7 Early Buzzing Stocks: Apple Pops 2%, Goldman Op-ed Goes Viral

Shares of Apple Inc. (NASDAQ:AAPL) climbed nearly 2 percent higher in early Wednesday trading.  Analysts at Canaccord raised their price target on the tech giant to $710.  The firm explained, “Given the new iPad’s leading hardware specs and iOS developer and application ecosystems versus all tablet competitors, we anticipate Apple will continue to dominate both market and value share of the growing tablet market.”

Despite a harsh op-ed in the New York Times, shares of Goldman Sachs (NYSE:GS) edged slightly higher in morning trading.  Greg Smith quit Goldman, but not before writing his feelings about the investment firm.  He says managing directors refer to clients as “muppets” and only care about making money off their clients.  Smith writes, “It’s purely about how we can make the most possible money off of them. If you were an alien from Mars and sat in on one of these meetings, you would believe that a client’s success or progress was not part of the thought process at all.”

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Zynga Inc. (NASDAQ:ZNGA) shares jumped .86 percent higher early Wednesday.  The social gaming company filed a prospectus with regulators to issue up to $400 million of common stock.  “The principal purposes of this offering are to facilitate an orderly distribution of shares and to increase our public float,” the company said.

Citigroup Inc. (NYSE:C) shares dropped more than 3 percent before the opening bell.  The bank did not receive approval from the Federal Reserve to raise its dividend and expand its share buyback program.  Other financial names such as MetLife (NYSE:MET) and SunTrust Banks (NYSE:STI) also did not receive approval from the Fed.

The SPDR Gold Trust (NYSEARCA:GLD) fell 1.5 percent in morning trading.  The Labor Department announced that overall import prices increased 0.4 percent, but January’s data was reduced to a flat reading.

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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