Honeywell plans spin off – Reuters
Investors are closely watching Honeywell (HON) following reports that a shakeup may be in the cards. According to a Reuters report, citing sources, the company could split into two new publicly-traded entities. The spinoff plan could be unveiled as early as this week.
Tesla delays launch of semi truck
Tesla (TSLA) is in focus after CEO Elon Musk tweeted that the unveil of the semi truck will be delayed until November 16. Musk cited production backlog with the Model 3 and efforts to restore power in Puerto Rico as two reasons for the delay. Tesla was originally scheduled to launch the new truck on October 26.
Apple shares set to rally – Bank of America
Bank of America thinks Apple (AAPL) shares could rally thanks to President Trump’s tax reform plan. In a note to clients, analyst Wamsi Mohan wrote that investors will “likely assign a higher multiple to shares of Apple” because of access to repatriated cash. Mohan reiterated his firm’s buy rating on the stock and $180 price target. Apple shares are up nearly 35% since the start of the year.
Viacom shares fall on downgrade by Citi
Citi cut its rating on Viacom (VIA) to sell and lowered its price target on the stock to $24 a share from $33. Analyst Jason Bazinet warns the stock could take a hit if Charter significantly curtails its distribution of Viacom content. Shares of Viacom were last trading down 5.2% as of 11:45 a.m. ET
GE announces board shakeup
General Electric (GE) is making another change to its board. The company announced that Ed Garden, founding partner and chief investment officer of Trian Fund, will replace Robert Lane on GE’s board, effective today. Lane is retiring from the board after 12 years of service. In a statement, Garden said, “Like other GE shareholders, I am disappointed by the recent performance of GE’s stock. But I continue to believe that GE represents an attractive long-term investment opportunity with significant upside.”