For Immediate Release
Chicago, IL—September 30, 2016—Zacks.com looks back on the hottest stories of the week featured in the Stocks in the News blog, where analysts and writers discuss the latest news and events impacting stocks, the financial markets, and the greater investing world.
Here are highlights from this week’s Stocks in the News blog:
To Boost Growth, West Elm is Launching a Hotel Chain
On Monday, modern home-furnishing chain West Elm, owned by Williams-Sonoma Inc. (WSM - Analyst Report) , announced it is launching a boutique hotel chain, dubbed West Elm Hotels. While this is a business departure for the company, it’s a strategic move that West Elm hopes will boost currently stagnant growth.
The furnishings in the hotels will be for sale, and a hotel is an innovative way to showcase West Elm’s wide range of home products.
Amazon (AMZN - Analyst Report) Stock Rising on $1000 Price Target
Shares of Amazon.com Inc. (AMZN - Analyst Report) gained as much as 1.6% in morning trading Tuesday after analysts from JPMorgan Chase (JPM) raised their price target for the stock to $1,000 from $925.
JPMorgan is not the first to call for Amazon to hit quadruple digits; the stock rose to all-time highs in May shortly after analysts at Bernstein upped their target to $1,000 from just $770. The adjustment from JPMorgan also comes just one day after Cowen analyst John Blackledge highlighted Prime’s remaining room to grow.
Nike (NKE - Analyst Report) Posts Q1 Earnings and Revenue Beats, Cites “Incredible Summer of Sport”
Nike Inc. (NKE - Analyst Report) released its fiscal 2017 first quarter financial results on Tuesday. Earnings per share of 73 cents beat the Zacks Consensus Estimate of 56 cents per share, while revenues came in at $9.1 billion, also surpassing the Zacks Consensus Estimate of $8.85 billion.
Revenues for the NIKE Brand were $8.5 billion, up 10% on a currency-neutral basis driven by double-digit growth in Greater China, Western Europe, Emerging Markets, Central & Eastern Europe and Japan, including strong growth in Sportswear, Running and the Jordan Brand.
Apple’s New London Headquarters Heading to Battersea Power Station
Apple Inc. (AAPL - Analyst Report) revealed on Wednesday that it is taking over London’s Battersea Power Station, a decommissioned power plant close to the River Thames, for its brand new headquarters in the city. The tech giant will be moving to its new HQ in 2021.
The company’s main European headquarters, however, will remain in Cork, Ireland; 6,000 employees work at that location, but the new Battersea site will be Apple’s largest outside of its Cupertino, California HQ location in the U.S.
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