Piper Jaffray analyst Gene Munster downgraded eBay (EBAY) to Underweight, the firm's sell-equivalent rating, saying competition from Google Wallet (GOOG), Apple Pay (AAPL), Facebook (FB) and Samsung will weigh on PayPal's valuation and market share over the next three years. Munster notes shares of eBay are up 12% since the beginning of February due to optimism around the PayPal spin-out. He cut his price target for shares to $49 from $55. The online marketplace and PayPal owner closed yesterday down $1.07 to $58.42.

Benchmark downgraded Skyworks (SWKS) to Hold from Buy and removed the firm's prior price target after the company posted March quarter revenue that matched the Street consensus, but excess market inventories and soft consumer smartphone activity weighed on the company's guidance for the June quarter. Skyworks is likely in the process of seeing its end-market demand bottoming, while its market share position looks positive at most of the leading Android players, but the firm is concerned by the company's loss of about 10% net market share at its largest customer, Apple (AAPL), in its next generation smartphone that is expected to be announced this September, the analyst tells investors. When softer first half market demand is paired with the expected share loss at Apple in the second half, the firm's model suggests an annual revenue decline of about 13.6% in FY24 and then as the iPhone 16 accounts for the bulk of Apple's expected volumes in FY25, the firm looks for Skyworks' sales to be about flat year-over-year, the analyst noted.

Amazon (AMZN) is scheduled to report results of its first quarter of 2024 after the market close on Tuesday, April 30, with a conference call scheduled for 5:30 pm ET. Here's what to... To see the rest of the story go to thefly.com. See Story Here

Apple (AAPL) has poached at least 36 AI experts from Google (GOOGL) and has created a laboratory in Zurich in an effort to develop new AI models and products, Michael Acton of The Financial Times reports. According to an analysis performed by the Times of LinkedIn profiles, public job postings, and research papers, the company has undertaken a hiring spree over the past few years to expand its AI and machine learning team. Reference Link

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Welcome to "Fly Insider," The Fly's weekly recap of notable insider stock transactions. NOTABLE INSIDER PURCHASES:... To see the rest of the story go to thefly.com. See Story Here

PayPal (PYPL) is scheduled to report results of its first fiscal quarter before market open on April 30, with a conference call scheduled for 8:30 am EDT. What to watch... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Check out this morning's top movers from around Wall Street, compiled by The Fly. HIGHER - Philips... To see the rest of the story go to thefly.com. See Story Here

Microsoft (MSFT), Meta (META), and Alphabet (GOOGL) disclosed last week that they had spent more than $32B combined on data centers and other capital expenses in Q1, as they accelerate AI spending, The New York Times' Karen Weise reports. The companies all said in calls with investors that they had no plans to slow down their AI spending, Weise writes. Reference Link

Bernstein upgraded Apple to Outperform from Market Perform with an unchanged price target of $195. The shares have de-rated significantly amid a weak iPhone 15 cycle and fears that Apple's China business is structurally impaired, the analyst tells investors in a research note. However, the form believes prevailing weakness in China is more cyclical than structural, and notes that historically Apple's China business has exhibited much higher volatility than Apple overall, given its "very feature-sensitive installed base." Bernstein believes replacement cycle tailwinds and incremental generative artificial intelligence features set up Apple well for a strong iPhone 16 cycle. Tactically, expectations are low entering the company's fiscal Q2 results, it adds. The firm tells investors to "buy the fear."