Morning Stocks: Facebook Gains, Buffett Dumps GE Shares
Shares of Facebook (NASDAQ:FB) After closing at more then 12 percent on Wednesday, Facebook surges 0.89 percent in pre-market trading today. The lockup on 800 million shares of the social media giant expired, but the stock outperformed expectations by a mile. Facebook also launched its Social Jobs Partnership, a service that allows users to search for jobs aggregated by companies such as Monster.com (NYSE:MWW).
Apple (NASDAQ:AAPL) shares declined along side of the broad market on Wednesday, today they are slightly up in pre-market trading. However, S&P Capital IQ analyst Scott Kessler upped his rating on Apple shares to Strong Buy from Buy. While Kessler noted that the stock had dropped more than 22 percent of its value over the past almost-two months, he added that the ongoing three-month period was likely to bring in a lot more good news for the tech company. “We now believe it is a compelling value, especially as the holiday shopping season is about to begin,” Kessler wrote in research note on Wednesday.
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Shares of Abercrombie & Fitch (NYSE:ANF) surged 0.72 percent after reporting financial results for the third quarter. The company announced that earnings surged 40 percent to $71.5 million (87 cents per share), compared to $50.9 million (57 cents per share) a year earlier. Sales for the thirteen weeks ended October 27, 2012 jumped 9 percent to $1.17 billion, compared to $1.08 billion in the same period last year.
General Electric (NYSE:GE) shares held firm today morning, despite a new 13-F filing showing that Warren Buffett’s Berkshire Hathaway (NYSE:BRKB) sold most of its share in the company. CNBC reports, “Berkshire’s GE stock has been slashed to 588,900 shares. That’s down 88 percent from just over five million shares three months earlier. That stake is now worth just under $12 million, down $88.4 million.”
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