Shares of Apple Tarnished Ahead of Tuesday Event : Apple (APPL) lost about 1.5% in Monday trading after being down by as much as 5% and up by 2.5% during the day ahead of a presentation on Tuesday which is expected to the announcement of a new iPod Nano in addition to details on iPhone sales. As illustrated in the accompanying three month chart, shares of Apple have fared worse than the Nasdaq Composite Index, but have fared better than smart phone competitor Research In Motion (RIMM) and tech bellwether Google (GOOG), which are both down over 20% over the past three months. Of the three tech titans, shares of Google may be the best value, trading at a forward PE below 20X and PEG under 0.8X as the stock trades very close to its 52-week low.
Lehman Nears Sale of Neuberger Berman : CNBC is reporting that Lehman Brothers (LEH) is close to selling its investment management division, including its most prized asset in Neuberger Berman in an effort to raise capital to stem billions of losses. Lehman values Neuberger at $10 billion, which is about equal to the market cap of the entire company as of the close on Monday, but potential buyers are looking for a better price.
Airlines and UAL Look to Regain Altitude : Shares of UAL (UAUA) and other airlines may get a relief rally on Tuesday, following a false bankruptcy rumor on Monday for the parent company of United Airlines which grounded its shares along with many others in the industry. Airlines could also get a boost if oil (USO) continues to decline on concerns of a global economic slowdown and a strengthening US Dollar (UUP).
$156.86 (09/08/08)
