Stocks to Watch: PNRA, AAPL, BAC & More
Take a look at some of Friday morning’s early movers:
Panera Bread - The restaurant chain has named chairman Ron Shaich and President Bill Moreton as co-CEOs, effective immediately. Panera says the move formalizes the relationship that has evolved between the two over the past year.
Apple - The new iPad officially goes on sale today, a day after the stock crossed the $600 barrier intraday for the first time. UBS is the latest firm to increase its price target for Apple, to $675 from $550.
Anthera Pharmaceuticals - The drug maker will cut about 45 percent of its workforce, after it halted a clinical study of an anti-inflammatory treatment because of a lack of efficacy.
Bank of America - The stock could hit a milestone in the near future: Its shares hit an intraday low of $4.92 on Dec. 19, their lowest since March 2009, but they're now closing in on $9.84, double that December low.
Lear - Goldman Sachs Group has upgraded the stock to "conviction buy," and raised its price target to $60 from $58. Goldman cites stronger demand for trucks, and says Lear's discount to its peer group is unwarranted. Lear is a maker of automotive power management and seating systems.
Red Hat - The software company's shares have been downgraded to "equal weight" from "overweight" at Morgan Stanley on a valuation basis.
Morgan Stanley - Deutsche Bank has downgraded the stock to "hold" from "buy," while cutting its price target to $22 from $28. It says the current regulatory and economic environment will be headwinds for Morgan Stanley's bottom line growth.
AK Steel - The steelmaker is forecasting a first quarter loss of 11 to 15 cents per share because of declining steel shipments. Analysts had been expecting a profit of 2 cents per share. The company does say it expects to see improvement in the second quarter.
Pitney Bowes - Moody's has placed the company's debt rating on review for possible downgrade. Pitney Bowes is currently rated A2 — five notches above junk — but Moody's says the continuing deterioration of the mail and document services business is cause for concern. It adds that any downgrade would likely be by more than one notch.
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