The tech is underperforming widely this morning as
shares of Apple Inc.(NASDAQ:AAPL) are trading lower by 1.25% after an analyst
at BMO Capital downgraded the stock on “supply constraints”. At Mid, day, Google
Inc(NASDAQ:GOOG) spooked investors with early results, that widely missed
analysts’ target and hence the stock tumbled 10%.
At 12:43PM
EDT, the NASDAQ Composite(INDEXNASDAQ:.IXIC) fell -17.86 (-0.58%) to 3,086.26,
while Technology SPDR (ETF)(NYSEARCA:XLK) declined 0.70%.
The analyst trimmed its shipment target for iPhone
by 4 million to 46 million and also lowered its price target by $20 to $730.
"We think most of investor concerns are not
focused on either the September or the December Qs. Rather, we think investors
are focused on the (calendar year) 2013 growth potential of Apple following the
recent product launches," The firm said.
BMO also reportedly said that it expects Apple to
provide a “very conservative” forecast for the quarter when it reports its
results for the September period on October 25, because of the limited supply
of the iPhone 5.
The firm expects the company to issue a "very
conservative" forecast for the quarter when it reports its results for the
September period next Thursday, because of tight supply of the iPhone 5.
Google Inc(NASDAQ:GOOG) surprised the market today by announcing
results early, but earnings are not at all in favor of investors and the stock
tumbled 8% to $695 after the company widely missed analysts target. The search
engine giant said that it earned $9.03 a share in the latest quarter, missing
analysts target by a whopping $1.62. Revenue also came in well below analysts
target. The company generated $11.33 billion, missing analysts’ estimate by
$530 million.
Should
Investors Buy GOOG After Today’s Slump? Find Out Here
Vringo, Inc.(NYSEAMEX:VRNG) halts last week gains and lost another
4.27% after slumping 10% in yesterday’s session. The stock had been gaining
strongly over the past couple of weeks on positive
developments on ongoing patent war with Google.
Facebook Inc(NASDAQ:FB) shares are under as well and lost 3.60%
after gaining about 3% in yesterday’s session. Yesterday, the gained momentum as
reports
revealed that the world’s largest social networking site is performing
better than estimated in making money from mobile advertising.
Juniper Networks, Inc.(NYSE:JNPR) rose 3% to $17.87, off session
high of $19.22 as as analysts prove skeptical that EMC would consider buying
the company, as is suggested by a rumor. Cantor, UBS, Goldman, and Oppenheimer
all consider an EMC-Juniper unlikely, though Oppenehimer thinks Ericsson or a
P-E firm could be interested.
Nokia Corporation (ADR)(NYSE:NOK)
slumped 5% after the company’s third
quarter losses widened, which was widely expected on ongoing solid competition
from Apple and Google.
The struggling
finished phone booked a loss of €0.07 a share on non-IFRS and reported
loss of €0.26 per share, compared to a year ago non-IFRS EPS loss of €0.03
while reported loss was €0.02 per share.
Revenues slid
sequentially to €7.2 billion ($9.45 billion) from EUR 7.50 in the previous
quarter and €8.9 billion a year ago quarter.
Will NOK Hit $5 This
Year? Find Out Here
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