Apple Inc, Sprint Nextel, Citigroup, BofA Shares Attract Heavy Trading Demand

Apple Inc. (NASDAQ:AAPL): Piper Jaffray believes Apple’s dividend announcement was largely in-line with expectations and should make the company viable to a broader base of shareholders. Piper notes that Apple said its third generation iPad launch was a “record.” The firm remains a buyer of the stock with an Overweight rating and $718 price target. “We have used some of our cash to make great investments in our business through increased research and development, acquisitions, new retail store openings, strategic prepayments and capital expenditures in our supply chain, and building out our infrastructure. You’ll see more of all of these in the future,” said Tim Cook, Apple’s CEO. “Even with these investments, we can maintain a war chest for strategic opportunities and have plenty of cash to run our business. So we are going to initiate a dividend and share repurchase program. Combining dividends, share repurchases, and cash used to net-share-settle vesting RSUs, we anticipate utilizing approximately $45B of domestic cash in the first three years of our programs,” said Peter Oppenheimer, Apple’s CFO.

Sprint Nextel Corporation (NYSE:S): Bernstein believes the next generation LTE iPhone will be badly disadvantaged on Sprint’s network, which will impact sales, and that the company doesn’t have enough spectrum to offer a competitive 4G offering. Price target lowered to $1.75 from $2.50.

Citigroup Inc. (NYSE:C): In a statement, the Chinese lender said Citigroup (NYSE:C) sold 506.2M shares or 2.7% of Pudong Development Bank, to several institutional investors through block trades.

Bank of America Corp (NYSE:BAC): Some major Wall Street names will bid on pools of foreclosed properties being sold by Fannie Mae (FNMA), –becoming landlords to cash poor Americans–suggesting sizable future profits in housing, reports the Wall Street Journal.

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To contact the reporter on this story: Derek Hoffman at

To contact the editor responsible for this story: Damien Hoffman at