Market Update – Apple (NASDAQ:AAPL), Citigroup (NYSE:C), Zales (NYSE:ZLC), Ford (NYSE:F)
Hope everyone enjoyed the holiday weekend! The market has reacted today to Friday’s positive job growth news by popping up early this morning, and the Dow continues to close in on 11,000. Pending home sales in America were also up for February, despite snowstorms shutting down much of the US north-east. Economists were predicting a 0.5% decline for the month, but despite this bleak forecast used home sales rose by 8.2%, according to the National Association of Realtors. Oil prices are also up this morning, up $.62 a barrel and marking it’s highest level since October of 2008.
The biggest news of the day is Apple’s (NASDAQ:AAPL) unveiling of their new iPad computer. Despite some rumblings on some tech blogs that the new gadget is nothing more than a large iPhone, it’s being reported that over 300,000 units were sold yesterday. Some Wall Street analysts have gone so far as to predict that over 5 million units will be sold this year. We at Oakshire have less optimistic projections, as early adopters and Apple’s notably hardcore base have likely made up the first wave of sales. On the other hand, many stores remained closed this Sunday in observance of the holidays, which means next weekends sales could be large. What do you think? Has Apple hit the bullseye again, or are the beloved tech geeks correct that general consumers are under whelmed?
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According to Dick Bove, a Rochdale Securities analyst, Citigroup (NYSE:C) may have it’s book value underestimated. Thursday Mr. Gove wrote in a research note that the initial public offerings Citi made for its Primerica stake was a smart move to consolidate assets that has been under valued by the market, and that it’s positioning itself for a brighter future with these moves that initially estimated. In other Citi news, it’s being reported that Zales (NYSE:ZLC) is looking elsewhere for a credit card partner once their Canadian deal with Citi expires on June 30th. Zales branded credit cards are used in approximately 40% of the jewelry giant’s annual sales in Canada.
Ford Motors (NYSE:F) has put out a press release recently, announcing that it is set to launch a new billboard theme for its Ford Transit Connects. The Transit Connects was named 2010’s American Truck of the Year, and this new program (which the auto-giant modestly described in it’s press release as ‘innovative’) is designed to ease smaller companies customization of graphic designs on the exterior. The American auto-marker has launched a website for the program, which distracted this author enough that he designed half an Oakshrie Financial vehicle before realizing that there was more work to do.
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