Analysts highlight Apple's potential growth accelerators
1 hour 17 minutes ago
In what Citi analysts called a “rescue rebound,” Apple shares rose 6% in morning trading after the company reported better-than-expected second-quarter results and announced a $110 billion share buyback program. It rose more than that.
Analysts at CFRA said: “These results are expected to continue as China is holding up better than expected and there are upcoming events and catalysts on the horizon that could improve investor sentiment and raise consensus expectations. “We believe this will change the narrative of the AAPL story.” ”
JPMorgan analysts said Apple's results and guidance indicate “strong iPhone revenue on a year-over-year basis,” which is driven by “upgrade cycle-driven tailwinds in iPad, driven by next week's launch event.” “This is combined with the prediction that
Analysts also emphasized that Apple's AI announcement was a major catalyst. CEO Time Cook said Apple is “bullish” on opportunities around generative AI.
Analysts at Wedbush say the earnings call comes as Apple plans to unveil its long-awaited AI strategy to its golden installed base and developer community at WWDC in June, with AI-driven growth starting with iPhone 16 this fall. It was the perfect moment to start a super cycle.”
–naomi buchanan
Amgen stock soars on latest news on weight loss drug
2 hours 22 minutes ago
Amgen (AMGN) stock soared in early trading Friday after the biopharmaceutical giant reported quarterly profit that beat Wall Street expectations and provided a positive update on trials for its injectable weight loss drug Maritide. .
About 15 minutes after the opening bell, the stock rose 12.5% to $313.06, accounting for a significant portion of the Dow's early gains.
The company announced it would abandon development of its oral weight loss drug AMG786 and instead focus resources on developing the long-awaited injectable drug MariTide. Chief Executive Officer Robert Bradway told analysts on an earnings call that the drug company has completed interim analysis of its Phase 2 trial and is very encouraged by the results to date.
The company said it expects more complete data from MariTide's Phase 2 study toward the end of the year, adding that plans for a comprehensive Phase 3 program are on schedule. If approved, Amgen aims to deliver Maritide monthly or less frequently via a convenient auto-injector.
Maritide is a market that some analysts expect to reach $100 billion by 2030, compared to Ozempic, the hugely successful weight loss drug made by pharmaceutical giants Novo Nordisk (NVO) and Eli Lilly (LLY). , Wegobee, and Zepbound.
Investors should keep an eye on the $330 level, where the stock could encounter resistance from its all-time high (ATH) reached in early February. If the stock breaks above this noteworthy level, the stock's long-term upward trend is likely to continue.
–timothy smith
Stock futures rise ahead of employment report
3 hours 44 minutes ago
In premarket trading Friday, futures contracts tied to the Dow Jones Industrial Average rose 0.7%.
S&P 500 futures rose 0.4%.
Nasdaq 100 futures rose 0.6% ahead of the jobs report.