Natural Gas prices are rising as if there is no end,the futures contract for July delivery rose 55 cents per MMBtu on the week to $13.210, the first time a near-month contract exceeded $13 per MMBtu since December 2005.
Factor which might be causing such high prices Inventories for the week ended Friday, June 13, natural gas net injections into underground storage were 57 Bcf. With the latest net injections, inventories now stand at 1,943 Bcf, which is 2.6 percent below the 5-year average.
But all said it's summer time and natural gas prices should return back to normal levels but the price of crude has fueled the Natural Gas prices.
Anyway there is hardly any values left in this market to make some money.
Spectra Energy Corp(SE) looks different it's low PE is attractive 16.60 (Yahoo Finance) and dividend yield of 0.92 looks very attractive.
Technically High voulume suggest lot of institutional support for the stock.
Company is enegaged in Natural gas Transmission ,Distribution,Storage,Processing and Field Services in USA and Canada.It has interest in these areas Permian Basin, the Mid-Continent, Rocky Mountain, east Texas-North Louisiana, Barnett Shale, Gulf Coast, and south and central Texas.
Buy Price : $27.83
Stop Price: $26.11
Target: 33.29
Once again please use your own common sense and own research before investing any of the stock listed.These stock could be very speculative in nature and you are advised to ask your financial advisor before investing.
Tuesday, June 24, 2008
Thursday, June 19, 2008
Shiny Steel from Scrap
Steel Dynamics(STLD) Steel Dynamics uses scraps metal to processes it to shiny new steel.Company's mini plants are most efficient in the steel industry as compared to traditional steel makers which make steel from iron ore in giant, decades-old plants.Company just now getting lot of orders from railroad industry as they are trying to replace old rails with new ones It's rolling out rail bars 240 feet long, three times the length of a typical railroad track bar. The weakest points on a track are typically where the bars are welded together; the longer bars make tracks more durable.Foreign steel makers will have a hard time matching those sheer lengths because shipping boxes aren't that big.
Buy Price:39.66
Stop Loss:36.37
Target:47.74
Wednesday, June 18, 2008
Market Conundrum
Market is really not taking us anywhere NASDAQ made 3 up days in very light volume which shows no institution support.Lot many energy stocks have really surged from there bases so hardly any value is
left in them.Its better to be in cash but inflation is running so high and trend shows more to come which
makes this period very difficult for investors.
Let me review the earlier picks and how they have been performing up till now...
Also let me tell you about myself I am a small time investor with inclination to technical and fundamental analysis which is very easy to understand.Also I would like to mention these are my opinions and trades in the blog which are very speculative in nature and further self reading and analysis need to be done before investing in any of the scrips.
left in them.Its better to be in cash but inflation is running so high and trend shows more to come which
makes this period very difficult for investors.
Let me review the earlier picks and how they have been performing up till now...
Also let me tell you about myself I am a small time investor with inclination to technical and fundamental analysis which is very easy to understand.Also I would like to mention these are my opinions and trades in the blog which are very speculative in nature and further self reading and analysis need to be done before investing in any of the scrips.
Monday, June 16, 2008
Stock on move June 16th 2008
Monolithic Power System(MPWR) Semiconductor Play ,company delivers chips that are very smaller and more integrated than a lot of other players in the huge analog chip industry.Its ability to rollout new products destined for the consumer electronics, computing and industrial markets.
Its core business, cold cathode fluorescent lighting, has fueled growth in recent years. Those products are used to light up screens in notebook PCs, TVs and other monitors. But now, more growth is coming from DC-DC chips - which convert direct current from one voltage level to another - especially higher-voltage and higher-current ones that broaden its addressable market.
Monolithic is gaining market share due in large part to its ability to design parts than can carry and handle higher power,company gets its chip manufactured in low-cost plants in China,so Monolithic competes well on price, too. Analyst expect 2008 earnings to rise by about 35% over last year, to $1.00 a share.
