Shares of Apple Inc. (NASDAQ:AAPL) and Groupon (NASDAQ:GRPN) slipped in early trading on Monday, weighing down the Nasdaq Composite Index which lost 3 points to 2,975. The tech sector got a boost from shares of Cisco Systems NASDAQ:CSCO).
Jefferies analyst Peter Misek trimmed his price estimate on Apple Inc. (NASDAQ:AAPL)’s stock to $800 from previously estimated $900, citing iPhone sales should slow in fiscal 2014 as mature markets turn out to be saturated.
He as well says Apple could make a lower-priced iPhone in June or July. Apple was lower 1.7% at $525.33 at the opening bell.
Misek commented that Apple’s financial results this quarter and coming quarter should be well higher than analysts’ forecasts, but decelerating unit sales, price cuts, and gross margin pressure should limit the stock’s surge.
Groupon Inc (NASDAQ:GRPN) shares declined below 6%, to $4.38 Monday, in a setback of previous week’s big gains for the online daily deals firm.
[article_detail_ad_1]On Friday, Groupon’s shares advanced in excess of 23% after Bloomberg reported that Google was taking into consideration making a bid for Groupon, now that its shares have declined almost 80% since the firm went public in November 2011. Google reportedly offered $6 billion to purchase Groupon while it was still private.
Cisco Systems, Inc. (NASDAQ:CSCO) shares were up almost 1% at $19.48 on positive reviews from analysts after its meeting with analysts on Friday.
The firm plans to change that, at least in one manner, with the release of a significant branding campaign joining broadcast, print, Web, social and augmented reality that gets under way today and should run well into coming year. CEO John Chambers previewed the “Tomorrow Starts Now” movement at Cisco’s yearly meeting with financial analysts in New York on Friday.
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