Shares of Yahoo! Inc. (YHOO) are marginally higher to $30.72 in morning trading on Monday following a New York Post report that said the web portal is planning to spend another $3 billion to boost its web content. The report notes that additional spending, if undertaken, “could further upset shareholders who have grown increasingly irritated as the company’s lack of growth.” Separately, The NY Times reports that more than a third of the company’s work force has left in the last twelve months.
Apple (AAPL) — According to the Financial Times, the iPhone maker’s Apple Music service has passed the 10 million subscriber mark. Apple Music launched in June 2015 with a three month free trial. Separately, Oppenheimer lowered its price target on AAPL to $120 from $155, saying the smartphone market will no longer see easy year-over-year growth. The name was also lowered to $120 from $125 at Mizuho, and to $105 from $125 at Deutsche Bank (DB).
Alcoa Inc. (AA) shares fell 0.25% to $8.05 in early trading despite news of the aluminum producer signing a $1.5 billion long-term supply contract with General Electric’s (GE) aviation unit.
Alcoa is scheduled to report Q4/15 results after market close.
Shares of Acorn International, Inc. (ATV) are spiking $3.92, or 98%, at $7.93, after the marketing and branding firm this morning announced a share repurchase program of $2 million. ATV’s trading volume jumped on the news with the issue currently trading more than 3.2 million shares, compared to the average volume of 211K