Buzz at the Bell: Google Working on Maps App for Apple, RIM Holds Gains
Shares of Facebook (NASDAQ:FB) continued to edge higher 1.5 percent in Thursday morning trading, despite a round of lawsuits being filed due to its May initial public offering debacle. The WSJ reports that around 50 lawsuits have been filed against Facebook, Nasdaq OMX Group (NASDAQ:NDAQ) and underwriters involved with the process.
Apple (NASDAQ:AAPL) shares ticked slightly lower in early morning hours Thursday. Shares of the tech giant have taken a step backwards this week over the iPhone 5 launch and its new Maps program, but Google (NASDAQ:GOOG) is said to be working on a maps app targeted at Apple users. Apple’s announcement in June to replace Google Maps starting with iOS 6 with its own home-grown program apparently came as a complete surprise for the search company, which had a full year left on its latest contract with the iPhone maker. Since then, Google has been working on developing a standalone maps application, but it only plans to finish it by the end of the year, The New York Times reports.
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Dean Foods (NYSE:DF) shares edged up over 2 percent Thursday morning after closing more than 5 percent higher on Wednesday. The company confirmed it is considering a sale of its Morningstar division. “We have not yet identified a buyer for Morningstar, but we know this business possesses an attractive portfolio in a growing marketplace and a top-notch management team,” Dean Foods says in a company statement.
Shares of Research in Motion (NASDAQ:RIMM) climbed almost 3 percent in early Thursday action. The company recently said its subscriber base now totals more than 80 million users, compared to 78 million in the first fiscal quarter report in late June. Many analysts were expecting a decrease in the user base. Research in Motion also said its BlackBerry 10 mobile operating system is on track to be released in early 2013 and will contain native apps from Facebook and LinkedIn (NYSE:LNKD). On Wednesday, Goldman Sachs (NYSE:GS) reiterated its Neutral rating and $9 price target on RIM.
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