Buy point 26.26
Target 31.50
Stop loss: 22.70
Olin Corp (OLN) Chemical and Copper Play,company largest revenue business is its brass division, which makes roll copper sheet and strips, pipes and tubes for electronics, automotive and household goods. Olin other division is chemical division producing chlor-alkali-based chemical ingredients.
Olin's chemical operations are divided among plants in New York, Georgia, Alabama, Tennessee and Brazil. The plants process plain old salt into chlor-alkali, then reduce that into chlorine, caustic soda and various acids and chemicals. Manufacturers and commercial customers stir the chemicals into scads of industrial recipes.
Chlorine and Caustic Soda prices are going up and also higher copper prices are going to stay here for a while.Company is going to acheive good growth for some more quaters unless and untill slowdown in economy and material cost affecting its growth.
Buy point 24.63
Target 29.50
Stop loss: 21.75
Eresearch Technology(ERES) The Philadelphia-based firm offers cardiac clinical trial management software. Pharmaceutical companies and clinical research labs use it for trial data collection, interpretation and distribution.Comapny's see saw growth decline has finally saw some good quaterly growth numbers it picked up to 100%, 17%, 120% and 120% growth the past four quarters. Revenue grew 8%, 8%, 45% and 60% during those periods.
Buy point 16.80
Target 19.60
Stop loss: 14.00
India Stocks:
Pfizer is holding talks with India's pharmaceutical major Ranbaxy in 4.6Billion$ deal.Look for other Indian companies like Dr.Reddy(RDY) and Cipla to be in play.
Its core business, cold cathode fluorescent lighting, has fueled growth in recent years. Those products are used to light up screens in notebook PCs, TVs and other monitors. But now, more growth is coming from DC-DC chips - which convert direct current from one voltage level to another - especially higher-voltage and higher-current ones that broaden its addressable market.
Monolithic is gaining market share due in large part to its ability to design parts than can carry and handle higher power,company gets its chip manufactured in low-cost plants in China,so Monolithic competes well on price, too. Analyst expect 2008 earnings to rise by about 35% over last year, to $1.00 a share.
Buy point 26.26
Target 31.50
Stop loss: 22.70
Olin Corp (OLN) Chemical and Copper Play,company largest revenue business is its brass division, which makes roll copper sheet and strips, pipes and tubes for electronics, automotive and household goods. Olin other division is chemical division producing chlor-alkali-based chemical ingredients.
Olin's chemical operations are divided among plants in New York, Georgia, Alabama, Tennessee and Brazil. The plants process plain old salt into chlor-alkali, then reduce that into chlorine, caustic soda and various acids and chemicals. Manufacturers and commercial customers stir the chemicals into scads of industrial recipes.
Chlorine and Caustic Soda prices are going up and also higher copper prices are going to stay here for a while.Company is going to acheive good growth for some more quaters unless and untill slowdown in economy and material cost affecting its growth.
Buy point 24.63
Target 29.50
Stop loss: 21.75
Eresearch Technology(ERES) The Philadelphia-based firm offers cardiac clinical trial management software. Pharmaceutical companies and clinical research labs use it for trial data collection, interpretation and distribution.Comapny's see saw growth decline has finally saw some good quaterly growth numbers it picked up to 100%, 17%, 120% and 120% growth the past four quarters. Revenue grew 8%, 8%, 45% and 60% during those periods.
Buy point 16.80
Target 19.60
Stop loss: 14.00
India Stocks:
Pfizer is holding talks with India's pharmaceutical major Ranbaxy in 4.6Billion$ deal.Look for other Indian companies like Dr.Reddy(RDY) and Cipla to be in play.
