Apple
— Goldman Sachs lowered its price target for Apple shares to $165 per share
from $187 a share, saying that accounting for a planned Apple TV+ free trial is
likely to have a material negative impact on average selling prices.
Broadcom
– Broadcom reported adjusted quarterly profit of $5.16 per share, beating
consensus estimates by 3 cents a share. The chip maker’s revenue came in
slightly below Wall Street forecasts, however, and Broadcom gave a cautious
forecast for semiconductor market demand.
Baker
Hughes – Baker Hughes was indicted for allegedly exposing workers to toxic
chemicals at a construction site. Two of the oilfield services company’s
subsidiaries and an employee were also named in the indictment, which involves
25 felony assault charges. Baker Hughes denied the claims and said it was
committed to safety for its workers.
SmileDirectClub
– Shares of the maker of teeth straightening kits remain on watch, after
debuting Thursday with a 28% decline. That was the worst first-day performance
of any of the so-called “unicorn” initial public offerings this year.
Merck
— News agency Reuters asked a U.S. judge to unseal documents regarding risks
related to Merck’s Propecia baldness drug. Reuters had published a story
revealing accusations that Merck did not fully disclose potential risks related
to the drug.
Amazon
– Amazon’s Whole Foods grocery chain will require part-time employees to work
30 hours per week to receive health benefits beginning January 1, up from the
current 20 hours.
Square – The mobile
payments company is testing a new feature on its popular Cash App that would
enable free stock trades, according to a Bloomberg report. The report said that
if the feature is successful, it could pose a challenge to more established
online brokers like E*Trade and TD Ameritrade.
General Electric – GE CEO
Larry Culp told an investment conference he expects asset sales to bring in
about $38 billion in cash, as GE moves to pare down its debt load.
Advance Auto Parts – Citi
upgraded the auto parts retailer’s stock to “buy” from “neutral,” while
downgrading rival O’Reilly Automotive to “neutral” from “buy.” Citi cited sales
momentum and other factors for the Advance Auto Parts upgrade, and said its
O’Reilly downgrade was based on valuation.
Southwest
Airlines – Macquarie upgraded the airline’s stock to “outperform” from
“neutral,” saying Southwest will be able to more fully utilize its new revenue
management system and more efficiently schedule its aircraft once the grounding
of its Boeing 737 Max fleet ends.