Apple Slides on Lower PT, Youku Gains on MS Coverage: Tech Business Roundup
Apple (NASDAQ:AAPL) sees UBS keeping its Buy on shares, but the price target fell by $80 from $780 to $700. Disappointing sales in China of the iPhone 5 on its debut day might have something to do with the move by UBS. Shares are down in afternoon trading Friday between 3 and 4 percent.
VeriFone Systems (NYSE:PAY) is now set to pull back its endeavors in the mobile payment venture. Chief Executive Doug Bergeron said in a quarterly conference call that, “Our experience through 2012 with tens of thousands of these micro-merchants tells us that the standalone economics of micro-merchant acquiring are fundamentally unprofitable,” adding that costs associated with coming up with new business users through ads “will never justify the razor thin-margins produced by merchants with infrequent volumes and extremely high attrition.” Impacts of those costs and the risks of fraud linked with payments are prompting the company to hand off the user recruitment side of Sail to banks and merchant acquirers and plans are afoot to divest some of the platform’s related assets.
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Shares of the online video service Youku.com (NYSE:YOKU) moved up Friday following the analyst Philip Wan at Morgan Stanley starting coverage with an Overweight along with a price target of $21.10. The stock closed on the day Thursday at $15.61. In his research note, Wan writes that, “Youku is emerging as a leading online TV station, well positioned to capitalize on the surging online video market in China, We believe the market has not fully appreciated that Youku is at an inflection point and will turn profitable by the end of 2013.”
Demandware (DWRE) reports that retailer of athletic shoes, apparel and accessories The Finish Line (NASDAQ:FINL) a has moved FinishLine.com back to its legacy site. The companies had previously introduced a completely redesigned FinishLine.com site on the Demandware Commerce platform on November 16th. Also, the Demandware implementation team had collaborated with Finish Line to launch FinishLine.com before the holiday season.
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