How major US stock indexes fared Friday

Credit: Published on October 11, 2019
Stocks closed sharply higher Friday as the U.S. and China reached a partial deal on trade and said they would continue negotiating.

President Donald Trump agreed to suspend an increase in tariffs on $250 billion in Chinese goods due to kick in Oct. 15. In exchange, China agreed to boost purchases of U.S. farm products....

Credit: The Street
Published on October 11, 2019 -  01:34
Apple's Price Target Raised as Streaming Service Could Steal Netflix's Lunch
Apple shares just saw a big price target raise, as its new Apple TV Plus is emerging as a legitimate threat, according to Wedbush Securities analyst Dan Ives. The stock rose 1.22% to $232.90 in pre-market trading on Friday. President Trump also made a positive comment about trade talks with China, which are an important factor in Apple's hardware business. Dan Ives raised his price target to $265 from $245. "We remind investors of the 'show-stopping' low price for Apple's streaming TV service at $4.99 per month taking a major shot at its content competitors with Netflix front and center as clearly Cook & Co. are looking for market share coming out of the gates with this price point that we loudly applaud," Ives wrote in a note out Friday morning. Ives added that not only is the pricing competitive, but that Apple's planned annual content spend of $6 billion should be enough to "beef up" its original content slate. He thinks Apple can accrue 100 million subscribers within the next three to four years, potentially taking 10% of Netflix's targeted subscriber base within the next year and a half. Ives said this would all equate to a $7 billion to $10 billion revenue opportunity annually. He didn't specify how much this could contribute to Apple's bottom line, but the assessment was enough for an 8.1% price target boost. Ives also sees strong demand for the new iPhone 11's, which can only support his streaming thesis. While Ives and his team were updating their valuation on the tech behemoth, Apple was dealing with some turmoil in Hong-Kong. Apple CEO Tim Cook said the app that tracks police movement during the Hong-Kong protests will no longer be available, noting that some users were using the app to locate cops to target. Bull Market Fantasy: LIVE TUESDAY & THURSDAY @10:45AM Subscribe to our YouTube Channel for more videos : Listen our latest Podcasts on SoundCloud Catch Up: Today's Top News Videos Below

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