The tech rebounded strongly on Thursday after the recent retreat as the shares of world’s largest company - Apple Inc. (NASDAQ:AAPL) have bounced back almost 2% at mid day session i.e. halts three-day fall.
After a solid gain in the past, AAPL had been showing selling pressure on concerns that hat the company may not be able to meet the user’s demand for its latest launched iPhone5. Moreover, on Monday, the company had reported solid weekend sale of newly launched, which came in at 5 million, however investors were disappointed with the numbers as analysts were targeting 6-10 million during the week.
The company had said on Monday that it had run out of its initial supply of iPhones and was struggling to meet demand. It added that many of the orders placed in advance with the company would be delivered only in October. Chief Executive Tim Cook said that the company was working hard to build enough iPhone5s for everyone."
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There is no doubt that Apple as a popular carries heavy burden of high expectations from investors community, but that’s not the company fault. It’s just high expectations making investors easy.
There have been large number of complaints over the company’s latest shift of in house implementation of Maps and ditched Google Maps and has offered its own mapping application to users of the iPhone 5, who have not taken very kindly to the replacement.
The criticism of the Apple new map app has been almost universal and has, to some extent, stolen the thunder from its record sales of the new iPhone.
Shares of AAPL are up 2% at $678.62, still $27 away from its life time high of $705.07 hit last week.
Nokia Corporation (ADR)(NYSE:NOK) is another stock which is gaining momentum and rose over 2% after slumping 14% in the past one week. Today, Nokia’s Russian subsidiary officially began to take pre-orders for both the phones. The phones will be available in the fourth quarter of 2012. While the Lumia 820 costs 19,990 rubles or $640, the Lumia 920 is priced at 24,990 rubles or $801. Smartphones have always been priced higher in Russia.
Advanced Micro Devices, Inc.(NYSE:AMD) continued to move higher after the recent slump which had pushed the stock to multi year low of $3.22 in yesterday’s session after last week announcing the departure of its Chief Financial Officer Thomas Seifert. Moreover, earlier this week, analyst at FBR Capital had downgraded the stock y, which cut the target price of the stock to $6 from $7.50 earlier.
Shares of big data companies are soaring as well this morning as analyst FBN started coverage on several stocks including Tibco Software Inc.(NASDAQ:TIBX) +0.69 (2.35%), Splunk Inc(NASDAQ:SPLK) +1.87 (5.20%).
First Solar, Inc.(NASDAQ:FSLR) added 4% after announcing deals with PNM Resources (PNM) to build 4 New Mexico solar plants that will provide 20MW of capacity. Also, the company has hired energy industry vet Bruce Yang to be the managing director for its Chinese ops.
] Yahoo! Inc.(NASDAQ:YHOO) gained 3% after Goldman's Heath Terry launches coverage with a Buy and $22 target. Terry declares Yahoo's core business and investments to be undervalued at current levels, and predicts its plans to return most of the Alibaba proceeds to shareholders will act as a positive catalyst.
Autodesk, Inc.(NASDAQ:ADSK) surged 2.22%.