Heavy Hitters: BlackBerry Surges 10%, Apple’s Next iPhone Coming Soon
Shares of Tesla Motors (NASDAQ:TSLA) fell 3.7 percent on Monday and continued to attract attention in late afternoon hours. With shares trading near $150, David Trainer from New Constructs said the stock is “like a pump-and-dump scheme that’s basically going to enrich some corporate insiders, some Wall Street insiders and leave the Average Job holding the bag.”
Yum! Brands (NYSE:YUM) shares dropped 4 percent in late afternoon trading. The quick-service company reported that July same-store sales declined an estimated 13 percent in China, worse than expected. Same-store sales for June fell 10 percent. Shares of McDonald’s (NYSE:MCD) also edged slightly lower after the news.
Shares of BlackBerry (NASDAQ:BBRY) surged more than 10 percent on Monday. The company announced it will begin exploring “strategic alternatives to enhance value and increase scale in order to accelerate BlackBerry 10 deployment.” The statement explained that a special committee has several options to consider: joint ventures, partnerships, asset sales, and even a sale of the company itself. Timothy Dattels, an investment banker and former Goldman Sachs executive, will chair the new committee, which will include Blackberry Chief Executive Thorsten Heins as well.
Apple (NASDAQ:AAPL) shares jumped 2.8 percent on Monday and continued to edge higher in late afternoon trading. Speculation is building that the tech giant will unveil the next iteration of the iPhone on September 10. A reveal in September would thrust the device into the spotlight just about a month before the company reports its fiscal fourth-quarter earnings, and could edit investor assumptions about earnings for the coming fiscal year. Analyst Steve Milunovich from UBS has estimated that a low-cost iPhone could sell as many as 92 million units in fiscal 2014, accounting for 53 percent of total iPhone sales.
Don’t Miss: Top 10 Metro Areas With Booming Home Prices
Follow Eric on Twitter @Mr_Eric_WSCS