On Wednesday, Shares of Apple Inc. (NASDAQ:AAPL), gained 0.66% to $115.40.
Bank of America analysts Wamsi Mohan, Ruplu Bhattacharya, and Param Singh sent out a note downgrading shares to neutral and lowering their price target to $130 from $142. Bloomberg’s Emily Chang takes a look at the six reasons why BofA says it’s time to downgrade Apple. She speaks on “Bloomberg West.”
The six reasons are as follows:
- IPHONE Deceleration.
- Slowdown in China Markets.
- Deceleration in Gross Profit Growth.
- Decline in Earnings-Beat Magnitude.
- Modest update to IPHONE.
- Low likelihood of more capital returns.
This is the second time Apple received downgrade rating since July 21.
Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, watches, and portable digital music players worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.
Shares of Itaú Unibanco Holding S.A. (NYSE:ITUB), declined -0.95% to $8.31, during its last trading session.
A bigger-than-predictable jump in loan defaults cast a shadow over strong second-quarter profit at Brazil’s Itaú Unibanco Holding SA, another signal of the rapidly deteriorating outlook for banks in the nation’s slumping economy, according to Reuters.
For the first time in 11 quarters, default ratios at São Paulo-based Itaú raised on a quarter-on-quarter basis, offsetting the benefits of rising borrowing costs and strong fee income that assisted drive profit to an all-time high. Reuters Reports
Itaú’s 90-day default ratio rose to 3.3 percent, the highest in a year and above the poll’s 3.1 percent estimate. Itaú anticipates a further enhance in delinquencies through the end of the year, Marcelo Kopel, head of investor relations, said on a call to talk about second-quarter earnings. Reuters added.
Itaú Unibanco Holding S.A. provides various financial products and services to individuals and corporate clients in Brazil and internationally. The company operates through Commercial Bank Retail, Consumer Credit Retail, and Wholesale Bank segments.
Finally, Texas Instruments Inc. (NYSE:TXN), ended its last trade with 2.04% gain, and closed at $50.86.
Texas Instruments Vice President Dave Pahl will speak at the Pacific Crest 17th Annual Global Technology Leadership Forum in Vail, Colo., on Tuesday, August 11, at 11 a.m. Mountain time. Pahl will field questions from analysts and investors, in addition to talk about TI’s business outlook and its strategy to address key markets for its analog and embedded processing technologies and how these capabilities position the company for growth.
Texas Instruments Incorporated designs, manufactures, and sells semiconductors to electronics designers and manufacturers worldwide. It operates through two segments, Analog and Embedded Processing.
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