Stocks to Watch: PNRA, AAPL, BAC & More
Senior Producer, CNBC
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.
Questions? Comments? Email us at firstname.lastname@example.org