Mid-Day Lowdown: Apple Wobbles With Anxiety, Facebook Growth WANES
Apple Inc. (NASDAQ:AAPL) shares were up 1% this morning and are since back to flat in afternoon trading. The tech giant is holding its first developers’ conference without former CEO and founder Steve Job right now. The company is unveiling details on all Apple products to come.
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Shares of NVIDIA Corp. (NASDAQ:NVDA) are up 2.85 percent in afternoon trading. The company received an upgrade from UBS (NYSE:UBS) on Sunday from Neutral to Buy, with a price target of $15.50 over the next 12 months. UBS said the recent pullback in shares made NVIDIA more attractive and cited its strong presence in the non-Apple sector.
Facebook (NASDAQ:FB) shares cannot get over $28, yet are up climbing 1.48% this afternoon. A report by comScore recently showed that Facebook’s growth in the United States came in at 5 percent for April, down from 24 percent in the same period last year. In 2010, the social-media company witnessed 89 percent growth in April. Investors appear to be looking more at April’s growth this morning as the bright spot and the fact that Facebook to will join Russell 3000 index, a catalyst for more funds to seek out the company’s stock for their portfolios.
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Major banks such as Citigroup Inc. (NYSE:C) and Morgan Stanley (NYSE:MS) bounced more than 2 percent in pre-market trading and have since fallen into the red 3.85% and 2% respectively in afternoon trading. Over the weekend, Spain became the latest member in the eurozone to seek a bailout, with a request for as much as 100 billion euros ($125 billion).
Forest Laboratories Inc. (NYSE:FRX) shares fell 3.47 percent in Monday afternoon action. The company lowered its 2013 profit target to 65 cents to 80 cents per share, below expectations of $1 per share. Forest Labs cited issues related to Lexapro expiring, its anxiety drug.
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