Early Buzz: Apple Investors Raise the Bar, Kors Surges 5%, Boeing Flies Higher
Apple Inc. (NASDAQ:AAPL) shares edged .46 percent lower after the opening bell. The tech giant held its annual Worldwide Developers Conference on Monday, which unveiled its new MacBook line with Retina display and iOS 6. The new operating system will integrate social-sites such as Facebook (NASDAQ:FB) and Yelp Inc. (NYSE:YELP). Shares of Facebook are up 1% today while Yelp trades lower 3%. So far, it appears Apple investors are awaiting the “wow me” product moment at WWDC, unless lots of pre-investment calculating is happening at the moment. Time will tell.
Don’t Miss: Will Apple Pull the Plug on Garmin?
Shares of JPMorgan Chase and Co. (NYSE:JPM) jumped nearly 1 percent in early trading, despite the WSJ reporting that the bank knew about the risky practices in London two years before the now infamous $2 billion trading loss. The journal writes, “Interviews with more than a dozen current and former members of the bank’s Chief Investment Office, the unit responsible for the losses, indicate that discussions about reining in London traders started as early as 2010.”
Michael Kors Holdings (NYSE:KORS) shares surged more than 5 percent in early trading. The company announced its fourth-quarter profit came in at $43.6 million (22 cents per share), compared to $13.6 million (10 cents per share) a year earlier. Revenue also increased to $380 million, compared to $240 million in the same period a year earlier.
Boeing Co. (NYSE:BA) shares gained 1.68 percent after the opening bell. Bernstein upgraded the company to Outperform from Market Perform. The firm also raised its price target to $92 from $85 per share, citing the recent decline as an “overreaction to macroeconomic difficulties.”
Investor Insight: SURPRISE! Forget the Hardware, Apple is a Software Company