BUZZING Stocks: Apple Surges to RECORD High, Facebook and Groupon SINK
Shares of Apple (NASDAQ:AAPL) jumped nearly 2 percent during regular trading to reach a new closing high of $648.11. Analyst Peter Misek from Jefferies believes a smaller iPad may go on sale by October and a new television product could become available by 2013. He also reiterated his Buy rating on the stock and raised his price target to $900 from $800, estimating Apple will make 25 million iPad devices of all kinds in the current quarter, up from a previous estimate of 16 million.
Facebook (NASDAQ:FB) shares slumped again on Friday and continue to attract attention in late afternoon hours. The Zuckerberg-led company has come under new pressure as the first IPO lockup agreement recently expired and brought 271.1 million more shares to the market for trading. On November 14, more than 1.2 billion shares will be available for trading and another 149.4 million shares a month later. Shares hit a new all-time low along with Groupon (NASDAQ:GRPN).
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Ann (NYSE:ANN) shares closed the day 20 percent higher and continues to gain in late afternoon trading. The clothing retailer recently reported financial results for the second quarter. Net income rose 24 percent to $30.7 million (63 cents per share), compared to $24.8 million (47 cents per share) a year earlier. Revenue also increased 6.6 percent to $594.9 million. It was a beat on the top and bottom line for the company.
After plunging 11 percent, Aeropostale (NYSE:ARO) shares bounced 0.91 percent in late afternoon hours. The company said late Thursday that net income in the second quarter crashed 97.6 percent to $71,000, compared to $2.9 million a year earlier. Revenue edged 3.7 percent higher to $485.3 million in the same time period. It was a miss on the top and bottom line for the company. Thomas P. Johnson, chief executive officer, commented, “While we were encouraged by the customer response to our fashion offering, we were disappointed by our overall financial performance for the second quarter.”
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