Citigroup Inc. (NYSE:C) caused shares of Apple Inc. (NASDAQ:AAPL) to decline and trade below $500 level for the first time since February on Friday after lowered its rating on the stock on concern that demand for the iPhone 5 model is moving down.
Citigroup downgraded the tech giant (AAPL) to neutral from a buy rating and lowered its price target by $100 to $575 from $675. The iPhone, which was launched in 2007, is Apple’s best product by sales. It represented 51.42 percent of sales in the year ended September, according to data tracked by Bloomberg.[article_detail_ad_1]
Supply-chain order cuts in the short-run, while proving nothing, raise questions related to the strength of iPhone 5, Citigroup said in the note after checks of the hardware supply-chain in Asia. The prediction of lower iPhone 5 shipments creates short-run earnings problem for Apple’s supply chain, and the concerned parties are expected to face more selling pressure in the near term, Citigroup said.
Financial stocks were down on Friday. The share price of Citigroup Inc. (NYSE:C) gained 0.83% during trading Friday, ending at $37.60. At that price, the company has a market cap of $110.26 billion and a P/E ratio of 15.80. The stock has a 52 week worst hit of $24.40 and a 52 week high of $38.72. The P/S ratio is 1.59 and P/B ratio 0.59. Dividend yield stands at 0.11 percent. The beta value is 2.58. Citigroup’s RSI amounts to 59.50.
The market value of Wells Fargo & Company (NYSE:WFC) is $174.51 billion. It has 265,000 people in workforce, over the last 12 months has generated revenue of $48.91 billion and has earnings of $17.03 billion. The firm’s operating margin is 32.22 percent and net profit margin 21.54 percent. The latest closing price of its shares moved down -0.97% from the 50-day moving average after it raised the target on the revenue its brokers must generate to qualify for its 50 percent payout next year.
For JPMorgan Chase & Co. (NYSE:JPM), a return on equity of 9.85 percent has been realized due to the financial position. Last twelve months per-share profit reached a value of $4.71. Last fiscal year, $1.20 has been paid in form of dividends to investors. Earnings are projected to move up 7.37 percent for the coming five years. The stock closed at $42.81, up 0.03 points or 0.07% from previous close and at a distance of +3.92% from 20-day simple moving average.
In the last trading session, KeyCorp (NYSE:KEY)’s price moved 1.39% above its 200 day moving average, changing hands as low as $8.11 per share after its plan to team up with Utah Jazz again this year to raise money for the Utah Food Bank. The stock is currently trading -2.16% down its SMA 50. The worst hit in its 52 week range is $6.80 per share, with $9.12 being the 52 week best price, which compares with a latest closing price of $8.14. The Beta of this stock is 0.90.