[Bloomberg] Apple Inc (NASDAQ:AAPL)(TREND ANALYSIS) has drastically scaled back its automotive ambitions, leading to hundreds of job cuts and a new direction that, for now, no longer includes building its own car, according to people familiar with the project.
Hundreds of members of the car team, which comprises about 1,000 people, have been reassigned, let go, or have left of their own volition in recent months, the people said, asking not to be identified because the moves aren’t public.
New leadership of the initiative, known internally as Project Titan, has re-focused on developing an autonomous driving system that gives Apple flexibility to either partner with existing carmakers, or return to designing its own vehicle in the future, the people also said. Apple has kept staff numbers in the team steady by hiring people to help with the new focus, according to another person.
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Apple Inc (NASDAQ:AAPL) stock is currently trading 5% below its 52-week-high, 31.47% above its 52-week-low. The 1-year stock price history is in the range of $89.47 – $123.82. Apple Inc (AAPL) has a price to earnings ratio of 13.72 versus Consumer Goods sector average of 14.51. AAPL stock price has outperformed the Nasdaq by 8.1%. The Computers Manufacturing company is currently valued at $633.84 billion, and its share price closed the last trading session at $117.63. The stock has a 50-day moving average of $111.56 and a 200-day moving average of $103.65.
Apple Inc (AAPL) current short interest stands at 60.14 million shares. It has increased by 28% from the same period of last month. Around 2% of the company’s shares, which are float, are short sold. With a 10-days average volume of 35.4 million shares, the number of days required to cover the short positions stand at 1.7 days.
AAPL is forecasted to report earnings per share of $1.64 and a revenue of $46.55 billion for the 4th Quarter of the fiscal year 2016. Apple Inc (AAPL) expects to post results on October 25. The Computers Manufacturing company announced last quarter earnings per share of $1.42 against a consensus Street estimate of $1.39, beating the average estimate by $0.03. The company posted a revenue of $42.36 billion compared to an estimation of $42.02 billion.
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There are currently forty-four analysts that cover Apple Inc stock. Of those forty-four, thirty-six have a Buy rating, five have a Hold rating and three have a Sell rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $125.94.
A recent analyst activity consisted of Morgan Stanley reiterating their Overweight stance on October 14. Morgan Stanley increased their price target on AAPL from $123 to $124. This corresponds to a 5.42% upside from the last closing price. On the date of report, the stock closed at $117.63.
Stifel reiterated their Buy stance on October 13. On the date of report, the stock closed at $116.98.
Another research firm was Pacific Crest who reiterated their Overweight stance on October 13. Pacific Crest increased their price target on Apple Inc from $121 to $129. This translates to a 9.67% upside from the last closing price. On the date of report, the stock closed at $116.98.
Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.