Heavy Hitters: Ford Posts Best June Since 2006, Apple Jumps 2.3%
Shares of Ford (NYSE:F) gained 2.8 percent on Tuesday and continued to edge higher in late afternoon hours. The company announced that its domestic June sales jumped 13 percent from a year earlier, making it the best June since 2006. “In June, we continued to see strong demand across the entire lineup,” said Ken Czubay, Ford vice president, U.S. Marketing, Sales and Service. “We’re particularly encouraged by strong retail share gains, especially in coastal markets, where the combination of great design and fuel economy is resonating with customers – including many buying a Ford for the first time.” Shares of General Motors (NYSE:GM) also edged higher.
Yahoo (NASDAQ:YHOO) shares edged slightly higher in late afternoon trading. The company bought video creation app-maker Qwiki. Qwiki explains, “On a journey that took us from NYC to San Francisco and back again, the Qwiki team has spent the past few years creating products and technology that make it easy to share and discover stories…We will continue to support the Qwiki app, and the team will join Yahoo! in our New York city office to reimagine Yahoo!’s storytelling experience. Stay tuned … there’s much more to come!”
Shares of Facebook (NASDAQ:FB) dropped 1.6 percent on Tuesday. The social-media giant is reportedly exploring its options in the mobile gaming world by working with some small mobile game developers in an attempt for the social media network to create and license its own mobile games rather than just making money from ad dollars on games developed by others. The social media giant has confirmed that it’s working on new mobile game distribution and talking over the logistics of becoming a game publisher, but didn’t offer any details. Facebook currently makes most of its gaming revenue through mobile ads, which made the company $373 million in revenue in the first quarter.
Apple (NASDAQ:AAPL) shares posted another impressive day – gaining 2.3 percent on Tuesday. Raymond James Financial raised its rating on the iMaker from Outperform to Strong Buy. Analyst Tavis McCourt raised the price target for the stock to $600 and increased his estimate of third-quarter iPhone sales from 27 to 28 million units. He cited Apple’s affluent and dedicated customer base and the 90 percent retention rate of iOS devices as reasons for his optimism.
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