Today‚ Stocks to watch: Amazon.com (NASDAQ:AMZN), American Express (NYSE:AXP), Apple (NASDAQ:AAPL), Bank of America (NYSE:BAC), Citigroup (NYSE:C), Gap (NYSE:GPS), Google (NASDAQ:GOOG), and Mattel (NYSE:MAT).
Amazon.com (NASDAQ:AMZN), the largest online retailer, was adding 1.42% to $239.5 in pre-market following improved earnings sentiment from the Google news. Bank of America Merrill said that it continues with a positive stance toward the stock as Google’s report bode well for the ecommerce space. Amazon has calculated support at $200.43 and resistance at $241.84. The stock has posted an all-time high at $244 last month.
American Express (NYSE:AXP), the credit card issuer, will be in focus amid the release of September retail sales, which are expected to show an increase of 0.6%. The stock has calculated support at $41.30 and resistance at $47.65. The company is scheduled to report its quarterly results next week on October 19th. On average analysts expect a profit of $0.96 per share on revenues of $7.58 billion.
Apple (NASDAQ:AAPL), the maker of iPads and iPhones, was jumping 2% to $416.66 in pre-market on the day that its new iPhone 4S officially launches in the U.S., Australia, Canada, France, Germany, Japan, and the UK. The stock was seeing a strong bid along the tech sector on rival Google blowout quarterly results. The stock has gained more than 10% this week on reports of strong initial demand for the iPhone 4S and on speculation that the handset will be a hit, with some analysts expecting that the device could hit sales of 4 million units by the end of the first weekend its available in the stores, this after a report that indicated that AT&T, Sprint Nextel, and Verizon Wireless sold out of the iPhone 4S for pre-orders, which followed a report earlier in the week that Apple received 1 million pre-orders in the first 24 hours it was available. Yesterday, Susquehanna joined the fray of the iPhone 4S estimates, with the firm predicting that iPhone shipments climbed slightly in Apple’s fiscal fourth quarter to 21.5 million units, but that for the current quarter the extraordinary demand the new iPhone 4S is seeing, coupled with the Holiday season, points to an upside of 27 million units shipped during the quarter. The firm reiterated its Positive rating and $535 price target. Separately, the ISI Group initiated coverage on Apple with a Buy and a target price of $500 per share.
Yesterday, Apple scored a victory against Samsung in its global patent war, with an Australian court issued a temporary ban on the sale of the Samsung Galaxy 10.1 tablet in that country. But a much more important battle starts next week, when a Californian court begins hearing Apple's bid to ban sales of Galaxy products in the United States. Also next week, Apple earnings will be in focus, with the tech giant scheduled to report its results on October 18th after the close. On average analysts expect a profit of $7.2 per share on revenues of $29.24 billion. Last year for the same period, the company posted a profit of $4.64 per share.
Bank of America (NYSE:BAC), the largest U.S. lender, was gaining 1.45% to $6.31 in pre-market, rebounding from its sharp decline in the prior session on reaction to earnings from JPMorgan, which despite beating on the headline numbers, received increased selling pressure as participants questioned the quality of the earnings. This morning, participants were dismissing Spain’s credit rating downgrade from S&P and news that Fitch had put Bank of America on review for a possible downgrade of its long-term debt rating. Fitch said that the lender’s exposure to mortgage-related litigation was the main driver for the review. Bank of America is scheduled to report its quarterly results on the 18th before the market opens, with analysts expecting on average a profit of $0.19 per share on revenues of $25.84 billion. Last quarter, the lender lost $0.90 per share.
Rival Citigroup (NYSE:C), the third largest U.S. lender, was climbing 1.48% to $28.05 in pre-market, rebounding from its 5.4% loss in the prior session. The lender was not put under review by Fitch and was seeing upside along earnings optimism following a shift in sentiment after Google beat the Street. Citi will be in focus in the session, with participants adjusting positions ahead of its Monday quarterly results report before the market open. On average analysts expect a profit of $0.86 per share on revenues of $19.5 billion. Last quarter, the company said it earned $1.09 per share. Earlier in the week, Oppenheimer lowered its target price to $43 from $45 and UBS added the stock to its most Preferred List.
Gap (NYSE:GPS), the owner and operator of specialty retailers like Banana Republic and Old Navy, will be in focus following a report from the Financial Times stating that the company will be shutting down 21% of its U.S. stores. The retailer has continued to struggle with dwindling sales numbers for some time. The stock has tumbled 19% year to date and has calculated support at $15.71 and resistance at $17.95.
Google (NASDAQ:GOOG), the owner of the largest Internet search engine, was jumping 6.8% to $597 in pre-market, with shares likely testing the $600 mark during the session after the company easily beat earnings and revenues expectations. Google net revenues jumped 37% year over year to $7.51 billion, beating consensus of $7.21 billion and posting its first quarterly revenue number above $7 billion. JPMorgan raised its target price on Google to $705 from $685, citing that mobile search was one of the biggest factors for Google's sharp acceleration in paid clicks growth. Meanwhile, Bank of America Merrill maintained its Buy rating but lowered its target price to $720 from $740.
Mattel (NYSE:MAT), the maker of Barbie dolls, Hot Wheels and Fisher Price toys, was falling 0.65% to $27.60 in pre-market, following reaction to its quarterly results. The company reported a profit of $0.86 per share, $0.01 better than consensus, on revenues that climbed 9% year over year to $2 billion versus consensus of $1.97 billion. Mattel also increased its buyback program by $500 million.
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