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3 Stocks to Watch on Tuesday: Apple Inc. (AAPL), Opko Health Inc. (OPK) and Rackspace Hosting, Inc. (RAX)

Crude oil prices rose robustly on Monday, lifting energy stocks, but a dip in the healthcare sector led to a dim trading day overall. The stock market slightly sagged, with the S&P 500 and the Dow Jones Industrial Average each falling 0.1%.

3 Stocks to Watch on Tuesday: Apple Inc. (AAPL), Opko Health Inc. (OPK) and Rackspace Hosting, Inc. (RAX)As we head into Tuesday’s trading, a few stocks will be front and center in the headlines. Among today’s stocks to watch are Apple Inc. (NASDAQ:AAPL), Opko Health Inc. (NASDAQ:OPK) and Rackspace Hosting, Inc. (NYSE:RAX).

Here’s why:

Apple Inc. (AAPL)

AAPL shares look to continue their slow crawl higher on Tuesday after the company responded to Russian allegations about price-fixing of iPhones.

Specifically, Apple says it didn’t do it.

The Russian Federal Anti-Monopoly Service — an antitrust group — says Apple and 16 iPhone resellers in Russia fixed prices on iPhone 6s and iPhone 6Ses starting last year. Moreover, it wanted to fine AAPL up to 15% of iPhone revenues there.

In response, an Apple spokesperson said, “Resellers set their own prices for Apple products they sell in Russia and around the world.”

AAPL, which is trading around $109, continues to march toward its 2016 highs set in April around the $112 mark. Shares cleared their major moving averages weeks ago, though they’re starting to look toppy, at least as far as its Relative Strength Index (around 75) is concerned.

Apple stock was up fractionally in Tuesday’s premarket action.

Opko Health Inc. (OPK)

OPK stock was up strongly on Tuesday morning amid a Street-beating second quarter report.

Opko managed to flip from a year-ago loss to $15.5 million in net income for Q2, which translated into adjusted earnings of 2 cents per share. The Street was looking for a breakeven quarter. Meanwhile, revenues of $357.1 million screamed higher from last year’s $42.4 million and was plenty good enough to top expectations.

OPK likely will have an exciting rest of the year, as the company expects to close its acquisition of Transition Therapeutics in Q3, and it will launch Rayaldee — a kidney disease treatment — in Q4.

Opko shares were up about 5% before Tuesday’s bell.

Rackspace Hosting, Inc. (RAX)

RAX will have trouble lifting off today thanks to some mixed results including Street-beating earnings, but disappointing Q3 guidance.

The cloud computing provider reported earnings growth of 26%, with adjusted profits coming out to 38 cents per share, which topped estimates of 22 cents. Meanwhile, revenues of $523.6 million were up 7% year-over-year and beat estimates for $521 million.

However, RAX stock is lagging thanks to underwhelming third-quarter guidance. Sales are expected to come in at $510 million to $515 million, lower than the $530 million that Thomson Reuters-polled analysts predict. Its annual revenue estimate is now $2.06 billion to $2.08 billion, compared to a previous estimate of $2.08 billion to $2.16 billion.

RAX shares were off fractionally this morning.

As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/08/3-stocks-to-watch-on-tuesday-apple-inc-aapl-opko-health-inc-opk-and-rackspace-hosting-inc-rax/.

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