All the Top Market-Moving Stories of the Week You Must Know Now
Here’s your Cheat Sheet to this week’s top stories:
After a positive start on Monday morning, the U.S. equity markets took a turn for negative territory by noon and remained there for the close.
At the close: DJIA: -0.44%, S&P 500: -0.33%, NASDAQ: -0.30%.
On the commodities front, WTI crude oil (NYSEARCA:USO) increased 0.89 percent to $94.54 per barrel. The yield on the 10-year T-note fell 0.007 points to 1.917 percent. Gold (NYSEARCA:GLD) futures for April delivery, the most active contract, decreased $1.60 to close at $1,604.50 per ounce, while silver (NYSEARCA:SLV) futures for May edged 12 cents higher to finish at $28.82. Both precious metals were relatively strong, as stocks wavered amid developments in Cyprus. The small Mediterranean island reached a deal with international lenders to receive a bailout of 10 billion euros.
Here’s your Cheat Sheet to Monday’s top stock stories:
The U.S. Security and Exchange Commission has approved Nasdaq OMX’s (NASDAQ:NDAQ) proposal to pay $62 million to compensate brokers who were affected by its mishandling of Facebook’s (NASDAQ:FB) stock market debut… (READ MORE” target=_blank>READ MORE.)
Apple’s (NASDAQ:AAPL) iTunes store — conceived from its inception as a break-even-business — will celebrate its tenth birthday next month, and from the growth the business has experienced in the intervening years, it is clear that description is no longer accurate. The scope of the store has nearly quintupled in the past seven years, its revenues soared to $13.5 billion in 2012, and it generates as much as 15 percent operating margin on gross revenue, a figure that amounts to a little more than $2 billion annually… (Read more.)
BlackBerry (NASDAQ:BBRY) — once known by the moniker Research in Motion — is endlessly compared to the company it once was: the company that introduced the first true smartphone to the world. It is also unceasingly juxtaposed to rivals Apple and Google (NASDAQ:GOOG), which have crept up behind it and surpassed its lead as a smartphone innovator. This is the nature of competition. Now, with its new lineup of phones available in the United States, BlackBerry’s turnaround plan will be truly put to the test… (Read more.)
Richard Schulze’s relationship with Best Buy (NYSE:BBY) has been complicated. He founded the electronics retailer in 1966 and, to this day, remains its largest shareholder with a 20 percent stake; he was forced to resign as chairman last May and leave the board of directors last June. Afterwards, he attempted to take the company private by making an unsolicited and subsequently rejected offer to the board. After spending months conducting due diligence on the company’s books, he failed to make a follow-up offer by the February 28 deadline. Now, Schulze is back… (Read more.)
Dell (NASDAQ:DELL) closed the day up 2.62 percent after news broke that competing bids from Blackstone Group (NYSE:BX) and Carl Icahn could be more attractive than Michael Dell’s $24.4 billion buyout proposal. The original proposal received some push back from shareholders who disagreed about the company’s valuation. Icahn is reportedly offering $15 per share for a 58 percent stake.
Apollo Group (NASDAQ:APOL) closed the day up 7.1 percent after reporting fiscal second-quarter earnings. Net income fell from $0.51 to $0.12 per share. Excluding charges, earnings were $0.34 per share. Net revenue fell from $962.7 million in the year-ago period to $834.4 million for the quarter. The company expects fiscal 2013 revenue in a range between $3.65 and $3.75 billion.
Don’t Miss: Analysts: BlackBerry Disappoints Once Again.
Here’s your Cheat Sheet to Tuesday’s top stock stories:
The markets charged upwards on Tuesday, bringing the S&P 500 just about two points shy of its record close of 1,565.15 despite a decline in home sales and worse than expected consumer confidence numbers. Buoying the markets was a strong increase in home prices and an strong increase in orders for durable goods.
At the close: DJIA: +0.77%, S&P 500: +0.78%, NASDAQ: +0.53%.
On the commodities front, WTI crude oil (NYSEARCA:USO) climbed 1.49 percent to $96.22 per barrel. The yield on the 10-year T-note fell 0.010 points to 1.910 percent. Gold (NYSEARCA:GLD) futures for June delivery, the most active contract, decreased $9.20 to close at $1,597.30 per ounce, while silver (NYSEARCA:SLV) futures for May edged 14 cents lower to finish at $28.70. Both precious metals continue to tread water as the Cyprus situation unfolds. Banks in the insolvent country will now stay closed until at least Thursday, in order to prepare capital controls and prevent a run on the banks. It has been more than a week since banks have opened.
A recall — being tantamount to admitting failure — is never a decision that a healthcare company wants to make, especially as lawsuits can stream in after and sales are likely to collapse. However, Johnson & Johnson (NYSE:JNJ), the world’s largest manufacturer of health-care products, was forced to recall 1.9 million glucose meters… (Read more.)
Analysts continue to express their concerns for Apple’s (NASDAQ:AAPL) future profitability even as the iPhone maker’s stock begins to etch out gains on the stock chart once more, surpassing the important psychological and technological benchmark known as the 50-day simple moving average last week. Hitting that level was an important step for the stock, even though it is still trading around that average, as it gave analysts a shard of evidence that shares may have finally reached bottom after their six-month decline… (Read more.)
