Apple, Intel, MicroStrategy: Tech Winners & Losers (Updated)
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.
"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.
MicroStrategy (MSTR) 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
>Contact by Email.