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Apple Inc. may not sell as many iPhones as UBS had previously expected after analysts received the results of a semi-annual survey, according to a Monday note to clients. UBS analyst Steven Milunovich wrote that fiscal 2018 is likely not a “supercycle” and unit growth will be 10% compared with the year earlier versus the 12% he previously expected. “Buying intentions are flattish from a year ago,” Milunovich wrote. Apple stock is down less than 1% to $174.16 in late afternoon trading. Milunovich rates Apple stock a buy with a $190 price target. “If the survey is correct regarding more muted near-term unit growth, the Apple narrative could shift toward monetizing the large iPhone base, Milunovich wrote. “Management has said it views the iPhone as an annuity given a growing installed base and high retention rate.” He also noted that most iPhone customers don’t purchase additional Apple services. Apple stock has gained 50% this year, with the S&P 500 index gaining 16%. The Dow Jones Industrial Average , of which Apple is a component, has gained 19% this year.

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Bonds issued by Time Inc. rallied Monday, after Meredith Corp. which publishes “Better Homes & Gardens,” proposed a deal over the weekend to buy Time in an acquisition valued at $2.8 billion. CreditSights analysts upgraded the bonds to market perform from underperform, but said they would struggle to go to an outright outperform recommendation, given the strong run-up in the bonds since the deal was first mooted. “We continue to see limited opportunity for further price appreciation and would be cautious adding exposure at these levels,” analyst Karen Klapper wrote in commentary. Time’s most active bonds, the 7.500% notes that mature in October of 2025 were last quoted at 111.162 cents on the dollar to yield 4.484%, or at a yield spread of 306 basis points over comparable Treasurys, according to MarketAxess. That was up about 3 points from Friday. Shares were last up 9%, while the S&P 500 was flat.

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Montana Republican Sen. Steve Daines is a “no” on the GOP tax bill, his aides have told Fox Business News, but the senator is optimistic about changes to it. Republicans can afford to lose only two votes on the legislation, which may come up for a vote as early as Thursday. Senate Republicans have reportedly discussed an increase in the deduction for pass-through businesses to win support from Daines and fellow Republican Sen. Ron Johnson of Wisconsin.

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Gold prices settled higher Monday to reclaim most of what they lost last week as investors look to potential developments this week on U.S. tax changes and interest-rate policy. December gold climbed $7.10, or 0.6%, to settle at $1,294.40 an ounce, after posting a weekly decline of 0.7%. February gold , which is also actively traded, tacked on $7.10, or 0.6%, to finish at $1,298.90, after tapping highs above $1,300.

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Three Chinese citizens were charged with hacking the computer networks of Moody’s Analytics , Siemens and Trimble in an effort to steal trade secrets, the U.S. Justice Department said Monday. The three, Wu Yingzhuo, Dong Hao and Xia Lei, were indicted for actions that allegedly took place between 2011 and 2017. “The Justice Department and the FBI have demonstrated that hackers around the world who are seeking to steal our companies’ most sensitive and valuable information can and will be exposed and held accountable,” said acting Assistant Attorney General Dana Boente. Typically, the hackers would use emails that could give them access to private networks if the recipients opened the messages. The goal was to steal confidential business information, the indictment alleged.

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Fast-food chain Wendy’s Co. said Monday that it has launched its first-ever mobile offering with three digital deals available via the Wendy’s app. Currently, the deals are a buy-one-get-one free for a Dave’s Single hamburger, a buy-one-get-one-free for a spicy chicken sandwich, and $2 off any full-sized salad. Wendy’s is also bringing back its Double Stack double cheeseburger to the 4 for $4 menu. Wendy’s shares are down 1.2% in Monday trading, but up 5.5% for the past year. The S&P 500 index is up 17.6% for the last 12 months.

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Square Inc.’s stock dropped more than 6% Monday morning after BTIG Research downgraded the stock on fears that a recent run-up that occurred after the company began testing the ability to transfer bitcoin has made shares too expensive. Square’s stock has more than tripled this year and had gained about 22% since launching a test earlier this month in its Square Cash app that allowed users to buy and sell the cryptocurrency bitcoin, which has had its own wild ride of late. Those gains put prices far above BTIG’s 12-month price target of $30, and analysts downgraded the stock in a note Monday morning. “[W]e believe [Square’s] valuation already reflects emphatic and unimpeded growth while failing to factor in competitive, credit-related and macro risks that did not go away when some investors suddenly viewed its shares as a play on a trendy cryptocurrency,” they wrote. They added that it is “not optimal” for Square “to have its fortunes tied to those of a cryptocurrency that has frequently displayed extreme volatility.” Square’s stock closed at an all-time high of $48.86 Friday, at which point it had gained 258.8% in 2017, while the S&P 500 index had gained 16%.

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Sen. Rand Paul said in a Fox News op-ed that he will vote for Republicans’ tax bill, despite some reservations with it. The Kentucky Republican, whose vote wasn’t assured earlier, said he would prefer “more permanence” for individuals but that “I plan to vote for this bill as it stands right now.” A vote on the bill could come as early as Thursday in the Senate, and if it passes it would need to be reconciled with a House version.

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Teva Pharmaceutical Industries Ltd. shares rose 4% in Monday morning trade after the company announced a major reorganization and several top leadership changes. Cheap generic drug prices have put significant pressure on the generic drugmaker in recent months, and the changes — under new Chief Executive Kare Schultz — were described as a way to take “decisive and immediate action to address external pressures and internal inefficiencies,” according to a statement by Schultz. Teva, which previously organized its generics and specialty drug businesses in two separate units, will now instead operate through three regions — North America, Europe and Growth Markets — that will manage all Teva drugs “with full end-to-end P&L accountability,” the company said. Some of Teva’s previous business units will be retained, but not all, Teva said. Leadership changes include the retirement of Michael Hayden, president of global research and development, Rob Koremans, president and chief executive of global specialty medicines, and Dipankar Bhattacharjee, president and chief executive officer of the global generic medicines group, at the end of the year. The company’s new management team includes now-Chief Financial Officer and Executive Vice President Michael McClellan, Executive Vice President, Global R&D Hafrun Fridriksdottir, Executive Vice President, North America Commercial Brendan O’Grady, Executive Vice President, European Commercial Richard Daniell, Executive Vice President, Growth Markets Commercial Gianfranco Nazzi and Executive Vice President, Global Marketing & Portfolio Sven Dethlefs. Teva shares have dropped 13% over the last three months and 61% year-to-date, compared with a 6.5% rise in the S&P 500 over the last three months and a 8% rise in the Dow Jones Industrial Average .

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