“Technology stocks scored gains in early trading Friday as the sector joined in a broad market rally spurred by positive employment data. Apple Computer (AAPL) rose 30 cents to $42.12 after Prudential Equity Group raised its earnings estimates and price target on the stock due to signs of stronger demands for the company’s music products,” Rex Crum reports for CBS MarketWatch.
“Prudential Equity Group raised its sales and earnings-per-share estimates for Apple Computer, Inc.,, saying it believes that the first quarter is tracking above expectations driven by strong demand for the company’s music products, including the iPod Shuffle. The broker told clients it is convinced that ‘the music story not only has legs but is capable of materially moving the revenue and earnings needles.’ Prudential raised its revenue forecast for the second quarter to $3.16 billion from $3 billion and its EPS estimates to 25 cents a share from 23 cents a share,” Aude Lagorce reports for CBS MarketWatch.
Full article here.
MacDailyNews Note: Apple is currently up $0.66, or 1.58%, to $42.45. Full AAPL quote (15-minute delay) here.