Shares of Apple Inc. (AAPL) are higher by 1.10% to $115.47 in pre-market trading on Monday on the back of a positive article in this weekend’s edition of Barron’s. The publication believes Apple shares could rally 50% on new iPhone Upgrade Program. Created by Cupertino for those who want to get a new iPhone every year, the 24-month plan allows customers to pay a monthly fee for the latest iPhone. After twelve months, users can then trade in their existing device for the next iPhone model, presumably arriving Sept. 2016.
On other Apple news this morning, FBR Capital’s Daniel Ives said in a new research note that initial demand on pre-orders of Apple’s new iPhone 6s and 6s Plus, which kicked off this weekend ahead of the Sept. 25 launch, looks strong based on estimated wait times as displayed on Apple’s Web site and various blogs. Ives rates the name ‘Outperform’ with a 12-month base case estimate of $175 a share.
Baker Bros has acquired 2.48 million shares of Aquinox Pharmaceuticals Inc. (AQXP) at $15.50 per share. The purchase was part of the previously announced offering of 5.5 million shares. Baker Bros maintains 40% stake in the Vancouver, Canada-based clinical-stage pharmaceutical company.
In pre-market hours trade on Monday, Aquinox shares were up $4.18, or 24%, to $21.44.
FXCM Inc. (FXCM) – The New York-based online forex trading broker announced in a 8-K filing with the SEC the completed sale of its FXCM Asia Limited to Rakuten Securities for $38 million. FXCM Inc said the consideration received at closing consisted of approximately $26.4 million in cash. The remaining consideration is subject to final adjustment based on the finalization of FXCM Hong Kong’s balance sheet as of Sept. 11, 2015.
Raptor Pharmaceuticals Corp. (RPTP) is one of today’s notable stocks in decline, down as much as 32 percent. The nosedive comes after the company today announced topline results from the Phase 2b CyNCh study, which did not meet its primary endpoint of improving nonalcoholic steatohepatitis (NASH) in children.
“While these trial results replicated the serological improvements seen in the earlier Phase 2a study, they did not translate into a measurable effect on histology. We’re disappointed with this outcome given the paucity of treatment for these children with NASH. While we’ll work closely with the NIDDK to understand the full data set, we do not expect to advance this program based on topline results,” commented Julie Anne Smith, Raptor’s President and CEO.
Shares of Facebook (FB) are up slightly this morning on news the social media giant is working on a virtual reality app with support for 360 degree—or “spherical”—videos. According to The Wall Street Journal, the stand-alone app would be available on Google’s (GOOGL) Android and on Apple’s device, and would give users a whole new way of looking at videos. No launch date for the app was specified.