NEW YORK (TheStreet) --Apple (AAPL) shares rose 1.84% to $461.05 as RBC Capital Markets analyst Amit Daryanani wrote that the tech giant would announce the iPhone 5S, along with a more affordable iPhone, later this year.Daryanani's channel checks suggest that Apple is working to launch both phones in the June or July time frame. That corresponds with recent rumors that Apple would announce a new iPhone this summer, as it refreshes its product line up. Daryanani believes the lower-end iPhone will have plastic casing, no Retina display, and be targeted toward the sub-$400 price point. "Apple is going to capitalize on the low-end Smartphone market by launching a new phone that will address what we consider to be a ~500M total addressable market in CY14," Daryanani wrote in the report. He believes a lower cost iPhone would be worth an additional $22 billion in revenue and $5 in earnings in 2014, "which suggests the product could be worth $50+ to
BlackBerry ( BBRY) shares fell 0.25% to $16.12 as the company is launching its BlackBerry Z10 smartphone in the U.S. today. Raymond James analyst Tavis McCourt said despite the fact BlackBerry is seeing some positive data on initial demand for the BlackBerry 10 platform, especially in light of some recent data points, competition is increasing, and fast. "We believe BBRY's launch in the strategically important US market will run into intense competition as Samsung, Apple, HTC and Nokia refresh their line-ups," McCourt wrote in the note. The Z10 is slated to launch on AT&T ( T), with Verizon ( VZ) carrying it as of March 28. Sprint ( S) is not carrying the Z10. BlackBerry's keyboard phone, the Q10, will launch in June, so not having the phone available immediately on the three major carriers is a hindrance.
Salesforce.com ( CRM) shares rose 2.17% to $176.47 after the cloud computing giant announced a four-for-one stock split, effective next month. Salesforce, which recently reported fourth-quarter earnings, is increasing the number of its shares outstanding, bulking-up to 1.6 billion from 400 million. Shareholders of record at the close on April 3, 2013 will be eligible for the split, and will receive an additional three shares for every outstanding share held at that time. The company, led by CEO Marc Benioff, said in the press release that it expects the additional shares to be distributed by the transfer agent on April 17, and will begin trading split-adjusted on the next day, April 18, 2013. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull