By Sue Chang, MarketWatch
SAN FRANCISCO (MarketWatch) -- Apple Inc. rose for a second session on Wednesday after Cantor Fitzgerald initiated coverage of the stock with a buy rating and a 12-month price target of $777.
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$AAPL: Apple (AAPL) shares rose 2.2% to trade slightly below $500 in brisk volume. "Apple's stock has been challenged this year and down 8% [year to date] vs. a 15% increase for the S&P 500 index; however, we believe the stock is in the midst of a recovery," Brian White at Cantor said in a note.
"In our view, Apple is on the verge of an extended product cycle that we believe will include a refresh of existing products, increased penetration within existing device categories and entirely new market opportunities."
Apple is scheduled to hold an event on Tuesday at its headquarters, where many are expecting it to unveil new models of the iPhone.
Later Wednesday, Apple's biggest competitor Samsung Electronics Co. is expected to launch the Galaxy Note 3, the latest in its line of large-screen smartphones, at an event in Berlin. There is also speculation that it may introduce a smartwatch that has been dubbed Galaxy Gear.
$LNKD: LinkedIn Corp. (LNKD) said it is selling $1 billion in common shares via a second offering in a bid to increase its financial flexibility and strengthen its balance sheet. Shares of the social-networking company slipped almost 2%.
$DG: Dollar General Corp. (DG) shares rose 4.3% after the discount retailer reported that its fiscal second-quarter earnings rose 15%.
Ciena Corp. (CIEND) gained 7.1% after it reported adjusted earnings for its fiscal third quarter that topped expectations. The telecom-equipment company also provided a fourth-quarter revenue target that was above expectations.
E-Trade Financial Corp. (ETFCD) shares jumped more than 7%. The company said Wednesday its $100 million capital distribution will occur in September.
Shares of J.C. Penney Co. (JCP) advanced 5%. Despite the recent exit of activist investor Bill Ackman, the retailer attracted more hedge-fund interest Tuesday as Hayman Capital Management's Kyle Bass disclosed a 5.2% stake and Glenview Capital Management revealed a 9.1% stake.
Micron Technology Inc. (MU) shares rallied more than 6% on news of a fire at SK Hynix Inc.'s semiconductor factory in Wuxi, China. "We believe any disruptions in an already disciplined supply chain going into peak build period ahead of holidays could firm up DRAM-NAND pricing," said Vijay Rakesh at Sterne Agee and that is likely to benefit Micron along with SanDisk Corp. (SNDK). Shares of SanDisk are up 3%.
H&R Block Inc. (HRB) shares fell 3.1%, one of the weakest stocks in the S&P 500 (SPX). The tax-services company on Tuesday said its fiscal first-quarter loss widened while revenue rose 32%.
U.S.-listed shares of Ryanair Holdings PLC (RYAAY) fell 14%. The Irish airline company said Wednesday its full-year profit would fall in the lower end of its outlook and could miss that profit range completely if fares and yields continue to diminish this winter.
SAIC Inc. (SAI) shares slid 6.9% after the company reported its second-quarter adjusted earnings slumped to 13 cents a share from 32 cents a share in the year-ago period.
-Sue Chang; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
09-04-13 1019ETCopyright (c) 2013 Dow Jones & Company, Inc.
|UPDATE: Wednesday's movers: Apple gets new buy rating (2013/9/4)|
|UPDATE: Apple's new buy rating makes stock a top mover (2013/9/4)|
|UPDATE: Bank of America shares climb on buy rating (2014/1/2)|
|UPDATE: Bank of America shares jump on buy rating ()|
|UPDATE: Wednesday's movers: Icahn helps Apple extend gains ()|
|UPDATE: Wednesday's movers: Apple, J.P. Morgan (2013/8/14)|
|UPDATE: Wednesday's movers: Apple, E-Trade (2013/9/4)|
|UPDATE: Wednesday's movers: Apple fails to hold $500 ()|
|UPDATE: Wednesday's movers: Apple reclaims $500 mark ()|
|UPDATE: Wednesday's movers: Apple reclaims $500-mark ()|
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