Morning Movers: Apple Surged, Treasury to Sell AIG Stake
Shares of Apple (NASDAQ:AAPL) gained 1.36 percent Tuesday in pre-market trading. Jefferies & Co. analyst Peter Misek said the tech giant will face dramatically slowing growth in its next fiscal year. He also cut his price target on the company’s stock to $800 from $900.
American International Group (NYSE:AIG) shares surged more than 1.6 percent early morning. The U.S. Treasury announced it is selling its remaining stake in the bailed-out insurer.
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Shares of Limited Brands (NYSE:LTD), the parent company of Victoria’s Secret and Bath & Body Works, jumped 2.65 percent in early morning trading. The company’s board approved a special dividend of $3 per share, to be paid ahead of year-end in order to avoid any increases in tax rates.
McDonald’s (NYSE:MCD) shares cooked up a 0.55 percent gain. On Monday, McDonald’s reported global comparable sales jumped 2.4 percent in November, compared to a 1.8 percent decrease in the prior month. Analysts were only expecting to be served with a 0.17 percent rise in global sales. Competitor Yum! Brands (NYSE:YUM) finished the day slightly lower on monday.
Investor Insight: McDonald’s to Analysts: You Got Served!