Trending tickers: Apple, JP Morgan, Deliveroo and Wincanton
The latest investor updates on stocks that are trending on Friday
Apple (AAPL)
Apple shares jumped in premarket trading, after Bank of America analysts raised their price target on the stock and said that the tech giant could gain from evolving artificial intelligence (AI) technology.
The bank upgraded Apple on Thursday to "Buy" from "Neutral" and increased its price target to $225 (£117) from $208. Bank of America had downgraded Apple to "Neutral" in September 2022.
Bank of America sees the upcoming launch of the Vision Pro mixed reality headset as a catalyst for the stock. In a note to clients, the team wrote it expects a "stronger multi-year iPhone upgrade cycle driven by need for the latest hardware to enable Generative AI features to be introduced in 2024/2025."
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"Apple should continue to see upgrade demand from older device owners, especially as AI enabled Apps will require higher processor power," Bank of America analyst Wasmi Mohan said.
JP Morgan (JPM)
JP Morgan Chase boosted the compensation of CEO Jamie Dimon after the lender earned more money in 2023 than any American bank ever.
The payout was a 4.3% increase for Dimon and comes after the bank reported $49.6bn (£39.1bn) of profits, well ahead of its peers, on $158bn of revenue. He was paid $34.5m in 2022.
The amount for 2023 includes a base salary of $1.5m and $34.5m in performance-based compensation.
Read more: FTSE gains even as recession risk increases on December retail sales drop
"The board continues to recognize that the firm is in a uniquely fortunate position to be led by such a highly talented and experienced executive," the bank stated in the filing.
His net worth, much of which is in JP Morgan stock, has been calculated at about $1.9bn by Forbes.
Deliveroo (ROO.L)
Deliveroo said its 2023 earnings guidance was set to come in above the top end of expectations as it welcomed resilient demand despite squeezed consumer spending.
2023 earnings are expected to come in "slightly" ahead of the £60m to £80m it had guided, while the total value of orders on its platform has risen by 3%, to £7bn, as customers continued to order in meals despite the cost of living crisis.
Revenues for the UK and Ireland arm were up 4% to £310m, with gross transaction value (GTV) up 7% year on year.
"As we saw ongoing signs of stabilisation in consumer behaviour in the quarter, we continued to invest in the consumer value proposition to lay the foundations for future growth," said founder and chief executive Will Shu.
Wincanton (WIN.L)
CEVA Logistics, a unit of French shipping group CMA CGM, said that it plans to buy British logistics firm Wincanton in an all-cash deal worth nearly £600m.
The 450 pence-per-share offer represents a premium of 52% to the Wincanton stock's closing price of 297 pence on Thursday, according to a joint statement from the two companies.
Read more: Stocks that are trending today
James Wroath, chief executive of Wincanton, said the deal would enable “the pursuit of both existing and new growth opportunities”.
He added: “Our work in automation and technology has been industry-leading and has allowed us to take advantage of trends towards outsourcing and eCommerce while continuing to improve service for our long-term customers.”
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