Stocks BUZZING Before the Bell: Apple Receives a BUY Rating, J.C. Penney SINKS

Apple Inc. (NASDAQ:AAPL) shares are trading slightly lower this morning despite receiving a Buy rating from UBS (NYSE:UBS). Analyst Steve Milunovich initiated coverage on the tech giant with a price target of $740, citing that “Apple is creating a tech empire that likely has not reached its zenith.”

Shares of Alcoa Inc. (NYSE:AA) fell 4 percent on Tuesday and continues to fall in pre-market trading today. The aluminum producer recently announced second-quarter earnings that were less than stellar. It reported a loss of $2 million in the quarter, compared to a net gain of $322 million a year earlier. Revenue also declined 8.8 percent to $6.01 billion.

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Procter & Gamble Co. (NYSE:PG) shares are up after the company on Tuesday declared a quarterly dividend of $0.562 per share, or $2.248 annualized. The company has increased its dividend for the past 56 consecutive years.

J.C. Penney Co. (NYSE:JCP) shares dropped almost 6 percent on Tuesday and continue to struggle in pre-market trading. The retailer announced it is cutting 350 jobs at its home office in Texas, as part of a restructuring move announced previously. “We have simplified processes, removed unnecessary work and reduced layers to help us make better and faster decisions,” said Chief Executive Ron Johnson in a statement. “While difficult, these decisions are in the long-term interests of [the company] and our stakeholders.”

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