Heavy Hitters: Apple Posts Best Week in Nearly 2 Years, HP Avoids Dow’s Worst Week of 2013
Shares of Hewlett-Packard (NYSE:HPQ) increased 1.8 percent on Friday, and continued to edge higher in late afternoon hours. The blue chip was the best performer in the Dow Jones Industrial Average, despite the index closing in the red and posting its worst week of the year.
J.C. Penney (NYSE:JCP) shares dropped 3 percent on Friday and fell another 1.3 percent in late afternoon hours. The struggling retailer has entered into an agreement with hedge fund manager William Ackman that will enable him to walk away completely from his billion-dollar position. The terms of the agreement allow Ackman to make up to four requests to the company to register the sale of his restricted common stock. Restricted shares are issued to certain company executives and key shareholders to prevent premature selling that could hurt the company.
Verizon Communications (NYSE:VZ) shares declined 1.7 percent on Friday and continued to edge lower in late afternoon trading. The wireless giant may be rethinking its entry into the Canadian wireless market, The Globe and Mail reported on Thursday. Sources told the newspaper Verizon has decided to wait until a Canadian airwave auction of 700 megahertz scheduled for January before pursuing a purchase of smaller Canadian wireless companies Wind Mobile and Mobilicity. Shares of competitor AT&T (NYSE:T) only declined 0.50 percent on Friday.
Shares of Apple (NASDAQ:AAPL) rose nearly 1 percent on Friday. The company posted its best week since October 2011, jumping more than 10 percent. In fact, Apple was the best performer in the S&P 500 this week. In addition to billionaire Carl Icahn announcing a “large position” in Apple, speculation continues to surround a new TV-related producted, with the latest being attributed to former TechCrunch reporter turned venture capitalist MG Siegler, who spoke about the matter on John Gruber’s podcast The Talk Show. Siegler didn’t seem to think Apple had a full-blown TV set ready for launch that soon, but did say that the company had some sort of television related product ready for a fall launch, although he was vague about what exactly the product would be.
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