Shares of Apple (NASDAQ:AAPL) closed nearly 4 percent lower on Friday to end the week in the red. UBS analyst Steven Milunovich cut his price target on the tech giant to $700 from $780, saying that iPhone production will fall in the coming few quarter. Over the next three quarters, Milunovich expects there will be 5 million fewer iPhones built and 2 million fewer iPads than earlier expected. The analyst did maintain his Buy rating on shares, though.
General Electric (NYSE:GE) shares closed unchanged, but edged slightly higher in late afternoon trading. The company announced a 12 percent dividend hike to 19 cents a share, which will be paid in January. It also plans to repurchase another $10 billion worth of shares through 2015.
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Adobe Systems (NASDAQ:ADBE) shares jumped more than 5 percent and continue to attract attention in late afternoon hours. Late Thursday, the company reported financial results for its fiscal fourth quarter. Net income came in at $222.33 million (44 cents per share), compared to $173.72 million (35 cents per share) a year earlier. Adjusted earnings of 61 cents per share easily beat the average forecast of 56 cents per share.
Shares of Facebook (NASDAQ:FB) took a pause on Friday. The social network dropped 5 percent as 156 million shares were released from lockup. The pullback occurred despite news that the company retooled its mobile app for Google’s (NASDAQ:GOOG) Android OS. The app now uses native code instead of HTML 5 and should run faster.
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