News Summary (AAPL, PLA)
According to Mark Hulbert, there is a high possibility of the US market continuing its upward movement over the next two weeks. Mark Hulbert’s statement on the market, which has risen for six consecutive sessions, is based on his analysis of more than 600 such instances in which the Dow maintained its strength after a similar uptrend.
Hedge funds are cheering the negative report issued by Consumer Reports on Apple’s (NASDAQ: AAPL) iPhone4. Jason Schwarz believes that the period between now and July 20, when the company reports its results, offers a money-making opportunity. Given Apple’s immaculate balance sheet and innovative product pipeline, hedge fund managers have complete faith that the stock will bounce back every time. As a result, the funds will use all resources to beat the stock down whenever possible. “Everyone selling [is] plotting their re-entry on Thursday, Friday, or Monday ahead of earnings," Jason mentioned.
Playboy (NYSE: PLA) is down by more than 4% on no formal news. It is odd to see a sharp drop in a company at a time when it is being acquired in cash. The trading suggests some snag in the take private bid led by Hugh Hefner.
Read more from Benzinga's Markets.
