On the Radar: Apple BREAKS $600, RIM and Barclays Still Struggling
Apple Inc. (NASDAQ:AAPL) shares broke $600 this morning in pre-market trading, after kissing that figure in intra-day trading on Tuesday for the first time since April.
Research in Motion (NASDAQ:RIMM) shares closed Tuesday nearly 2 percent lower at $7.35. The company’s CEO Thorsten Heins said, “There’s nothing wrong with the company as it exists right now.” He recognized that RIM faces obstacles in regaining market share, but said it is not in a “death spiral.” And it seems investors were listening. Shares are trading up this morning 1.63 percent after the holiday. Last week, the BlackBerry maker reported horrendous financial results. Revenue plunged 43 percent to $2.81 billion. For the first-quarter, the company posted an adjusted loss of $192 million (37 cents per share), down sharply from a net gain of $695 million ($1.33 per share) a year earlier. Read More.
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Shares of Barclays PLC (NYSE:BCS) dropped 2.14 percent in abbreviated trading on Tuesday, and continued to fall 0.66 percent this morning in pre-market trading. The bank’s CEO Bob Diamond resigned this week amid the growing Libor scandal. “Bob Diamond was a lightning rod for the industry,” Chris Wheeler, bank analyst at Mediobanca, told CNBC. “I’m surprised at the timing, but I think there has been a discussion with the board about it having a major impact on Barclays and obviously they want to restore its reputation.”
Facebook (NASDAQ:FB) shares closed 1.39 percent higher on Tuesday, but are dipping slightly this morning in pre-market trading. The social-media company appears to be back at the bargaining table with General Motors (NYSE:GM) over its advertising efforts. The WSJ reported, “Facebook Chief Operating Officer Sheryl Sandberg spoke with GM Chief Executive Daniel Akerson on the issue, and senior executives from both companies have been in discussions.”
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