Tag: stock market

Apple Inc.’s stock price target was slashed to $120 from $155 at Oppenheimer & Co., which cited concerns that the smartphone market is quickly becoming like the commoditized PC/notebook market. The new target is 24% above Friday’s closing price of $96.96. “In other words, the smartphone market will no longer see easy [year-over-year] growth,” analyst Andrew Uerkwitz wrote in a note to clients. ” And investors will have to accept Apple’s transition to a recurring revenue-based model, which may be hard to swallow for some Apple investors.” Uerkwitz maintained his outperform rating on Apple’s stock, however, saying that it remained “attractively valued” on a long-term basis. Separately, Apple was upgraded at Mizuho Securities, which suggested the stock’s recent selloff was overdone. The stock, which surged 1.7% in premarket trade, has lost 14% over the past three months, while the Dow Jones Industrial Average has slipped 4.3%.

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NorthStar Asset Management Group Inc. said Monday it has hired Goldman Sachs to advise it as it explores its strategic options. “We believe our current share price undervalues the company, Chief Executive David Hamamoto said in a statement, adding the board is “aggressively” seeking ways to maximise shareholder value. Shares rose 3% premarket, but are down 52% in that last 12 months, while the S&P 500 has lost 6%.

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Shire Plc said Monday it has agreed to buy Baxalta inc. in a deal valued at about $32 billion. Shire will pay $18 in cash and 0.1482 of its American Depositary Shares per Baxalta share, representing a premium of 37.5% over Baxalta’s share price on Aug. 3, 2015, when Shire first made an offer for the company. The deal is expected to close by mid-2016 and to give Baxalta shareholders a 34% stake in the new company. “This proposed combination allows us to realize our vision of building the leading biotechnology company focused on rare diseases,” Shire Chief Executive Flemming Ornskov said in a statement. Baxalta shares rose 2.5% premarket, while Shire shares were up 0.4%.

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Apollo Education Group Inc. said Monday it has retained Barclays and Credit Suisse to advise it as it explores its strategic options. The private education company said it is currently in talks that could lead to a change of control of the company. “The board believes that these actions will support and accelerate Apollo’s strategic initiatives, which include the continued growth and investment in Apollo Global and the continuation of the University of Phoenix’s transformation plan to further enhance student outcomes and provide outstanding, career relevant higher education for working adults,” the company said in a statement. Shares were indicating higher premarket, but are down 75% in the last 12 months, while the S&P 500 has fallen 6%.

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Apple Inc.’s stock jumped 1.1% in premarket trade Monday, after the technology giant was upgraded at Mizuho Securities, which said it believes the recent selloff has left investors with “meaningful” upside potential. Analyst Abhey Lamba raised the rating to buy, after being at neutral for the last year. “While we acknowledge weaker data points from the supply chain and softness in China, we believe similar to last year, investors are likely making a mistake in extrapolating the data to eternity,” Lamba wrote in a note to clients. Lamba’s new stock price target of $120, which was cut from $125, is 24% above Friday’s closing price of $96.96. The stock has tumbled 19% since the end of October through Friday, while the Dow Jones Industrial Average has lost 7.5%. Separately, Susquehanna Financial analyst Chris Caso cut his stock price target to $140 from $155, but reiterated his positive rating, saying the stock has “hopefully” neared a bottom.

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Singer-songwriter David Bowie has died at the age of 69 after suffering from cancer, according to an official statement on Monday. “David Bowie died peacefully today surrounded by his family after a courageous 18 month battle with cancer,” the statement, dated Jan. 10, on Bowie’s official Facebook account said. The influential music artist’s death comes only days after the release of his 25th album, “Blackstar,” on his birthday on Jan. 8. The British singer, whose career spanned more than 40 years and included hits such as “Let’s Dance” and “Space Oddity,” was known for the varied persona he adopted, from the androgynous Ziggy Stardust to the Thin White Duke. He worked in a range of music styles, from glam rock to electronica. Born David Robert Jones, Bowie also worked as an actor, appearing in movies such as “The Man who Fell to Earth” and “Zoolander.”

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Affymetrix Inc. shares jumped 50% after Thermo Fisher Scientific Inc. said late Friday it agreed to acquire the biological test company for $14 a share cash, or $1.3 billion. Shares of Affymetrix, which had been halted at $9.21 prior to the announcement, surged 50% to $13.80 after hours. Board members from both companies have approved the transaction, according to Thermo Fisher and Affymetrix. Subject to approval from Affymetrix shareholders, Thermo Fisher expects the deal to close at the end of the second quarter.

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Thermo Fisher Scientific Inc. said late Friday it agreed to acquire biological test company Affymetrix Inc. for $14 a share cash, or $1.3 billion. Shares of Affymetrix had been halted at $9.21 prior to the announcement and are expected to resume trading at 6:15 p.m. Eastern. Board members from both companies have approved the transaction, according to Thermo Fisher and Affymetrix. Subject to approval from Affymetrix shareholders, Thermo Fisher expects the deal to close at the end of the second quarter.

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Charter Communications Inc. said Friday that it has received the go-ahead for its merger with Time Warner Cable Inc. in the state of New York. As a condition for the approval, Charter is obligated to provide a minimum speed of 60 megabits per second and offer a speed of 300 mbps throughout the state. The company will also expand its network to provide services in unserved areas.

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Humana Inc. said Friday it expects a net decline in its individual medical health plans of 200,000 to 300,000 members. That takes into account plans that comply with the Affordable Care Act on and off health exchanges and plans that don’t, the insurer said in a filing. The company expects to gain 100,000 to 120,000 members for its individual Medicare Advantage plans for the year, but a decline in Medicare Advantage group membership of 120,000 to 125,000 members due to a previously disclosed loss of a large account. The company reiterated fiscal 2015 adjusted earnings of $7.75 a share. Shares of Humana rose 0.5% in late trading Friday after ending the regular session down 1.3%.

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