Nasdaq AAPL Apple
After Hours Most Active for Jun 28, 2021 : MRIN, CVE, VOYA, GE, UBER, QQQ, AAPL, FB, PCG, ENB, CSCO, ZNGA
US STOCKS-Tech stock rally sends S&P and Nasdaq to record highs
Noteworthy Monday Option Activity: LRCX, GRWG, AAPL
US STOCKS-Tech stock rally sends Nasdaq to record high
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Monday’s Pre-Market: Here’s What You Need to Know Before the Market Opens
U.S. stock futures were flat Monday morning, as caution hit the market amid a spike in coronavirus cases in some of the key markets around the world. A spike in coronavirus in Asia and Australia appears to be fueling some concerns. Those concerns are curtailing any movement to the upside, following last week’s bounce-back.
The Dow Jones Industrial Average futures was down 0.15%, Nasdaq Futures up 0.17% and S&P 500 down 0.03% at the time of writing, pointing to a cautious open later in the day. A cool-down in the bullish momentum comes after the major indices reached record highs last week on weaker-than-expected U.S. inflation data. News of a bipartisan U.S. infrastructure agreement also helped boost risk appetite, sending the major indices higher.
Once the North America session opens, the focus will be on Jefferies Financial Group Inc. (JEF), LiveXLive Media Inc. (LIVX), High Tide Inc. (HITI), WeTrade Group Inc. (WETG), and Key Energy Services Inc. (KEGX). All of those companies are expected to report their quarterly earnings reports.
Virgin Galactic (SPCE) was the most active in pre-market trading. The stock was up by 6.06%, with 922.84K shares exchanging hands at the time of writing. The spike came on the heels of the company's confirmation that it had been granted a license by the Federal Aviation Administration to fly passengers on future spaceflights.
Torchlight Energy (TRCH) was the biggest gainer, with its shares jumping 140.20% on a volume of 48.04K shares at the time of writing. The rally comes on the company's announcement that it has paid a special Series A preferred stock Dividend. The company has also implemented a 1 for 2 reverse stock split of its common stock.
Greenland Technologies (GTEC) was the biggest loser in pre-market activity at the time of writing, dropping by 15.44% on a volume of 14.48k shares. The slide comes just days after the technology developer and manufacturer of industrial electric vehicles confirmed plans to offer ordinary shares for sale in an underwritten public offering. The company intends to use net proceeds from the offering for general corporate and working capital needs.
In M&A news, Amazon (AMZN) cloud unit Amazon Web Services is acquiring Wickr, a company that specializes in developing secure end-to-end encrypted communication technology. The technology should strengthen AWS messaging capabilities, allowing cloud users access to advanced security features not available in traditional messaging services.
“Enterprise customers use Wickr to keep communications between employees and business partners private, while remaining compliant with regulatory requirements,” said AWS in a press release.
Additionally, Rockwell Automation (ROK) has reached an agreement to acquire Plex Systems in a $2.22 billion transaction. The provider of industrial automation and digital transformation intends to finance the all-cash deal through short-term and long-term debt. The deal is expected to close in the fourth quarter.
Blake Moret, the company’s Chairman and CEO, said, “This acquisition will accelerate our strategy to bring the Connected Enterprise to life, driving faster time to value for our customers, as they increasingly adopt cloud solutions to improve resilience, agility, and sustainability in their operations.”
Paychex (PAYX) shares jumped 1.3% after the company reported impressive Q4 financial results for the fiscal quarter ended May 31. Adjusted earnings were up 18% year-over-year to $0.72 a share, as revenue rose 12% year-over-year to $1.03 billion. Earnings beat consensus estimates of $0.67 a share, and revenue topped estimates of $980.48 million.
President and CEO of Paychex Martin Mucci said, “Our fourth quarter results were driven by record client retention levels, record sales results, and stronger checks per client, which were driven by improving macroeconomic conditions and gains in employment.”
Facebook (FB) is planning to make it possible for Instagram users to share and post content using desktop computers. Bloomberg reports that the social networking giant has been testing the desktop posting and sharing feature.
“We know that many people access Instagram from their computer…To improve that experience, we’re now testing the ability to create a Feed post on Instagram with their desktop browser.” said Christine Pai, Facebook spokeswoman.
Apple (AAPL) is seeking a five-year extension on its planning permit for its $1 billion data center in Galway, Western Ireland. According to the Business Post, if successful, the company will have until 2026 to build the data center. As it stands, the company has until September 21 to have the facility up and running.
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Apple Ending Long Free Apple TV+ Subscription – Report
From next month, Apple (AAPL) will stop offering free Apple TV+ trials for extended periods to customers who purchase its other products, according to a CNBC report.
Apple TV+ is a video streaming service that competes with Netflix (NFLX) and Disney+ (DIS). It costs $4.99 per month but can be purchased as a bundled package with services like iCloud and Apple Music for $14.95 per month.
The company previously offered a free one-year Apple TV+ subscription to customers who purchased any of its devices, such as the iPhone or Apple Watch. That free offer is about to end. Starting July 1, customers will only get three months of free service when they buy an Apple device, according to the report.
At the same time, customers who have enjoyed the one-year free trial will start to be automatically billed. The end of the long Apple TV+ free trial comes as the second season of the hit comedy, Ted Lasso, is set to premiere on July 23. New seasons of other popular shows are also expected in the coming months. (See Apple stock chart on TipRanks).
Credit Suisse analyst Matthew Cabral recently reiterated a Hold rating with a price target of $150 on Apple stock. Cabral’s price target suggests 12.69% upside potential.
According to the analyst, Apple’s 2021 annual developer event dubbed WWDC was "largely as expected". Cabral highlighted Apple’s commitment to privacy and data protection and advantage in on-device processing. Additionally, Cabral stated that the focus remains on iPhone strength going into the second year of 5G.
Consensus among analysts is a Moderate Buy based on 20 Buys, 5 Holds, and 2 Sells. The average Apple analyst price target of $157.92 implies 18.64% upside potential to current levels.
AAPL scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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Apple Seeks Five-Year Extension of Irish Data Center Planning Permit - Report
Apple Seeks Five-Year Extension of Irish Data Center Planning Permit – Report
According to a report published by the Business Post, Global technology giant Apple (AAPL) is seeking a five-year extension of the planning permit for a $1 billion data center in Galway, western Ireland.
If Apple gets this extension, it will have until 2026 to build the data center. As of now, the company is required to construct the facility by September 2021. (See Apple stock chart on TipRanks)
Morgan Stanley analyst Kathryn Huberty recently reiterated a Buy rating on the stock and raised the price target from $161 to $162 (21.7% upside potential).
In a research note, Huberty said, “Investors are concerned about Apple’s fiscal year 2022 growth prospects, given the expectation for an iPhone s-cycle and waning cyclical work from home tailwinds. We’re not as concerned and see a good long-term buying opportunity.”
Overall, the stock has a Moderate Buy consensus rating based on 20 Buys, 5 Holds, and 2 Sells. The average Apple analyst price target of $157.92 implies 18.6% upside potential from current levels. The company’s shares have gained 47.2% over the past year.
According to TipRanks’ Smart Score rating system, Apple scores a "Perfect 10". The rating suggests that the stock is likely to outperform market averages.
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