Market Report: Ultra-bullish report on Apple brightens ARM’s outlook

Comments Off on Market Report: Ultra-bullish report on Apple brightens ARM’s outlook

An ultra-bullish report on Apple gave shares in its UK supplier ARM Holdings a leg-up on a day when traders retreated to the sidelines.

ARM, which powers the Silicon Valley tech giant’s iPhones and iPads, was the top blue-chip riser, up 25p or 2.7% to 959p, as US financial paper Barron’s suggested that Apple stock could gain as much as 50% over the next 12 months if its new iPhone plan is a hit.

An increase of that size would value Apple at a staggering $1 trillion, and would be good news for ARM, whose shares tend to track Apple’s performance.

ARM tumbled on the recent market meltdown in China — the world’s largest smartphone market — but recovered in recent weeks, much in the same way Apple did, especially in the run-up to last week’s new product launch.

Trading volumes were well below their usual level at the start of a crucial week for the global economy, and the FTSE 100 put on 41.16 points to 6,158.92. 



The spotlight this week is very much on the US, which could decide to raise interest rates for the first time since 2006.

September had been in rate-setters’ sights for several months after some robust economic data Stateside, but recent market volatility has put a potential spanner in the works.

AstraZeneca’s strong drug pipeline was the rationale for Deutsche Bank’s upgrade to buy, lifting shares in the drugmaker by 71p to 4356.5p.

Shares in ailing supermarket group Morrisons continued their freefall, down another 3.3p to 161.9p in the wake of last week’s store closures.

Media group UBM rose 6.6p to 489.2p as dealers revived chatter of a sale of its news agency PR Newswire.

The end of a possible bidding war for AGA Rangemaster halted the posh cooker maker’s sizzling run and led broker N+1 Singer to drop its buy rating.

The shares fell 25.48p or 12% to 184.52p after Whirlpool pulled out of the race for AGA, which is now set to fall into the hands of US group Middleby in a £129 million deal. 

US hedge fund Beach Point, a notable investor in distressed companies, bought into the Quindell turnaround story, raising its stake to above 5%.

The company, under investigation by the Serious Fraud Office, began life under new chief executive Indro Mukerjee last week.

Elsewhere, Cambridge-based Acacia Pharma, backed by the likes of Denmark’s Novo and fund giant Fidelity, became the latest biotech firm to unveil its blueprint for a flotation, with reports hinting at a possible £150 million raise.

Source Article from

September 14, 2015 |
Copyright © 2019 All Rights Reserved.
WordPress Directory Theme

Classified Ads Software

We use cookies to ensure that we give you the best experience on our website.
More about our cookies
Skip to toolbar