Business Briefly: Upgrades hike Boeing stock by 3.8 percent
Published 10:51 pm Monday, January 4, 2010
The Boeing Co. started 2010 out right with a 3.8 percent increase in share price, thanks to analysts’ upgrades. Boeing’s stock rose $2.05 Monday, the first trading day of 2010, to close at $56.18. Analysts for both Barclays and Jesup &Lamont upgraded Boeing shares. Jesup &Lamont upgraded Boeing’s stock rating to “buy” from “hold.” Barclay’s upgraded the company’s rating to “overweight” from “equal weight.” The 52-week high for Boeing’s stock is $56.56.
Rumors grow about Apple’s potential tablet gadget
Speculation is intensifying that Apple Inc. will soon unveil a tablet-style gadget for consuming movies and other media. The Wall Street Journal is reporting that Apple plans to show off the device later this month. The Journal says Apple fans may be able to get their hands on one in March. The newspaper says it is to have a 10-inch to 11-inch touch screen. Analysts have predicted the gadget could cost anywhere from $500 to $1,000, with or without a cellular data subscription included. Apple spokesman Steve Dowling says the company does not comment on rumors and speculation.
IRS wants preparers to register and pass a test
The IRS plans to require tax preparers to pass a test and register with the government to better police a largely unregulated industry used by most taxpayers. The Internal Revenue Service says there could be more than a million people offering tax preparation services. Most offer sound advice, IRS Commissioner Doug Shulman says, but many don’t and the agency knows little about them. The new regulations, announced Monday, won’t be in effect for the current filing season — individual tax returns are due April 15. But Shulman said tax preparers will be held to higher standards in future years as the IRS steps up its oversight to help reduce fraud and errors.
T-bill rates decline in Monday auction
The Treasury Department auctioned three-month bills at a discount rate of 0.08 percent, down from 0.11 percent last week. Six-month bills were auctioned at a discount rate of 0.18 percent, down from 0.20 percent last week. Rates on three- and six-month Treasury bills have been at historic lows for more than a year, reflecting the Federal Reserve’s efforts to keep interest rates low to strengthen the struggling economy. The discount rates reflect that the Treasury bills sell for less than face value. For a $10,000 bill, the three-month price was $9,997.98 while a six-month bill sold for $9,990.90. That would equal an annualized rate of 0.081 percent for the three-month bills and 0.183 percent for the six-month bills. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 0.47 percent last week from 0.41 percent the previous week.
From Herald staff and news services
