FoxConn International has been upgraded to a buy from neutral at Ciitigroup on its iPhone work for Apple.The price target was raised to 5.80 a share.FoxConn International has reportedly begun making the iPhone's metal casing and is expected to gain new business from companies launching their own cell phone models in 2013.
FCI is a subsidiary of Taiwan's FoxConn Technology Group.Another subsidiary,Hon Hai Precision Industry,has been making iPhone casings for some time.
The Australian service sector index shrank for the ninth straight month in October.
Meanwhile,an Australian court has ruled that Standard and Poor's and ABN AMRO Group misled investors with deceptive debt ratings,and were negligent toward the investors.ABN had shoved the ratings through S and P.As a result of the ruling,local councils now have legal recourse to recover some of their lost funds.
India understands that 5.5% GDP growth is not enough,says Ajay Kapur,Head of Equity Strategy,Asia at Deutsche Bank.We like India.It's an economy that grows at night while the government is asleep,some wag said.All you need is a little bit of that policy shift,and I think we're beginning to see that.
India's Nifty Fifty and Sensex indexes were up about 0.10% in early Monday trading.Good earnings reports were expected from Tech Mahindra and Cipla,while Crompton Greaves reported profits that were below estimates.
Indian Prime Minister Manmohan Singh and his Congress Party have reached agreement on an overhaul plan for the economy.
FoxConn International Holdings Ltd(FXCNF)
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