Obama Consults Tim Cook, Hewlett-Packard Embroiled in Fraud Scandal: Weekly Market Recap

Here’s your Cheat Sheet to the top market moving headlines of the week:

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Monday

The markets closed up on Wall Street:

S&P 500: +1.99%Nasdaq: +2.21%Dow: 1.65%.

On the commodities front, Oil (NYSE:USO) climbed 2.59 percent to $89.17 per barrel. Precious metals also came up, with Gold (NYSE:GLD) climbing 1.03 percent to $1,732.30 per ounce, and Silver (NYSE:SLV) climbing 2.33 percent to $33.13 per ounce about 25 minutes after the bell.

Here’s your Cheat Sheet to Monday’s top stock stories:

The Federal Reserve Bank of New York has won the dismissal of a $25 billion lawsuit filed by former AIG (NYSE:AIG) CEO Maurice Greenberg. The U.S. Treasury acquired close to an 80 percent stake in AIG for $182.3 billion in one of the largest bailouts of the crisis, and Greenberg claimed that the NY Fed forced the bank to act against the best interests of its shareholders. (Read more.)

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Cisco (NASDAQ:CSCO) will expand its software-focused networking capacity with the $1.2 billion acquisition of Meraki Inc., a cloud networking solutions company based in San Francisco.

Shares of Lowe’s Companies (NYSE:LOW) surged in morning trading, as the company reported better-than-expected financial results for the third quarter. The second largest U.S. home improvement retailer announced that net income came in at $396 million (35 cents per share) for the quarter ended November 2, 2012. This represents a 76 percent jump from the same period last year, when the company earned $225 million (18 cents per share). (Read more.)

Shares of Intel (NASDAQ:INTC) were temporarily halted on Monday when news broke that CEO Paul Otellini will step down in May. Mr. Otellini’s decision came as a surprise to both the company’s board and investors, likely prompting the trading halt to prevent any panic-selling. (Read more.)

U.S. President Barack Obama reached out to Apple (NASDAQ:AAPL) chief executive Tim Cook to discuss the approaching fiscal cliff, a set of tax increases and spending cuts scheduled to take effect at the start of 2013. A White House official told CNN that the discussion was part of the president’s “outreach on the need to find a balanced deficit-reduction solution that protects the middle class and continues to move our economy forward.” (Read more.)

Despite the devastation Hurricane Sandy wrought on the Northeast and Mid-Atlantic states, data released by the National Association of Realtors on Monday showed that the housing market is continuing to recover. In the month of October, the sales of existing homes in the United States rose 2.1 percent to a seasonally adjusted 4.79 million, an increase from 4.69 million in September. When compared year-over-year, existing home sales rose 10.9 percent from the 4.32 million-unit level in October 2011. (Read more.)

Gasoline rationing will continue through the holiday in New York City as electricity outages and supply shortages continue to plague the area in the wake of super-storm Sandy. The rationing mechanism allows motorists to only purchase fuel on odd or even days corresponding to the last digit of their license plates. With about 30 percent of gas stations still offline and traveling expected to ramp up for Thanksgiving, the system is designed to alleviate gas stations pressured by long lines, frustrated consumers, and short supply. (Read more.)

Tuesday

The markets were mixed on Wall Street:

S&P 500: +0.07%Nasdaq: +0.02%Dow: -0.06%.

On the commodities front, Oil (NYSE:USO) dropped 2.42 percent to $87.12 per barrel. Precious metals were down with Gold (NYSE:GLD) dropping 0.37 percent to $1,727.90 per ounce, and Silver (NYSE:SLV) falling 0.06 percent to $33.17 per ounce about 10 minutes after the bell.

Here’s your Cheat Sheet to Tuesday’s top stock stories:Gavel

Following a two-month long trial in London, former UBS (NYSE:UBS) trader Kweku Adoboli was sentenced to seven years in jail on two counts of fraud for causing a $2.3 billion unauthorized trading loss last year. (Read more.)

Hewlett-Packard (NYSE:HPQ) may have beaten earnings expectations on Tuesday, but only by excluding a significant accounting charge related to allegations of fraud tied to its Autonomy Corp. software unit. Alleged accounting “improprieties” at the acquired company led to a one-time accounting charge of $8.8 billion, Hewlett-Packard said. Shares closed down 11.95 percent. (Read more.)

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Tiger Global Management LLC, the highly-watched hedge fund led by Chase Coleman, issued a vote of confidence for struggling daily deal site Groupon (NASDAQ:GRPN). Tiger bought a 9.9 percent stake worth about $201.8 million. Shares closed up 8.53 percent.