Thursday, June 12, 2008
Stock On move June 12th 2008
Qiagen(QGEN) Qiagen sells the diagnostic tools the labs and doctors use.Qiagen the world's second-largest dutch player, after Roche, in the burgeoning $16 billion field of molecular diagnostics. They acquired Digene for 1.4Billion dollar last year and it looks behind it now as its expected to post 25% growth this year and 24% next year.With purchase of digene it went into testing of human papillomavirus, or HPV. Ever since Merck won approval for its vaccine Gardasil last year, the virus that brings on cervical cancer has brought on a debate over morality and public health as digene was exclusive U.S. seller of tests for high-risk HPV infections.
With purchase of digene Qiagen is also far ahead of its rivals in clinical data, since Digene built up info on hundreds of thousands of women over the years. In an era of heightened federal scrutiny, that could be an advantage.
To broaden its geographical reach, Qiagen will look to expand in Asia. It already has an office in Shenzhen, China; Asia provided 10% of revenue in the latest quarter. Company expects 30% annual growth from that market.
Buy point 19.80
Target 22.50
Stop loss: 18.60
With purchase of digene Qiagen is also far ahead of its rivals in clinical data, since Digene built up info on hundreds of thousands of women over the years. In an era of heightened federal scrutiny, that could be an advantage.
To broaden its geographical reach, Qiagen will look to expand in Asia. It already has an office in Shenzhen, China; Asia provided 10% of revenue in the latest quarter. Company expects 30% annual growth from that market.
Buy point 19.80
Target 22.50
Stop loss: 18.60
Wednesday, June 11, 2008
Stock on move June 11th 2008
Wimm Bill Dann Foods Adr (WBD)
Russian dairy giant Wimm-Bill-Dann keeps expanding to refrigerators and tables throughout Russia and its neighboring states. The company has delivered three straight years of at least double-digit revenue and profits. It posted gains last year in its dairy, juice and baby food divisions, despite rising milk and other raw ingredient costs.
Sergei Filchenkov, an analyst with the Russian firm Finam Investment Co., thinks a roughly 3.5% to 4% increase in dairy consumption in Russia helped. But in a client note, he writes that there's more potential growth coming from targeted dairy acquisitions and expansion into neighboring countries. Buy point $140.90 stop loss at 135$
Rockwood Holdings Inc(ROC) is a speciality chemical manufacturer engaged in developing Specialty Chemicals, Performance Additives, Titanium Dioxide Pigments, Advanced Ceramics, and Specialty Compounds. The Specialty Chemicals segment offers lithium compounds and chemicals; metal surface treatment chemicals, including corrosion protection/prevention oils; synthetic metal sulfides; and maintenance chemicals. This segment serves automotive pre-coating, steel and metal working, life sciences, aerospace, batteries, disc brakes, and aircraft industries.This sector is in demand and this stock buy point at 40$ and stop loss at $37.88
I T C Holdings Corp(ITC) engages in the transmission of electricity in the United States. It operates primarily as a conduit, moving power from generators to local distribution systems either entirely through its own system or in conjunction with neighboring transmission systems.
With surge in temperature across north eastern states demand of electricity have risen.Giving boost to ITC and more demand from consumer.This Stock is a buy just now creating a cup with handle with buy point of $58.68 put a stop loss at $53.52.
Russian dairy giant Wimm-Bill-Dann keeps expanding to refrigerators and tables throughout Russia and its neighboring states. The company has delivered three straight years of at least double-digit revenue and profits. It posted gains last year in its dairy, juice and baby food divisions, despite rising milk and other raw ingredient costs.
Sergei Filchenkov, an analyst with the Russian firm Finam Investment Co., thinks a roughly 3.5% to 4% increase in dairy consumption in Russia helped. But in a client note, he writes that there's more potential growth coming from targeted dairy acquisitions and expansion into neighboring countries. Buy point $140.90 stop loss at 135$
Rockwood Holdings Inc(ROC) is a speciality chemical manufacturer engaged in developing Specialty Chemicals, Performance Additives, Titanium Dioxide Pigments, Advanced Ceramics, and Specialty Compounds. The Specialty Chemicals segment offers lithium compounds and chemicals; metal surface treatment chemicals, including corrosion protection/prevention oils; synthetic metal sulfides; and maintenance chemicals. This segment serves automotive pre-coating, steel and metal working, life sciences, aerospace, batteries, disc brakes, and aircraft industries.This sector is in demand and this stock buy point at 40$ and stop loss at $37.88
I T C Holdings Corp(ITC) engages in the transmission of electricity in the United States. It operates primarily as a conduit, moving power from generators to local distribution systems either entirely through its own system or in conjunction with neighboring transmission systems.
