Critical information ahead of the U.S. market’s open
by Barbara Kollmeyer
Apple investors may be hoping that the Fed decision later Wednesday will divert away the spotlight’s glare this morning. That’s shining down and melting stocks in the pre-open, hours after the iconic company reported its first drop in sales in 13 years, along with other ugly numbers.
As you’d expect, investors are divided over Apple this morning:
“While shares may take a pause near-term, we like the set up of a lower bar heading into easier compares and product cycles” in the second half of the year, says Morgan Stanley’s analyst Katy L. Huberty, who kept her overweight rating on the stock, but trimmed the price target to $120 to $135.