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Two Ways: UBS Upgrades Apple


Strengthen your portfolio in good times and bad.

Apple Upgraded by UBS

Early this morning, UBS upgraded Apple (AAPL) to "Buy" from "Neutral" and raised its price target to $265 from $170.

UBS based its upgrade on "recurring" iPhone hardware revenue, continued growth of the App store, and new partnerships that will expand the reach of the iPhone. In the note, UBS also said it believes upward revisions to consensus estimates are likely because they believe gross margin potential has been underestimated.

For the future, UBS sees Apple working on a service that would provide seamless access and mobility to all of its digital content.

From the Bull Pen: With Apple trading higher in the face of down futures, it's a sign of more demand. Watch for extra volatility after the jobs numbers, but for short-term traders, consider playing the stock with a sell stop below the 20-day moving average (currently $179.45).

From the Bear Cave: Bears looking for a downside play can keep an eye on Baidu (BIDU) at $400 resistance. Watch for more downside follow-through. A buy stop can be set 2% above entry.

A Quick Check Around the World

Asian trading closed with the Nikkei -2.47%, India (Closed), Hang Seng -2.77, Shanghai (Closed), and Taiwan -1.77%.

Across the pond, we see the FTSE -0.76%, CAC -1.17%, DAX -0.67%

As of 8:15 a.m. EST, S&P Futures are trading -3.50 to 1023.75 and Nasdaq futures are -6.000 to 1664.50.

A Look at Commodities

Over in commodities, crude oil is -1.21 to 69.61 while gold is -3.20 to 997.500 this morning. Silver is -0.23 to 16.21 and copper -5.550 to 268.15.

The dollar index is +0.025 to 77.4400.

On the Radar


08:30 Average Workweek (33.1 cons.)
08:30 Hourly Earnings (0.2% cons.)
08:30 Non-farm Payrolls (-188k cons.)
08:30 Unemployment Rate (9.8% cons.)
10:00 Factory Orders (1.1% cons.)

Good luck and have a great weekend!
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No positions in stocks mentioned.

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