(Updates from 11:41 p.m. ET with closing information.)NEW YORK ( TheStreet) -- Apple (AAPL - Get Report) shares rose 0.85% to $431.98 after the tech giant was upgraded to "buy" at BTIG.
Amazon (AMZN - Get Report) shares fell 2.9% to $267.13 following a downgrade from JPMorgan, citing worries over gross profit. Analyst Doug Anmuth cut his rating on shares to "neutral" from "overweight" and lowered his price target to $300, as he believes there will be material deceleration in gross profit this year. Anmuth noted gross profit has become important because it is a proxy for revenue growth. In a note, Anmuth said gross profit will slow to 31% year over year as third-party sales moderate, first-party margins fall, and Amazon faces tougher comps this year. "We continue to believe that Amazon will gain share of overall eCommerce and become a much bigger company over time, but think the risk/reward at current levels is more balanced given slower unit trends and what we believe will be moderating gross profit growth going forward," Anmuth wrote.
CBS (CBS - Get Report) shares rose 2.33% $47.01 as the company announced an app for Apple's iOS to stream full episodes of certain CBS shows. The CBS App is available for immediate download, and features certain shows, such as NCIS, The Good Wife, CSI: Crime Scene Investigation, How I Met Your Mother, and others. Daytime and late night programming, including The David Letterman Show, will be available within 24 hours after initial airing, while prime-time shows will be available eight days after broadcast.