U.S. and Canadian Governments Sell Off GM Stock and 2 Other Hot Stocks to Watch
General Motors Co. (NYSE:GM): Current price $36.40
The U.S. Treasury and the Canada GEN Investment Corp. announced Wednesday that they sold shares of GM they had held since the financial crisis. The Treasury said it sold $811 million worth of GM common stock in August and has recovered roughly $35.4 billion of the $49.5 billion bailout it allowed the automaker in its August report to Congress, as reported by the AP. Meanwhile, Canada’s GM position has been lowered by 30 million shares, or roughly 20 percent, after the federal agency Canada GEN Investment Corp. reached a deal to divest the securities to Bank of America Merrill Lynch (NYSE:BAC) and RBC Capital Markets. GM shares closed at $37 Tuesday, which would value the deal at $1.1 billion.
Apple Inc. (NASDAQ:AAPL): Current price $465.66
Apple shares are down 5.6 percent Wednesday during a series of rating downgrades. On Tuesday, the company introduced two new iPhone models, the Phone 5C and 5S, but now analysts are worried that the less-expensive model might be too pricey to gain a following. Analysts at Bank of America Merrill Lynch, Credit Suisse (NYSE:CS), and UBS (NYSE:UBS) downgraded Apple shares to Neutral while fretting over its pricing strategy. In a note, Scott Craig at Bank of America wrote, “We downgrade to neutral on (1) lack of a ‘lower-end’ iPhone and price points that will be too high to increase penetration in emerging markets (2) no China Mobile agreement.”
Advanced Micro Devices Inc. (NYSE: AMD): Current price $3.81
AMD on Wednesday announced a new addition to its 2013 Elite Mobility processor family, growing the options available for anyone searching for HD entertainment, power efficiency, and accelerated performance in small screen touch notebooks, tablets, and hybrids. The AMD Elite Quad-Core A4-1350 accelerated processor marks the second quad-core accelerated processing unit in this category, with an estimated average power at or under 3 watts for many common-use cases. The new APU is expected to start shipping to customers in October.