News Corporation (NASDAQ:NWSA), the media empire owned by Rupert Murdoch, announced on Tuesday that it will acquire a 49 percent stake in the Yankee Entertainment and Sports Network. The network, which is anchored by broadcasts of Yankees and Brooklyn Nets games, claims about 15 million subscribers and the deal values it at a total worth of $3.4 billion dollars. (Read more.)

Green Mountain Coffee Roasters (NASDAQ:GMCR) has named Brian Kelley to the position of president and chief executive officer effective December 3. Kelley, who previously served as president of Coca-Cola’s Refreshment division, will succeed Lawrence Blanford, who is retiring. Shares closed up 1.98 percent after opening over 10 percent higher.

New York Attorney General Eric Schneiderman, co-chair of the anti-fraud task force established by the Martin Act, is expected to file a lawsuit against Credit Suisse (NYSE:CS) for deceiving investors when they invested in mortgage-backed securities. Shares closed down 1.35 percent.

The United States Department of Housing and Urban Development released residential construction numbers for October on Tuesday. Data show that housing starts have hit a four-year high, building on a series of good news coming out of the housing sector. Privately-owned housing starts climbed 3.6 percent month-over-month to a seasonally-adjusted annual rate of 894,000, a 41.9 percent increase over the rate for October 2011. (Read more.)

“There are good chances that we will come to a conclusive mutual solution, but I can’t be entirely sure,” said Luxembourg Prime Minister Jean-Claude Juncker to reporters before heading in to chair a meeting of European finance ministers in Brussels. Officials are meeting on Tuesday to settle disagreements over how to manage Greece’s overwhelming debt. The Greek government needs 15 billion euros ($19.2 billion) in emergency loans in order to avoid going into default, but a recent spat between the International Monetary Fund and EU leaders threatens to slow down progress in negotiations. (Read more.)

Wednesday

The U.S. equity markets closed up ahead of the Thanksgiving holiday:

S&P 500: +0.23%, Nasdaq: +0.34%, Dow: +0.38%.

On the commodities front, Oil (NYSE:USO) rose 1.05 percent to $87.66 per barrel. Precious metals were also up, with Gold (NYSE:GLD) climbing 0.30 percent to $1,728.80 per ounce, and Silver (NYSE:SLV) climbing 1.21 percent to $33.42 per ounce about ten minutes after the bell.

Here’s your Cheat Sheet to Wednesday’s top stock stories:

It’s been a hard year for consumer electronics retailer Best Buy (NYSE:BBY). The company’s stock price has come down nearly 50 percent this year to date and hit a new 52-week low on November 21 of $11.41 per share. With limited options on the table and unwilling to see his company collapse, founder and 20-percent stakeholder Richard Schulze is preparing his bid to take the company private. (Read more.)

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Did Autonomy truly swindle Hewlett-Packard (NYSE:HPQ) to the tune of a whopping $8.8 billion write down? According to Bloomberg, the FBI is now involved after the SEC asked for assistance in one of the biggest M&A scam accusations to ever rock Silicon Valley. (Read more.)

Google (NASDAQ:GOOG) is taking on Apple (NASDAQ:AAPL) and Amazon.com (NASDAQ:AMZN) in online content after reaching a licensing deal to add 5.5 million musical works from 35 countries around the world to its Google Play service. The agreement with Armonia, the alliance of French, Italian, and Spanish licensing groups, is probably the broadest of its kind, and includes the British and American collections of Universal Music Publishing and Sony Music’s Latin works. (Read more.)

Shares of Deere & Company (NYSE:DE) closed down 3.67 percent after the company posted an earnings miss on its fourth-quarter resultsNokia (NYSE:NOK) was among the top gainers, closing up 12.2 percent.

While initial weekly unemployment claims have for the most part remained flat this year, Hurricane Sandy caused a sharp increase in the 4-week moving average reported Wednesday, as claims increased significantly in the impacted areas. Initial jobless claims for the week ending November 17 dropped 9 percent week over week to 410,000, while the four-week moving average grew about 2.5 percent to 396,250. (Read more.)

The impending fiscal cliff, which is expected to have widespread repercussions on government spending and federal tax rates, has caused consumer sentiment in the United States to stall in November. According to the monthly survey of 500 households conducted by Thomson Reuters and the University of Michigan, the consumer sentiment index stood at 82.7, on a scale of 1 to 100. (Read more.)

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