Apple was up 5% after bullish analysts' reports out of both Goldman Sachs and Piper Jafray, as reported by Steven Russolillo and Kevin Kingsbury writing for MarketBeat.

According to Russolillo and Kingsbury, "low churn rates at Apple make the company less susceptible to global subsidy reductions." They quote Goldman Sachs further as saying, “This, coupled with the iPhone’s potential for further smartphone share gains and penetration into emerging regions, suggests the overall risk of reduced subsidies is overblown.”

Gene Munster, an analyst at Piper Jaffray, was quoted by MarketBeat as saying he "expects the company will sell nearly 50 million iPhones in the December quarter, spurred by the expected launch of the next-generation iPhone." 

Meanwhile, SanDisk saw a share increase of 5.3% after the Pacific Crest brokerage issued an "outperform," according to CBS News MoneyWatch. Monica Garb, analyst for Pacific Crest, said solid-state drives could produce 25 percent of SanDisk's revenue by 2014, up from 3 percent in 2011," according to MoneyWatch, and she also contended that "SanDisk trades at a 70 percent discount to its asset value" and called this "an opportune time to consider long positions."

Matt Egan, writing for Fox Business News reported that the home builders' sector enjoyed gains that were "boosted by a 34% leap in revenue at Hovnanian" whose shares "surged 20%" and closed 18% up. Hovanian Enterprises, Inc., based out of Red Bank, NJ, is the largest home builder in New Jersey.

Egan quoted from a statement issued by CEO Ara Hovnanian, who said, "The sales improvements we have experienced are fairly wide-based in terms of geography, price points and buyer profiles. We are encouraged that the homebuilding industry may be entering the early stages of a recovery.” Egan further attributed the increased action to "bullish analysts' reports." 

This surge in the home builders' sector led to a market rally that saw the previous week's losses erased. Writing for Fox11 Online, AP Business Writer Matthew Craft cited hope that European officials would find ways to ease the region's debt crisis as helping to launch the rally and mentioned positive reports from LPL Financial and speculation that the Federal Reserve may take more steps to bolster the U.S. economic recovery as additional reasons for the Dow Jones' best day thus far in 2012.

5/7/2014 05:23:44 pm

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