Midday Movers: AAPL, MGM & More
Take a look at some of Thursday's midday movers:
Major averages traded higher with the Dow poised to extend its winning streak to 10 days.
Among the reasons for optimism, the analyst said there are many revenue opportunities now available to Apple which he thinks can return the company to earnings growth in 2014 such as a low priced iPhone. Also, BTIG argued Apple is likely to come to a decision on its cash by the end of the month.
MGM Resorts also traded sharply higher amid heavy volume after Kirk Kerkorian's Tracinda, the company's biggest shareholder, filed with the FTC for permission to buy more stock. Other big shareholders of MGM include John Paulson's Paulson & Co. and David Tepper's Appaloosa Management.
Ebay gained after Evercore Partners raised its rating on the stock to "overweight." Ebay dropped 3.7 percent on Wednesday after MasterCard talked about possible fee increases to Ebay's PayPal payments business.
"We estimate the impact to be less than 50 basis points of Paypal's margin, even assuming a full year's worth of pro-forma impact at a 50 percent increase (by Mastercard)," Evercore analysts wrote.
Sandridge Energy slipped after the company agreed to give activist shareholder TPG four seats on the board. TPG has been pushing to oust the CEO and the board.
Analysts who cover the company told CNBC this is an obvious victory for TPG but concerns remain. Specifically, there are investors worried about how productive the company's oil and gas fields really are in Kansas and Oklahoma. Sandridge has tumbled nearly 11 percent so far this year.
Vera Bradley also traded lower after the handbag maker forecast first quarter results below what the Street had wanted to see. Distributors said the company has too much product, re-orders have slowed significantly and the timing of summer orders have been pushed back, according to analysts.