5 Stocks Attracting Attention in Monday’s Trading Spotlight
Facebook (NASDAQ:FB): In the aftermath of its IPO, one analyst gave underwriters a thumbs-down. Wedbush Securities analyst Michael Pachter said, “The underwriters completely screwed this up. This thing should have been half as big as it was, and it would have closed at $45.” The market agreed; the stock dropped as low as $33 on Monday. Shares of Facebook are trading 9% lower in afternoon trading.
Investing Insights: Facebook Stock Analysis: Did Underwriters Dupe Retail Investors?
Nokia (NYSE:NOK): Nokia’s Windows-based smartphone Lumia sales have been strong in China, but the momentum may be short-lived, according to Digitimes. Shares of Nokia are trading 4% higher today.
Apple Inc. (NASDAQ:AAPL): Analysts expect a fall lunch for the new iPhone 5 with Cowen looking at a September launch. It also currently perceives the company’s shares as cheap after its recent 20 percent pullback; the shares have an “Outperform” rating. Meanwhile, Piper Jaffray expects an October launch for the new phone despite the 28nm chip shortage at Qualcomm (NASDAQ:QCOM). It also sees as a worst case scenario, Apple unable to meet short-term demand following the launch; sales would then move from the December quarter into the March quarter. Piper reiterated its “Overweight” rating on Apple shares with a $910 price target. Shares of Apple are trading 4.5% higher today.
AT&T (NYSE:T): Comcast Corp. (NASDAQ:CMCSA), the largest U.S. broadband provider, and it rival Time Warner Cable Inc. (NYSE:TWC) will share mobile Internet hotspots to boost their wireless coverage while fending off competition from phone carriers such as Verizon Communications Inc. (NYSE:VZ) and AT&T Inc. (NYSE:T). They are stepping on cable’s turf by offering TV and broadband access along with wireless and landline phone connections. With the increased free wireless Internet coverage, the cable carriers are trying to give customers another reason to stay and forgo phone carriers’ wireless data plans. Shares of AT&T are trading 0.19% lower today.
Bank of America Corporation (NYSE:BAC): Bank of America received a downgrade to “Underperform” from “Market Perform” by JMP Securities. The firm expects bulge-bracket firms earnings to fall significantly in 2012 due to Europe’s increasingly risky situation. Shares of Bank of America Corporation are trading 2.28% lower today.
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