This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tech Premarket: Facebook, Cisco, Apple

The tech giant's currently in the throes of a major restructuring effort as CEO Meg Whitman attempts to get the company back on track.

"With HP, our view is that the headline news just cannot get much worse," wrote analyst Mark Moskowitz. "A positive turnaround in the model is likely to be measured in years, though, and we continue to think that HP faces an uncertain growth profile."

Sprint (S), however, was a premarket laggard following downgrades from JP Morgan and UBS. The telecom giant's stock was down 2.2% to $5.79.

JP Morgan downgraded Sprint to neutral from overweight, citing decelerating revenue, even after its merger with Softbank .

"While we continue to believe that Sprint has the assets and now financial backing to succeed in the wireless space, 2013 looks like a year of heavy capital investment and uncertain subscriber momentum," wrote analyst JP Morgan analyst Philip Cusick. "With more downside than upside risk for the next 3-6 months we prefer to back away at this level and may look to come back later in the year."

UBS also downgraded Sprint to neutral from buy. Analyst John Hodulik warned that the company's shares could remain range bound in the near term given expectations for lower fourth-quarter profitability, lower EBITDA and higher capital expenditure outlook in 2013, as well uncertainty about the company's merger with Clearwire (CLWR).

Apple (AAPL - Get Report) was another premarket laggard, falling 3.42% to $502.5 on share volume of 334,478.

Research In Motion (RIMM), shares, however, gained 0.37% to $13.61 on share volume of 165,832.

--Written by James Rogers in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $128.18 2.70%
CSCO $28.48 2.02%
FB $83.99 4.00%
HPQ $33.41 2.71%
S $4.99 -2.35%

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs