Yahoo! Inc. (NASDAQ:YHOO), MannKind Corporation (NASDAQ:MNKD) and American Apparel Inc (NYSEMKT:APP) were the most significant movers in the stock market on Monday, according to Bloomberg.
Yahoo shares jumped 1.4 to USD 34.75 in pre-market trading on Monday after analysts at Piper Jaffray (PJC) upgraded to “overweight” from “neutral” and raised its price target to USD 43 from USD 37. PJC upgraded the company’s stock from neutral to overweight as it believes that Yahoo’s stake in Chinese e-commerce company Alibaba, which will soon have its initial public offering (IPO), to be undervalued.
Yahoo believes that its stake in the Chinese firm will likely reflect a more realistic picture as the IPO date comes nearer.
According to analysts Gene Munster and Douglas Clinton, though they think that the core business of once-formidable internet giant is likely to be challenged, Yahoo’s stake in Alibaba may make up for this deficiency. PJC has also indicated a price target of USD 43 on Yahoo’s stock, up USD 6 from USD 37.
Another company MannKind Corporation (NASDAQ:MNKD) also shined at the stock market as it rose 11 percent. On Friday, the U.S. Food and Drug Administration has approved the company’s inhaled insulin named Afrezza. Notably, MannKind Corporation was facing bad times in the past two months in the stock market before the FDA nod.
The shares of American Apparel Inc (NYSEMKT:APP) fell 19 percent after the company thwarted a plan by overthrown CEO Dov Charney to hold an investors meeting.