With surge in temperature across north eastern states demand of electricity have risen.Giving boost to ITC and more demand from consumer.This Stock is a buy just now creating a cup with handle with buy point of $58.68 put a stop loss at $53.52.
Tuesday, June 10, 2008
iPhone 3G Hits and MIsses
Almost after its mega debut a year-ago, Apple Inc's popular iPhone is back with a face lift and a major price cut. The next-generation iPhone, which will hit the market on July 11, will run on high-speed network using 3G technology.
The new iPhone, according to the company, will provide Internet access at twice the speed of the current version.
The 3G iPhone or iPhone 2.0 though has largely appealed to people, it has also left a few unhappy. The latter set of users feel that the product lacks in certain key functionalities which are common in most cell phones.
The new iPhone, according to the company, will provide Internet access at twice the speed of the current version.
The 3G iPhone or iPhone 2.0 though has largely appealed to people, it has also left a few unhappy. The latter set of users feel that the product lacks in certain key functionalities which are common in most cell phones.
So, here's looking into the hits and misses of the 3G iPhone
Misses:
1: Apple products are known for their design. So, expectations about a new look were automatic. iPod too has gone through several design changes in its various incarnations. However, the new iPhone offers nothing new in terms of looks. The 3G iPhone looks pretty much like its predecessors.
Though the CEO Jobs claimed that the new iPhone is thinner "at the edges." Also, according to the specs, the new iPhone is only about 0.1 ounce lighter than the EDGE-only model.
The 3G iPhone only shows a few cosmetic changes from the front, with similar display size and resolution, and the single Home button placed below the screen.
1: Apple products are known for their design. So, expectations about a new look were automatic. iPod too has gone through several design changes in its various incarnations. However, the new iPhone offers nothing new in terms of looks. The 3G iPhone looks pretty much like its predecessors.
Though the CEO Jobs claimed that the new iPhone is thinner "at the edges." Also, according to the specs, the new iPhone is only about 0.1 ounce lighter than the EDGE-only model.
The 3G iPhone only shows a few cosmetic changes from the front, with similar display size and resolution, and the single Home button placed below the screen.
2: The phone's black plastic skin back has been replaced by silver-aluminum back. While the 8GB model comes in black only, the 16GB version will be available in both black and white
First and foremost, most users were anticipating a new model of iPhone rather than a revamp.
First and foremost, most users were anticipating a new model of iPhone rather than a revamp.
3: Also, users were hoping for a larger bundle of features in the new model. One of the sorely missed features will be multimedia messaging and voice dialing.
4: User replaceable battery and tactile feedback for the touch screen, both of which were high on the consumer wishlist too have been given a miss
5: Apple also missed out on enabling video camera support. There were also speculations of a higher-resolution camera and a possible support for digital video recording.
The two features are especially missed as they form a part of the features found in most cell phones today, even those at the lower end.
6: Users were also expecting a landscape keyboard, the capability to cut and paste, expanded memory and additional Bluetooth profiles.
For example, while iPhone supports Bluetooth headsets, the lack of keyboard or headphone is a hindrance for those who want to optimise their experience with wireless peripherals. Similarly, the lack of Flash support for the Safari Web browser limits the access of several websites on iPhone.
4: User replaceable battery and tactile feedback for the touch screen, both of which were high on the consumer wishlist too have been given a miss
5: Apple also missed out on enabling video camera support. There were also speculations of a higher-resolution camera and a possible support for digital video recording.
