Last Thursday, the Ontario-based BlackBerry announced that its German R&D department would be sold to Volkswagen Infotainment, a Volkswagen subsidiary that makes interactive technology built into car dashboards. As part of the deal, about 200 BlackBerry employees in Bochum, Germany would shift to Volkswagen.
Today, BlackBerry announced that it had won three Red Dot awards for the design of the BlackBerry Q10, BlackBerry Q5, and BlackBerry Z30 smartphones.
"We pride ourselves on industrial design that is simple and intuitive in functionality, while maintaining iconic and familiar elements such as our keyboard and productivity-based user experience," said Brian Paschke, Senior Industrial Designer, Portfolio Direction at BlackBerry. "While our smartphones have evolved over time, we remain focused on being highly detail oriented in order to deliver modern and high quality devices."
Shares of Sirius XM Radio (SIRI) fell 1.6% to $3.40 after the termination of one of its shock jocks.
On Friday, the satellite radio company fired Anthony Cumia of the often-controversial talk radio show Opie & Anthony, noting Cumia had "racially charged and hate-filled remarks on social media," according to a company press release. Those remarks were a series of tweets Cumia wrote, in which he claimed he had been assaulted by a black woman in Times Square, that contained racist and sexist language. He subsequently deleted the tweets over the weekend.
Sirius has broadcast Opie & Anthony since 2004. Cumia responded to his termination on Twitter, writing that the tirade "wasn't even on the air & wasn't illegal." A Change.org petition to reinstate him had attracted nearly 13,000 signatures by Monday morning.
In response to a price target increase, Apple (AAPL) shares rose modestly, up 1.4% to $95.31.
Pacific Crest Securities analyst Andy Hargreaves raised Apple's price target to $100, from $93. The report cited higher than expected iPhone 6 sales in the third quarter of this year. However, Hargreaves cautioned that despite increased iPhone 6 sales, "the multiple on earnings is likely to decline through the product cycle unless Apple launches a massively profitable new product or service."
Hargreaves also increased his estimates for Apple's sales. He raised his estimated third quarter iPhone sales to 36 million units from 35 million and his fiscal 2015 iPhone shipment estimate to 191 million from 175 million. He also raised earnings estimates to $6.28 in 2014 and $7.79 and 2015, up from $6.21 and $6.79, respectively.
Following a massive drop last week, NQ Mobile (NQ) shares rebounded, gaining 5.3% to $4.81.
Late last week, the embattled company's shares fell 33% after it was announced that an independent auditor was expanding its 2013 inquiry and needed to conduct more procedures. NQ, a Chinese mobile service provider, has been accused of fraud, notably by short seller Muddy Waters. Muddy Waters analysts said in a statement following Thursday's announcement, "NQ's July 3rd announcement vindicates short sellers, but was likely delayed in order to give China side insiders a chance to illegally dump stock. The announcement also puts lipstick on the state of NQ's doomed audit."
NQ fired back at these allegations, asserting that "the company completed an exhaustive and broad-based independent investigation led by senior partners in the U.S. by the reputable and global law firm of Shearman & Sterling."
GT Advanced Technologies (GTAT) shares plunged 13.3% to $16.96 after analysts' downgrade.
UBS downgraded GT, a diversified technology company, to "neutral" from "buy," as analysts predicted GT will fall short of expected guidance in its second quarter. UBS also lowered the company's EPS from $0.17 to $0.12, but maintained the $22 price target.
Similarly, Canaccord Genuity's Jonathan Dorsheimer also lowered his rating on the stock, moving to "hold" from "buy." He argued that GT's estimates are too high and that Apple is unlikely to use the company's sapphire cover glass on the iPhone. "We do not believe that the initial launch of the iPhone 6 will have a sapphire display in any material volumes, in either 4.7" or a 5.5" form factor," Dorsheimer wrote.
--Written by Laura Berman in New York
>Contact by Email.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV