6 Buzzing Movers: Apple Announces Dividend and Buyback Plan, UPS Receives Upgrade

Shares of Apple Inc. (NASDAQ:AAPL) jumped more than 2 percent in early trading.  The tech giant finally announced a quarterly dividend of $2.65 per share and a $10 billion share repurchase program.  Shares were halted for the actual release of the announcement.

Target Corp. (NYSE:TGT) shares edged .62 percent higher before the opening bell.  The company said it completed its $10 billion share repurchase program that it authorized in November 2007.  The retailer purchased a total of 193.5 million shares.

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United Parcel Service Inc. (NYSE:UPS) shares gained 1.2 percent in morning trading.  The company received an upgrade to overweight from neutral at J.P. Morgan (NYSE:JPM).  Analysts expect an upside to UPS after it purchased TNT Express NV for $6.77 billion.  “We believe the company’s agreement to buy TNTE is a significant positive and we anticipate favorable trends in UPS’s core domestic package business,” analysts said.

Shares of Groupon Inc. (NASDAQ:GRPN) edged lower early Monday.  The internet company launched a new scheduling tool that allows small business customers to book appointments more easily.  The new service will be free of charge to businesses that use Groupon.

Sprint Nextel Corp. (NYSE:S) dropped almost 5 percent after being downgraded to underperform from market perform at Bernstein.  The firm believes the next generation LTE iPhone will be badly disadvantaged on Sprint’s network.

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To contact the reporter on this story: Eric McWhinnie at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com