3 Tech Titans Making Noise: Apple’s Smartphone Share Balks, Einhorn Closes Long Microsoft Position, and Amazon Wins Upgrades
Apple (NASDAQ:AAPL): Data on global smartphone shipments indicated they grew 47 percent during the second quarter year-over-year to 230 million units, by Strategy Analytics estimates. Smartphones accounted for 59 percent of all phone sales, and Apple’s 31.2 million devices sold point to a 20 percent gain, though its market share in the smartphone business slid back to 13.6 percent.
Microsoft Corporation (NASDAQ:MSFT): David Einhorn’s Greelight Capital has shut down its short position in J.C. Penney (NYSE:JCP), and also closed a long position in Microsoft during the second quarter, Reuters says. ”Windows 8 appears to be a flop, and a decade of mismanagement has put Microsoft at risk of becoming a shrinking company,” the letter from Einhorn to his investors said.
Amazon.com (NASDAQ:AMZN): Despite Amazon’s weaker-than-expected second quarter results, Benchmark Co. expects the company to benefit from international expansion and margin increases going forward. The firm raised its price target on the shares to $350 from $330, and keeps a Buy rating on the stock. Amazon also got a boost from Goldman Sachs, which hiked its price target to $355 from $325.
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