The two features are especially missed as they form a part of the features found in most cell phones today, even those at the lower end.
6: Users were also expecting a landscape keyboard, the capability to cut and paste, expanded memory and additional Bluetooth profiles.
For example, while iPhone supports Bluetooth headsets, the lack of keyboard or headphone is a hindrance for those who want to optimise their experience with wireless peripherals. Similarly, the lack of Flash support for the Safari Web browser limits the access of several websites on iPhone.
Hits:
1: 3G technology gives iPhone fast access to the Internet and email over cellular networks around the world. The new version also makes it possible to surf the Web, download email, get directions, and watch video -- even while you’re on a call.
2: iPhone 3G uses a technology protocol called HSDPA (High-Speed Downlink Packet Access) to download data fast over UMTS (Universal Mobile Telecommunications System) networks. Email attachments and web pages load twice as fast on 3G network as on 2G EDGE network.
During the iPhone launched last year, one reason Apple had not included 3G was because, according to Jobs, it was a drain on the battery. So, users were expecting more bang for battery in the 3G iPhone.
Now, the company seems to have solved the issue. The 3G iphone promises 5 hours of 3G talk time, 10 hours of 2G talk time, 5 hours of 3G Internet time, 6 hours of Wi-Fi Internet time, 7 hours of video playback, 24 hours of audio playback, and 12.5 days standby time. The audio and video times remain unchanged from the original iPhone.
3: The present iPhone location services finds user's position via nearby cell phone towers and satellites, however, the iPhone 3G will use Assisted GPS supplemented by satellites.
The new version support GPS, Wi-Fi and cellular towers. If stuck in a jam, Maps on iPhone will show live traffic information, indicating traffic speed along with route in easy-to-read green, red, and yellow lights.
The feature also finds points of interest by keywords like say, "coffee" and iPhone will show users cafes nearby.
Just like Google Maps on computer, Maps on iPhone would let users switch between map view, satellite view and a hybrid view. Users can also find photo geotagging.
The new version support GPS, Wi-Fi and cellular towers. If stuck in a jam, Maps on iPhone will show live traffic information, indicating traffic speed along with route in easy-to-read green, red, and yellow lights.
The feature also finds points of interest by keywords like say, "coffee" and iPhone will show users cafes nearby.
Just like Google Maps on computer, Maps on iPhone would let users switch between map view, satellite view and a hybrid view. Users can also find photo geotagging.
4: What makes iPhone fit the bill of a business phone is the iPhone 2.0 software, which supports Microsoft Exchange ActiveSync.
It delivers Push email, calendar, and contacts. Also, it gives mobile users secure access to corporate resources with Cisco IPSec VPN and wireless network services with WPA2 Enterprise and 802.1X authentication.
The iPhone 2.0 software update will be free to iPhone users and be available for iTouch iPods for $9.99.
A new service, "MobileMe," will automatically send e-mail and other information to iPhones, similar to Microsoft Corp's Exchange e-mail server product. The pay service will replace Apple's .Mac service and offer Web applications intended to make the phone work more like a desktop computer.
5: An entry-level version of the new iPhone, with 8 gigabytes of memory, will cost $199, versus $399 for an older iPhone with similar memory. A version of the new one with twice the memory will cost $299.
Fertilizer and Agriculture Sector Looks Strong
Fertilizer and Agriculture Sector is signalling a buy in this downward market.Food grain demand is going higher in India and China.Consumption of protein has increased in these countries as there inflated econmies look for more growth.Also India needs to feed 1.1billion people and China 1.3 Billion people always create a buffer food grain stock.
Global warming and High fuel prices and shift to ethanol is putting pressure on these food grains.Rice prices jumped 30 per cent to an all-time high on Thursday, raising fears of fresh outbreaks of social unrest across Asia where the grain is a staple food for more than 2.5bn people.
