Apple Inc. (NASDAQ:AAPL) is trading down 1.1%. The company named Jeff Williams as its new COO this morning, replacing Tim Cook who left the position 4 years ago to become CEO. Since then, the position has been empty. Williams was heavily involved in the launch of the Apple Watch and the iPhone. According to TipRanks’ statistics, out of the 33 analysts who have rated AAPL in the last 3 months, 26 gave a Buy rating while 7 remain on the sidelines. The average 12-month price target for the stock is $146.48, marking a 33% upside from current levels.
Oracle Corporation (NYSE:ORCL) is down 5% in mid-day trading today after the company released its Q2:2016 earnings report yesterday after market close. For this quarter, the company reported revenues of $8.99 billion compared to analysts’ estimates of $9.06 billion, and earnings of $0.60 per share, compared to analysts’ estimates of $0.63 per share. These figures are in line with co-Chief Executive Safra Catz’s view that 2016 will be a tough year for earnings as it moves into the cloud industry, but expects to see EPS growth going forward.
Following earnings, analyst Brian White of Drexel Hamilton weighed in on the stock, reiterating his buy rating and $46.00 price target. He stated, “Last night, Oracle delivered one of the healthier quarterly performances over the past year and decisively beat our cloud estimates as the company continues to show momentum with SaaS and PaaS.” According to TipRanks’ statistics, out of 14 analysts who rated ORCL in the past 3 months, 7 gave a Buy rating, 1 gave a Sell rating, while 6 remain on the sidelines. The average 12-month price target for the stock is $42.67, marking a 15% increase from current levels.
Freeport-McMoRan Inc (NYSE:FCX) is trading down 7.40% today as the Fed announced an interest rate hike. Janet Yellen led the Fed in increasing the interest rate for the first time in more than ten years, indicating that the market has returned to pre-2008 levels. In time of economic uncertainty, gold is seen as a safe investment. However, the Fed’s rate hike indicate that the market is in the clear, thus removing the need for such a safe haven. Last week, Brian Maca of UBS cut his FCX price target from $15.50 down to $13 as the company announced capex, from $2 billion down to $1.8 billion for 2016 and $1.2 billion for 2017.
Bank of America Corp (NYSE:BAC) is trading down 1.5 percent. The company announced that Paul Lambert is the new market president in Chicago, succeeding Tim Maloney. Lambert is currently a division executive for Merrill Lynch Wealth Management, overseeing more than 1,500 financial advisors in eight states. Out of the seven analysts who have rated BAC in the last 3 months, six are bullish on the company and one remains on the sidelines. The average 12-month price target between these seven analysts is $18.79, marking an 8% upside from the stock’s current levels.