Filed under: Before the bell, Analyst upgrades and downgrades, Google (GOOG), Microsoft (MSFT), Apple Inc (AAPL), eBay (EBAY), Pfizer (PFE), Wal-Mart (WMT), General Motors (GM), AT and T (T), Verizon Communications (VZ)
Before the bell: Stock futures lower ahead of services data
Verizon (NYSE: VZ) Wireless is launching the LG Voyager, a cell phone that looks Apple Inc.’s (NASDAQ: AAPL) iPhone with a large touch screen, a camera and extensive multimedia, Web browsing and e-mail capabilities, but also has a QWERTY keyboard and a second, non-touch sensitive screen. The Voyager will of course be on Verizon Wireless’ latest data network, providing much higher speeds than AT&T (NYSE: T) network that the iPhone runs on. The phone is promised to come out in time for the holidays.
Banc of America Securities upgraded General Motors Corp. (NYSE: GM) from Sell to Neutral, raising the target price to $37 from $25, following the UAW agreement. The analyst said the auto maker has shifted more of its medical costs to workers than he expected.
Following the vast toy recalls this year, eBay Inc. (NASDAQ: EBAY) has warned sellers peddling recalled items that they could be kicked off the Web site and may have to forfeit their fees.
Google (NASDAQ: GOOG) shares are up some 0.8% in premarket trading after many wrote favorably about the stock yesterday, especially Silicon Alley Insider Henry Blodget, who, never failing to give bombastic valuations, said Google will go to $2,000 a share. Mind you, Hilary Kramer likes the stock as well. A lot.
The rumors yesterday were confirmed when Microsoft (NASDAQ: MSFT) unveiled three new Zune models to better compete with Apple’s iPod. The 80, 8 and 4 GB models are slimmer and the last two are flash memory-based. The new models include an FM radio tuner and the ability to wirelessly share songs with other Zune owners. The new Zunes are set to go on sale in mid-November for $249, $199 and $149 respectively.
Pfizer’s troubles in Nigeria aren’t over. A Nigerian judged that Pfizer’s (NYSE: PFE) retired chief executive and nine other officials should be in court to hear allegations that a drug experiment by the pharmaceutical giant led to deaths and disabilities among children.
While not exactly news regarding Wal-Mart Stores Inc. (NYSE: WMT), the Wall Street Journal writes that the “Wal-Mart Era Wanes Amid Big Shifts in Retail.” As Douglas McIntyre pointed out, the WSJ may be a little late on this one. While Wal-Mart has been struggling the past few years along with economic prosperity, it may be that Wal-Mart may recover if the economy slows.
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