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Apple ups iPhone 7 component orders; Wedbush downgrades Alphabet; Blackberry ditches hardware business

Yahoo Finance is tracking the stocks you’re following, based on your Yahoo Finance ticker searches.

Apple (AAPL) – The tech giant has reportedly boosted its part and component orders for its iPhone 7. That’s according to the Digitimes, which cited sources from TPK Holding and General Interface Solution.

Alphabet (GOOGL) – Wedbush downgraded Google’s parent company Alphabet after weighing the cost of search ads against return on investment. Wedbush lowered its rating to underperform and cut its price target to $700 per share.

Blackberry (BBRY) – The company announced in its latest quarterly report that it is ending all internal hardware development and will outsource that business to its partners. Moving forward, Blackberry plans to focus its efforts on software.

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MGM Resorts (MGM) – In a new note to clients, Deutsche Bank makes a bullish call on MGM, saying its near-term outlook for the casino operation looks attractive. The German bank has a buy rating on MGM with a price target of $29.

Nike (NKE) – The athletic retailer is under pressure after missing analysts’ estimates for future orders for the third time in a row. Nike forecasts that worldwide orders for delivery from September 2016 through January 2017 will rise 7%, missing estimates of 8%.

Wells Fargo (WFC) – Wells Fargo CEO John Stumpf is forfeiting $41 million in stock awards following the scandal over illegally created accounts at the bank. Former retailer banking executive Carrie Tolstedt will lose $19 million of her stock awards. Both are also giving up their bonuses for 2016.