business newsThe Markets Now: Apple Continues to Fall Out of Favor With Analysts
By
Christopher Witrak
Mar 12, 2013 12:45 pm
Plus, Best Buy receives a "Buy" rating from Goldman Sachs.
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The Dow (INDEXDJX:.DJI) decreased 0.07% to 14,437.37 and the S&P 500 (INDEXSP:.INX) dropped 0.28% to 1,5551.65, paring earlier losses. The Nasdaq (INDEXNASDAQ:.IXIC) fell 0.54% to 3,235.32. According to Gallup’s Economic Confidence Index, individuals in the US felt more confident about the economy after the budget sequestration caused worries about economic growth. The index climbed from -22 to -17 last week.
The NFIB Small Business Optimism Index showed a 1.90 gain from 88.9 in January to 90.8 last month. Increases in inventory building and plans to increase capital outlays among small businesses helped elevate the index put out by the National Federation of Independent Business. However, the group noted that the index remains at recessionary levels.
The International Council of Shopping Centers, or ICSC, released its weekly ICSC-Goldman report, which showed an increase of 0.7% for same-store sales week-over-week for the week ending March 9. The year-over-year rate of growth remains unchanged at 1.8%. The ICSC report measures comparable store sales at major retail chains, accounting for general merchandise sales or 10% of total retail sales.
Redbook reported that same-store sales last week grew 2.7% year-over-year. The Redbook report measures sales at chain stores, discounters, and department stores and their selling of general merchandise, which accounts for 10% of retail sales.
The US Treasury will release its monthly budget report for February at 2 p.m. EDT this afternoon.
Apple (NASDAQ:AAPL) fell 1.74% to $430.26. Jefferies analyst Brian Misek lowered his Apple price target from $500 to $4200. He cited a 25% chance that Apple will miss its revenue forecast for the current quarter. Plus, the research firm International Data Corporation, or IDC, predicts that there will be fewer shipments of Apple iPads than tablets running Google's (NASDAQ:GOOG) Android operating system.
(See also: Apple Gets Twitter-Bombed, Saved From New Lows -- Again.)
Citigroup (NYSE:C) slid 2.10% to $46.60. Mary Jo White has been nominated for chairman at the Securities and Exchange Commission, and Robert Cordray has been nominated for head of the Consumer Financial Protection Bureau. Both are expected to be confirmed. Also, Hungary President Viktor Orban wants to nationalize the nation’s banks by giving local banks at least a 50% ownership stake. Citigroup has a presence in the country.
Valero (NYSE:VLO) rose 3% to $45.03, regaining some of its losses from yesterday.
Best Buy (NYSE:BBY) climbed 0.70% to $20.22. Goldman Sachs (NYSE:GS) lifted its rating of Best Buy to a “Buy” with a price target of $25.
Merck & Co. (NYSE:MRK) spiked 3.23% today to $45.07. The drugmaker announced that a data safety monitoring board advised that further studies should be conducted on Merck’s cholesterol drug Vytorin. The drug’s intended function of reducing risks of heart attack, stroke, and death in individuals with heart disease, will be tested on 18,000 patients. Merck said the study should conclude by September of next year.
Twitter: @ChrisWitrak
The NFIB Small Business Optimism Index showed a 1.90 gain from 88.9 in January to 90.8 last month. Increases in inventory building and plans to increase capital outlays among small businesses helped elevate the index put out by the National Federation of Independent Business. However, the group noted that the index remains at recessionary levels.
The International Council of Shopping Centers, or ICSC, released its weekly ICSC-Goldman report, which showed an increase of 0.7% for same-store sales week-over-week for the week ending March 9. The year-over-year rate of growth remains unchanged at 1.8%. The ICSC report measures comparable store sales at major retail chains, accounting for general merchandise sales or 10% of total retail sales.
Redbook reported that same-store sales last week grew 2.7% year-over-year. The Redbook report measures sales at chain stores, discounters, and department stores and their selling of general merchandise, which accounts for 10% of retail sales.
The US Treasury will release its monthly budget report for February at 2 p.m. EDT this afternoon.
Apple (NASDAQ:AAPL) fell 1.74% to $430.26. Jefferies analyst Brian Misek lowered his Apple price target from $500 to $4200. He cited a 25% chance that Apple will miss its revenue forecast for the current quarter. Plus, the research firm International Data Corporation, or IDC, predicts that there will be fewer shipments of Apple iPads than tablets running Google's (NASDAQ:GOOG) Android operating system.
(See also: Apple Gets Twitter-Bombed, Saved From New Lows -- Again.)
Citigroup (NYSE:C) slid 2.10% to $46.60. Mary Jo White has been nominated for chairman at the Securities and Exchange Commission, and Robert Cordray has been nominated for head of the Consumer Financial Protection Bureau. Both are expected to be confirmed. Also, Hungary President Viktor Orban wants to nationalize the nation’s banks by giving local banks at least a 50% ownership stake. Citigroup has a presence in the country.
Valero (NYSE:VLO) rose 3% to $45.03, regaining some of its losses from yesterday.
Best Buy (NYSE:BBY) climbed 0.70% to $20.22. Goldman Sachs (NYSE:GS) lifted its rating of Best Buy to a “Buy” with a price target of $25.
Merck & Co. (NYSE:MRK) spiked 3.23% today to $45.07. The drugmaker announced that a data safety monitoring board advised that further studies should be conducted on Merck’s cholesterol drug Vytorin. The drug’s intended function of reducing risks of heart attack, stroke, and death in individuals with heart disease, will be tested on 18,000 patients. Merck said the study should conclude by September of next year.
Twitter: @ChrisWitrak
No positions in stocks mentioned.
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