2.16 to 3.60 percent for the week.
Apple Announcements Tomorrow
Apple will be holding a media event tomorrow, Thursday, Sept. 16. Rumors are that the company will announce updates for the iPad Air and iPad Mini tablets and possibly also for the iMac desktop computer.
Rumors also predict that Apple will announce a specific date for the upcoming rollout of Apple Pay, the new mobile payment system that is expected to be a major revenue generator for the company. Observers think the rollout could happen within the next few days.
Other rumors suggest possible updates to Apple TV and the debuts of OS X Yosemite and a larger 12-inch iPad, although the new iPad is also rumored to have been delayed by production difficulties.
Analyst News of the Week Roundup
Morgan Stanley (NYSE:MS) said today that it is adding AAPL to its “Best Ideas” list because it believes strong iPhone demand and the upcoming rollout of Apple Pay and the Apple Watch will lead to significant gains.
Credit Suisse (NYSE:CS) raised its price target for AAPL from $96 to $110 but maintained its “Neutral” rating.
Oppenheimer (NYSE:OPY) upgraded its rating from “Perform” to “Outperform” with a $115 price target, saying that the new iPhones are the best-selling generation so far and that iOS 8 provides a sticky experience that keeps users within the Apple ecosystem.
Cantor Fitzgerald said that its “Apple Barometer” rebounded in September due to unprecedented demand for the iPhone 6 and an “insatiable appetite” for the new phones in China.
iPhone 6 to Roll Out in 36 New Markets
Apple announced that the iPhone 6 and iPhone 6 Plus will debut in 36 more countries in Africa, Asia, Europe, Latin America and the Middle East by the end of this month. That will bring the total to 69 countries and territories where the new phones are available. The number is expected to rise to 115 by the end of this year.
Beats Settles Headphone Patent Dispute with Bose
Beats, the headphone and streaming music company that Apple recently acquired, settled a patent lawsuit with Bose. The headphone and speaker company Bose had filed the lawsuit against Beats in July. The dispute was about noise-canceling technology. Both companies agreed to settle for undisclosed terms and dismiss the case.
Icahn Pushes Apple to Buy Back More Shares
Activist investor Carl Icahn sent a letter to Apple last Thursday, urging the company to accelerate its buyback of shares. Icahn said that AAPL should be trading at $203, which is more than twice what it is trading at now.
Technology Select Sector SPDR Fund — XLK
Invest in AAPL while reducing your risk by investing in an ETF such as XLK, which currently has holdings in 73 companies, with AAPL shares comprising 16.13 percent of its total holdings.
By Diana Primavera, ETF Daily News