Diamonds and Dogs
Apple (AAPL) hits a trillion dollar market cap again. Apple is up nearly 7% to a six month high following better than expected earnings. iPhone revenue actually declined 17%, but record service growth and improved gross margins lifted earnings. The CEO also made positive comments on business in China. Apple also raised their dividend 5% and added another $75 billion to their buyback. Plenty of upgrades with price targets of $230 and a couple as high as $245 a share. A great quarter for Apple.
Amgen (AMGN) facing slower growth and higher expenses. The biotech firm is down 4% not far from a 52 week low following lackluster earnings and no sales growth. One of their top drugs, Neulasta declined 12% in the quarter to $1.021 billion. Expenses grew 9% to $3.1 billion from $2.8 billion as Amgen increased spending on research and their pipeline to support their oncology programs. Amgne is also waiting for a patent ruling for one of their top drugs, Enbrel. Hopefully, it goes their way.