but then raised its target price to $56 from $38. Analyst Aaron Kessler said he maintains a positive bias on Facebook but downgraded the stock given about 10% upside potential from the new price target. "We maintain our positive fundamental view on Facebook and expect 3Q upside driven by strong traction with mobile advertising (estimate 23% quarter-on-quarter growth) as well as newer ad formats," said Kessler in a report. He also added that investor sentiment and expectations ahead of the third quarter were much more positive compared to sentiment leading up to the second quarter.
GainersIntuitive Surgical Inc. (ISRG) shares gained 2.4%. Analysts at J.P. Morgan said they remain "constructive" on longer-term potential for Intuitive Surgical's da Vinci surgical system despite headwinds in the past few months. Da Vinci "has evolved from being a tool with limited uptake in the surgical suite to a diversified platform, with increasingly broad applicability in areas such as colorectal, bariatric, thoracic and vascular surgery," Tycho Peterson, an analyst at J.P. Morgan wrote in his note.
BlackBerry (BBRY) shares advanced 3.6%. The stock was boosted after a late Friday report from Reuters that said BlackBerry had reached out to potential strategic buyers, including Cisco Systems Inc. (CSCO) , Google Inc. (GOOG) and SAP AG (SAP) , as part of its sales process. Last month, the smartphone maker reached a preliminary deal to go private for $4.7 billion by Fairfax Financial Holdings Ltd.
HCP Inc. (HCP) shares rose 2.3% after three days of losses. Analysts had expressed concerns over the abrupt dismissal of Chairman and Chief Executive James Flaherty last week.
Click to PlayTomi Kilgore takes a look at which stocks traders will be watching during market action, including Alcoa, Boeing, and BlackBerry. Photo: Getty Images.
DeclinersAbercrombie & Fitch Co. (ANF) shares retreated 2.9% amid projections that third-quarter retail sales could be the weakest in three years.
Regeneron Pharmaceuticals Inc. (REGN) shares declined 3.5%. The stock had risen almost 12% over the past month due to strong interest in its cholesterol drug alirocumab.
Gannett Co. (GCI) shares shed 2.8%. USA Today on Monday said it reached a content and technology partnership with CineSport that will provide a video-technology platform as well as create video content.
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