Digest: Apple a top pick; Morgan exits AOL
EmptyApple named a top pick
Citi Investment Research said Monday that it has added Apple to its new Top Picks Live list, boosting the company's shares 3.2% to $129.45. The list includes the bank's highest-conviction stock picks for the year. Citi said reductions to Apple's current quarter iPod and iPhone build plans were fully reflected in its stock price, which has declined 37% this year. It also reiterated above-average earnings expectations. The firm retained its "buy" rating on the stock with a price target of $212.
Morgan exits AOL vp role
Dave Morgan, the founder of online advertising firms RealMedia and Tacoda, has decided to leave Time Warner's AOL unit after only recently being named executive vp global advertising strategy, according to published reports. He will pursue entrepreneurial opportunities. AOL officials declined comment.
Seatwave secures $25 mil
Seatwave, Europe's largest online marketplace for buying and reselling tickets for theater, sports, music and other live events, has raised $25 million in a Series C funding led by Fidelity Ventures and existing investors. The company will use the funds to expand beyond the U.K. across Europe. Seatwave launched ticket exchanges in Germany, Holland, Spain and Italy during the last quarter of 2007. Seatwave was launched in 2007 by CEO Joe Cohen, who formerly built the international businesses of Ticketmaster and Match.com.
Hasbro Q4 profit jumps
Toy company Hasbro reported a 24% fourth-quarter profit increase to $133.7 million driven by the success of Transformers, Star Wars and other toys based on entertainment franchises. Hasbro's revenue grew from $1.1 billion to $1.3 billion. Hasbro also said CEO Al Verrecchia is stepping down, with current COO Brian Goldner taking over his post May 22.