RealTime IT News

Analyst Takes a Shine to Apple

Apple shares gained 3.6% Monday on an analyst's upgrade, providing a bright spot for stocks on an otherwise lackluster day.

The upgrade, along with SanDisk's acquisition of msystems , helped tech stocks hover near unchanged on a day when blue chips declined on profit-taking.

Banc of America analyst Keith Bachman upgraded Apple to "buy" on strong MacBook and iPod demand. Apple's solid second-quarter results were a standout in a tough earnings reporting period for tech stocks. The Nasdaq lost 3.7% in July, its fourth straight losing month.

The beaten-down shares of Rambus also benefited from an upgrade, gaining 13% after BWS Financial raised its rating on the stock.

Blue chips declined Monday after mixed comments from Federal Reserve officials dampened hopes that the Fed may be done raising interest rates and turned attention to Friday's upcoming jobs report and the Fed's next meeting on Aug. 8.

The Nasdaq slipped 2 to 2091, the S&P 500 declined 2 to 1276, and the Dow fell 34 to 11,185. Volume declined to 2.46 billion shares on the NYSE, and 1.7 billion on the Nasdaq. Advancers led by a few issues on the NYSE, and by a 15-14 margin on the Nasdaq. Downside volume was 55% on the NYSE, and 54% on the Nasdaq. New highs-new lows were 94-59 on the NYSE, and 78-79 on the Nasdaq.