Digest: New products fuel Apple
EmptyShares of Apple Inc. jumped to all-time highs Wednesday, a day after CEO Steve Jobs unveiled the iPhone and other new products at the Macworld Conference in San Francisco. Merrill Lynch boosted its price target on the stock $11 to $113. Apple shares closed up 4.8% at $97.
Revised outlook for Disney
Credit agency Standard & Poor's Ratings Services said Wednesday that it has revised its outlook for debt ratings of the Walt Disney Co. from "stable" to "positive." This means it could upgrade them down the line. In a report, S&P analyst Heather Goodchild cited "Disney's improving credit measures, better performance in filmed entertainment and a return to profitability in the company's TV operations."
Merger talk bumps XM
Citigroup analyst Eileen Furukawa boosted her price target on XM Satellite Radio $5 to $21 on Wednesday, saying talk about a possible merger with competitor Sirius Satellite Radio should provide "downside support" for the firm's stock. She maintained her "buy" rating on the shares. There seems to be an "increased openness" on XM's part to consider such a deal, Furukawa argued, predicting it could be signed before the fall. XM shares rose 9.9% to $16.62, making it the top gainer on The Hollywood Reporter's Showbiz 50 stock index.
Nintendo raises guidance
Nintendo on Wednesday raised its revenue and profit guidance and also boosted its dividend forecast for the fiscal year ending March 31. The company cited "worldwide robust trends in sales of Nintendo DS hardware and software." Nintendo maintained its target of selling 6 million Wii consoles for the fiscal year.