Filed under: Before the bell, Earnings reports, Analyst reports, Analyst upgrades and downgrades, Deals, Microsoft (MSFT), Yahoo! (YHOO), Apple Inc (AAPL), General Electric (GE), Time Warner (TWX), Pfizer (PFE), Amazon.com (AMZN), Intel (INTC), General Motors (GM), BP p.l.c. ADS (BP)
Before the bell: Futures higher ahead of data (COST, CSCO)
Apple Inc. (NASDAQ: AAPL) shares are higher in premarket trading following several news items. Piper Jaffray analyst Gene Munster wrote a note to clients Wednesday, clearing the 10 million iPhones issue. The goal, he wrote, is to sell 10 million iPhone in fiscal ‘08 alone, adding that he anticipates Apple to exceed that number by 2.9 million, probably through expansion into China and India.
On the other hand, Tuesday, Caris & Co cut its 2008 earnings view on Apple to reflect lower iPhone and iPod estimates. Caris cut its price target on Apple to $155 from $165, lowering fiscal 2008 iPhone units estimates to 8.9 million from 11.7 million.
Meanwhile, Apple announced no plans to declare a dividend or purchase back its stock, sticking to estimate of 10 million iPhone to be sold in ‘08.
According to the Wall Street Journal, Yahoo! Inc (NASDAQ: YHOO) has stepped up talks with Time Warner Inc (NYSE: TWX) to possibly create an substitute to the unsolicited bid Microsoft Corporation (NASDAQ: MSFT) made for Yahoo!
Meanwhile, the New York Times reported that Yahoois looking at ways to hold off a proxy fight with Microsoft, including possibly delaying its annual meeting.
Pfizer Inc. (NYSE: PFE), whose blockbuster drug Lipitor is about to get competition from generic manufacturers states it plans to outsource more drug manufacturing and further reduce its global real estate holdings in a move to lower costs.
Amazon.com Inc. (NASDAQ: AMZN) shares finished up 4.66% Tuesday after its chief financial officer reiterated the online retailer’s 2008 revenue guidance and said the on the web retailer is scrambling to improve production of its new e-reader device, Kindle.
BP (NYSE: BP) and General Motors Corp. (NYSE: GM) executives outlined on Tuesday their visions for the future of renewable energy, saying Hydrogen will likely fuel the vehicles of the future, although it could take 50 years to get there.
Meanwhile, the Wall Street Journal reported that GM Chairman and CEO Rick Wagoner stated he has turned over responsibility for the automaker’s day-to-day operations to Fritz Henderson, the former chief financial officer. Wagoner stated he will concentrate on global growth, advanced technologies and environmental lobbying.
General Electric Co. (NYSE: GE) said Wednesday it invested over $24 million in an electric-car maker Think Global and its battery supplier A123Systems as part of an effort to push the technology toward the mainstream.
Intel (NASDAQ: INTC) is set to have an analyst day today.
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