Markets closed down on Wall Street today: Dow -0.75%, S&P -0.67%, Nasdaq -0.39%, Oil -0.51%, Gold -0.87%.
On the commodities front, Oil (NYSE:USO) declined to $96.54 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1,591 an ounce while Silver (NYSE:SLV) fell 0.18 to settle at $29.24.
Here’s your Cheat Sheet to today’s top stock stories:
Chesapeake Energy (NYSE:CHK) had another chapter of bad behavior by its former chairman Aubrey McClendon. He actually negotiated another loan of $450 million in the weeks before his ouster as chairman, according to a Reuters report. The loan had been negotiated through EIG Global Energy Partners, which was simultaneously working to arrange a $1.25 billion financing for Chesapeake itself. The new loan brings McClendon’s controversial personal loans, taken against the collateral of oil well stakes, to $1.33 billion; he still owes $1.1 billion.
Cisco Systems (NASDAQ:CSCO) rose 0.5% to $18.81 as it waited to announce its third fiscal quarter results. The report came in after the bell and disclosed a 20 percent increase in fiscal third-quarter profit thanks to stronger sales. Chief Executive John Chambers noted “cautious” spending in the information technology market, according to MarketWatch. Results were in line with analysts’ estimates.
A Closer Look: Cisco Systems Earnings Cheat Sheet>>
AOL (NYSE:AOL) reported its first quarter earnings before the bell and exceeded Wall Street’s estimates. The company presented details to shareholders about company plans including the return of all proceeds from its $1.06 billion patent sale to Microsoft (NASDAQ:MSFT). The stock closed up more than 3 percent to $26.40.
Yahoo ! Inc’s (NASDAQ:YHOO) activist investor Daniel Loeb of Third Point again called for the resignation of CEO Scott Thompson from academic errors on his resume. Loeb has a wish list for an interim CEO: two Yahoo execs including Chief Financial Officer Tim Morse and Ross Levinsohn, head of global media. Yahoo’s stock declined 0.04 percent.
Macy’s Inc. (NYSE:M) reported its first-quarter earnings and exceeded analysts’ estimates. The company did not increase its earnings outlook for the year and shares dropped 3.7 percent as the market thought numbers would be better.
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