In addition to huge sales declines and subsequent losses in Europe, Ford Motor Co. (NYSE:F) is now being pressed in Asia as well, notably Japan. In a television interview, CEO Alan Mulally said that he and the company are concerned about the depreciation of the Japanese yen, which has put increased pressure on competition here in the U.S… (Read more.)
Warren Buffett and his company, Berkshire Hathaway (NYSE:BRKB)(NYSE:BRKA), will become one of the 10 largest holders of Goldman Sachs (NYSE:GS) stock, the bank said in an announcement on Tuesday. The best part of the deal? Buffett acquired the shares more or less free of charge… (Read more.)
U.S. federal regulators proposed a $1.7 million fine on Exxon Mobil (NYSE:XOM) on Monday as compensation for an oil leak in its Silvertip pipeline that put 1,500 barrels of crude into the Yellowstone River in 2011. Heavy rains and soil erosion were cited as the cause for the leak. Oil was found along a 70 mile stretch of the river and required a workforce of 1,000 people to clean up… (Read more.)
Nearly three years ago EU officials opened an antitrust probe against Google (NASDAQ:GOOG) based on concerns that the search giant was abusing its position by placing results for its own services ahead of the results for competitors. Usan Athey, a professor of economics and a long-time Microsoft (NASDAQ:MSFT) consultant, published a blog post on Tuesday that supports the anti-Google cause… (Read more.)
Here’s your Cheat Sheet to Wednesday’s top stories:
At the close: DJIA: -0.23%, S&P 500: -0.06%, NASDAQ: +0.12%.
On the commodities front, WTI crude oil (NYSEARCA:USO) edged up 0.16 percent to $96.49 per barrel, erasing earlier losses that followed an inventory report from the EIA. At 385.9 million barrels, U.S. inventories are well above the average for this time of year. The yield on the 10-year T-note fell 0.064 points to 1.846 percent.
Gold (NYSEARCA:GLD) futures for June delivery, the most active contract, jumped $9.90 to close at $1,607.20 per ounce, while silver (NYSEARCA:SLV) futures for May edged 7 cents lower to finish at $28.61. Gold recaptured $1,600 an ounce, despite the U.S. dollar index climbing higher. Cyprus appears to be on schedule to reopen banks for the first time in two weeks tomorrow, but capital controls will be in place. ATM withdraws are reportedly limited to only 300 euros, while people will be forbidden to take more than 3,000 euros in cash out of the insolvent country…
Here’s your Cheat Sheet to Thursday’s top stock stories:
Facebook (NASDAQ:FB) has a problem with advertising, and the company has tried every method possible to use as a remedy, from launching sponsored posts to creating an updated — read more advertising-friendly — layout to purchasing Microsoft’s (NASDAQ:MSFT) ad-service business Atlas. Approximately 84 percent of the company’s revenue is derived from its advertising business, and so new schemes are consistently tested and rolled out to make its strategy more effective. The social network’s latest attempt to refine its ad business, announced Tuesday, enables marketers to tailor advertisements based on users’ browsing history… (Read more.)
With JPMorgan Chase’s (NYSE:JPM) business practices receiving close examination while under the microscope of federal regulators, investigations are mounting as more problems come to light. Although it emerged from the financial crisis as one the healthiest of the big banks, that reputation is being chipped away. Not only has the bank been downgraded by a confidential government scorecard and its Chief Executive Officer Jamie Dimon come under increasing criticism, but executives are worried that relationships in Washington have frayed… (Read more.)
Credit Suisse (NYSE:CS) announced on Wednesday that it has signed an agreement to acquire Morgan Stanley’s (NYSE:MS) wealth management businesses in Europe, Middle East, and Africa (“EMEA”), excluding Switzerland. All told, the businesses manage more than $13 billion in assets for high net worth clients across the region, with management nodes in the UK, Italy, and Dubai.
J.C. Penney (NYSE:JCP) closed the day down fractionally lower about after news got out that it would resuming a “mark-up to mark-down” marketing and sales strategy. Some investors are interpreting this as CEO Ron Johnson admitting that his turn-around sales strategy was a bust. “While our prices continue to represent a tremendous value every day, we now understand that customers are motivated by promotions and prefer to receive discounts through sales and coupons applied at the register,” said a company spokesperson.
BlackBerry (NASDAQ:BBRY) closed the day up about 0.7 percent. The company is gearing up to release earnings before the opening bell tomorrow. Investors will want to keep a close eye on expectations because the stock has a history of large price swings following earnings reports… (Read more.)
Wal-Mart Inc. (NYSE:WMT) has announced that it is “probable” that it will incur losses as a result of a bribery probe in Mexico, according to a regulatory filing from Tuesday. Company representatives reportedly bribed Mexican officials in efforts to speed up expansion in the region… (Read more.)
Don’t Miss: Is the College Debt Bubble Finally Bursting?