Apple (NASDAQ: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 (NYSE: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 (NYSE: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 (NYSE:F), Honda (NYSE:HMC), GM (OTC:MTLQQ) to gain market share.