In this sector Potash Corporation of Saskatchewan Inc.(POT) signal a buy at this time creating a flat base with very tight volume action.Also CF Industries with very low PE and very good price/volume action signal a buy.
Terra Nitrogen Co., (TNH),Mosaic(MOS),Agrium(AGU) with its on production and supply network create a buying opportunity at this time.
With this demand of seed Monsanto(MON) would be demand as more genetically Modified seed would be in demand as farmer look for more output.
In India Market
Chambal Fertilizer (CHAMBLFERT) looks a strong buy as goverment is trying to control fertilizer prices but would have to give up subsidy and price control giving stock some momentum to move forward.
Global warming and High fuel prices and shift to ethanol is putting pressure on these food grains.Rice prices jumped 30 per cent to an all-time high on Thursday, raising fears of fresh outbreaks of social unrest across Asia where the grain is a staple food for more than 2.5bn people.
In this sector Potash Corporation of Saskatchewan Inc.(POT) signal a buy at this time creating a flat base with very tight volume action.Also CF Industries with very low PE and very good price/volume action signal a buy.
Terra Nitrogen Co., (TNH),Mosaic(MOS),Agrium(AGU) with its on production and supply network create a buying opportunity at this time.
With this demand of seed Monsanto(MON) would be demand as more genetically Modified seed would be in demand as farmer look for more output.
In India Market
Chambal Fertilizer (CHAMBLFERT) looks a strong buy as goverment is trying to control fertilizer prices but would have to give up subsidy and price control giving stock some momentum to move forward.
Monday, June 9, 2008
New Iphone faster and cheaper
CEO Steve Jobs unveils the much-anticipated 3G iPhone; cuts the iPhone price to $200; takes aim at the BlackBerry.
Apple announced on Monday a much faster iPhone that's half the price of the current model.
The news is expected to address one of the biggest complaints about the hugely popular iPhone: That its network is too slow. CEO Steve Jobs said the new iPhone, which is based on 3G technology, is 36% faster than top rival Nokia's N95 smartphone.
The new 8-gigabyte iPhone will cost $199 and a 16-gigabyte version will cost $299. Jobs says the new iPhone will be available worldwide starting July 11. It will allow up to six hours of Web browsing and five hours of talk time.
Jobs announced the 3G iPhone, which had been rumored for months, at the company's annual World Wide Developers conference in San Francisco.
Apple shares fell 4% after the iPhone announcement, as some investors were left wanting more from the gadget maker. The stock had been up 55% in the past three months on heightened expectations for a radically improved iPhone and the possibility of other product launches.
While the price cut was good news for consumers, U.S. iPhone partner AT&T said it would feel the pinch of having to lay out a subsidy for the new phone. In a press release late Monday, AT&T said the iPhone costs will cut adjusted earnings by about 11 cents this year and next.
AT&T's exclusive iPhone partnership also calls for the company to share as much as 24% of its monthly iPhone service revenue with Apple.
During the show, Jobs also introduced a slew of new applications for the iPhone, including a wireless system that automatically forwards e-mail to other devices, a friend-finding service called Loopt and mobile blogging software from TypePad.
Other new applications for the iPhone include a service from MLB.com that provides a live scoreboard of major league games, and music-making software, called Cow Terry, for creating songs on the phone.
The new iPhone applications are aimed at boosting revenue from data services. Wireless companies increasingly are looking to these services to offset slowing growth in mobile phone sales. Apple, for instance, will charge $99 a year for its new MobileMe service, which sends e-mail, contact and calendar updates to a user's devices.
The new services drew plenty of 'oohs' and 'aahs' from the 5,200 attendees at Apple's developers conference. But the main attraction was the 3G iPhone.
Since the original iPhone was introduced nearly a year ago, Apple (AAPL) has sold 6 million handsets, Jobs said Monday. The company has set a goal of selling 10 million handsets worldwide this year.
