Yahoo Finance contributor Remy Blaire reports from the New York Stock Exchange on the top movers this morning including, Apple, UBS raising its rating for DraftKings to buy, and how Nike is fairing following Foot Locker’s earnings report.
RACHELLE AKUFFO: Markets trading in a narrow range this morning as investors keep their eye on the debt ceiling talks. Let's get to Yahoo Finance contributor Remy Blaire with some movers that we're seeing. So Remy, you have your eyes on some key calls today. Break those down for us.
REMY BLAIRE: Well, as you mentioned, Wall Street is trading on a mixed note as a new trading week kicks off. Now Wall Street digested some analyst calls on some key names as this week kicks off. And Apple was downgraded to hold from buyout Loop Capital with the price target maintained at $180 a share.
If we look at the chart, we're not seeing that much of a wide range for shares this morning after a lower open. But Loop Capital's cut comes on concerns over material downside risk on revenue estimates for the June quarter. Loop Capital has said that expectations call for weaker demand for iPhones on macro headwinds in the quarter. But at the same time, analysts over at Loop Capital say that the September quarter as well as the December quarter shipment outlook does remain intact.
Meanwhile, we are seeing a pop for DraftKings shares this morning, and shares are holding above $25 a share with if the price action seeing this pop over 7% on the session. Now UBS raised its rating to buy from neutral and also lifted the price target on DraftKings to $30 from $19.
UBS analysts are also upgrading the stock based on higher revenue growth and expectations of seeing greater flow through to EBITDA. And last but not least, moving on to Nike, we are seeing downside pressure for the stock. And it is also weighing on the Dow Industrials this morning. This does come on the heels of Citi analysts, eyeing Nike after disappointing results from Foot Locker. Keep in mind that we've got a slew of earnings out from retailers in the previous week and that did show a slowdown in discretionary spending.
Now Citi reiterated its neutral rating on Nike stock with a price target of $125 per share. Also given that concerns over inventory and footwear retailers do remain, there are expectations for lower consumer spending. I do also want to mention that Citi also downgraded Foot Locker to neutral citing economic sensitivity of Foot Locker's customer base. This week will be getting some key earnings out from retailers as well as tech names as well. And we should be able to see how the US consumer has been spending on discretionary purchases.
RACHELLE AKUFFO: All right. Thank you so much for that update. Remy Blaire there for us at the New York Stock Exchange. Thanks so much.