Radar Movers: Citi Receives the Goldman Touch, Apple Closes 3% Lower
Shares of Citigroup (NYSE:C) jumped 2.5 percent on Friday and continue to edge higher in late afternoon trading. Goldman Sachs (NYSE:GS) placed Citi on its “conviction buy” list with a price target of $49. Bloomberg reports that the decision was made in part because of optimism surrounding Citi’s new CEO, Michael Corbat. Analysts believe Corbat “is poised to improve returns and increase efficiency,” and that Citi’s shares “are mispriced given the company’s core earnings power, especially considering further restructuring could generate additional upside for shares.”
Apple (NASDAQ:AAPL) shares closed nearly 3 percent in the red and continue to decline in late afternoon hours. The tech giant’s MacBook line witnessed a 6 percent year-over-year decrease in U.S. sales over the five-week holiday sales period even as its average selling price grew by nearly $100 to $1,419. According to Apple Insider, the MacBook decline could possibly be blamed on the fact Apple only released one new laptop, the 13-inch MacBook Pro with Retina display, ahead of the 2012 holiday shopping season. Updates to other portable computers in the company’s lineup had come over the summer. In contrast, it had updated its entire MacBook Pro lineup in late 2011.
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Disney (NYSE:DIS) is attracting attention has the entertainment company just applied for a new patent regarding a mobile gaming platform with cloud connectivity, GPS, and mobile skyhook location sensing technologies. The patent-pending Disney gaming console has a strong 3D augmented reality slant, with features such as capturing a series of images of a real object and modifying them to create an animated cartoon character in real time.
Shares of Microsoft (NASDAQ:MSFT) fell almost 2 percent after receiving a downgrade, but found some support in late afternoon hours. Expressing confidence in its newly released Windows 8 operating system, the United States’ Department of Defense announced that it will put the system in machines used by close to 75 percent of its workers.
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