But iPhone users have complained loudly about the cumbersome EDGE network, which is operated by AT&T (T), the exclusive seller of the iPhone in the United States.
Jobs kicked off the conference by talking about the iPhone for business users, a lucrative market dominated by rival Research in Motion (RIMM). He said that the iPhone now works with Microsoft's Exchange office server systems - a key feature if the iPhone hopes to crack the BlackBerry's lock on working professionals.
Jobs also said that 35% of the Fortune 500 has participated in a beta program for business applications for the iPhone.
Also, Jobs announced that the new version of the Mac operating system OS X is called "Snow Leopard."
Apple announced on Monday a much faster iPhone that's half the price of the current model.
The news is expected to address one of the biggest complaints about the hugely popular iPhone: That its network is too slow. CEO Steve Jobs said the new iPhone, which is based on 3G technology, is 36% faster than top rival Nokia's N95 smartphone.
The new 8-gigabyte iPhone will cost $199 and a 16-gigabyte version will cost $299. Jobs says the new iPhone will be available worldwide starting July 11. It will allow up to six hours of Web browsing and five hours of talk time.
Jobs announced the 3G iPhone, which had been rumored for months, at the company's annual World Wide Developers conference in San Francisco.
Apple shares fell 4% after the iPhone announcement, as some investors were left wanting more from the gadget maker. The stock had been up 55% in the past three months on heightened expectations for a radically improved iPhone and the possibility of other product launches.
While the price cut was good news for consumers, U.S. iPhone partner AT&T said it would feel the pinch of having to lay out a subsidy for the new phone. In a press release late Monday, AT&T said the iPhone costs will cut adjusted earnings by about 11 cents this year and next.
AT&T's exclusive iPhone partnership also calls for the company to share as much as 24% of its monthly iPhone service revenue with Apple.
During the show, Jobs also introduced a slew of new applications for the iPhone, including a wireless system that automatically forwards e-mail to other devices, a friend-finding service called Loopt and mobile blogging software from TypePad.
Other new applications for the iPhone include a service from MLB.com that provides a live scoreboard of major league games, and music-making software, called Cow Terry, for creating songs on the phone.
The new iPhone applications are aimed at boosting revenue from data services. Wireless companies increasingly are looking to these services to offset slowing growth in mobile phone sales. Apple, for instance, will charge $99 a year for its new MobileMe service, which sends e-mail, contact and calendar updates to a user's devices.
The new services drew plenty of 'oohs' and 'aahs' from the 5,200 attendees at Apple's developers conference. But the main attraction was the 3G iPhone.
Since the original iPhone was introduced nearly a year ago, Apple (AAPL) has sold 6 million handsets, Jobs said Monday. The company has set a goal of selling 10 million handsets worldwide this year.
But iPhone users have complained loudly about the cumbersome EDGE network, which is operated by AT&T (T), the exclusive seller of the iPhone in the United States.
Jobs kicked off the conference by talking about the iPhone for business users, a lucrative market dominated by rival Research in Motion (RIMM). He said that the iPhone now works with Microsoft's Exchange office server systems - a key feature if the iPhone hopes to crack the BlackBerry's lock on working professionals.
Jobs also said that 35% of the Fortune 500 has participated in a beta program for business applications for the iPhone.
Also, Jobs announced that the new version of the Mac operating system OS X is called "Snow Leopard."
Market Action
Nasdaq dived 15 points in a volatile session.Apple came out with new Iphone but Steve Jobs announced price cuts for new phone.Apple also said it sold 6 million IPhone since debut of first version on June 29th 2007. Apple announced lot new features like GPS,mobileme (Like Microsoft Activesync)3G network support which is 3 times faster than Edge network in previous version.Apple showed weekness in its stock and it looks weak with market going forward.
Also Cramer announced Blackberry(RIMM) is much positioned than apple(AAPL) .
Also Cramer announced Blackberry(RIMM) is much positioned than apple(AAPL) .
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