Apple (AAPL) unveiled its new tablet PC named the iPad Wednesday. iPad pricing will range from $499 to $829 depending on options such as memory and 3G coverage. According to CNBC’s tech reporter Jim Goldman, the iPad looks like a giant iPhone. Is the device needed in a market with laptops, netbooks, and smartphones? Probably not but my guess is Apple will still sell millions of them.
US Steel (X) is taking it on the chin again today dropping 8% to $45 per share. Shares have been downgraded by several firms and Fitch cut its debt ratings below investment grade. While I have no position in the stock, shares are beginning to look attractive. The stock is a decent long turn turnaround play.
Toyota Motor (TM) has temporarily stopped selling 8 models in the US. The Corolla, Camry, Avalon, Matrix, RAV4, Tundra, Highlander, and Sequoia all have problems with a sticky accelerator that causes these models to accelerate on their own. Toyota shares are down over 9% based on the news. The hit to Toyota’s reputation may create an opening for other auto companies like Ford (F), Honda (HMC), GM (OTC:MTLQQ) to gain market share.