Updated with closing prices below.
NEW YORK (
shares jumped 5.37% to $556 as a Wall Street analyst came to the stock's defense, calling the
Topeka Capital Markets analyst Brian White wrote that Apple's stock under-performance might be over. Citing the company's valuation (which is trading at 7.6 times 2013 earnings excluding cash, according to White's calculations), he believes shares are a buy.
"Those investors that have missed Apple or have been under-weight the stock, now have another opportunity to buy Apple before sentiment takes a turn for the positive during what has historically been the strongest quarter of the year for the stock," White wrote in his note. He rates Apple "buy" and has a $1,111 price target on the company, the highest on Wall Street.
announced that CEO Paul Otellini will be
in May 2013, as he is set to retire.
"I've been privileged to lead one of the world's greatest companies," Otellini said, in a statement released by the No.1 chip maker. "After almost four decades with the company and eight years as CEO, it's time to move on and transfer Intel's helm to a new generation of leadership."
Shares were lower in Monday trading, off 0.4% to $20.11, having recovered from their worst levels of the session.
plunged 6.36% to $85.94 as the company announced that Donald Hunt, its Executive Vice President, Worldwide Sales & Operations left the company on Nov. 9.
Hunt will be paid $191,000 pursuant to an agreement with MicroStrategy as part of the executive bonus plan, plus an additional $276,000.
The Update: Apple shares closed $38.05 higher at 565.73. Intel and MicroStrategy were both lower. Micro gave up $4.66 to close at $87.12 while Intel lost 6 cents to see $20.25 at the end.
Written by Chris Ciaccia in New York