Thursday Recap: Apple’s Got Bugs, Nasdaq Doesn’t Flinch, Wal-Mart Drops the Kindle
Markets were mixed today on Wall Street: S&P -0.15%, Nasdaq -0.21%, Dow +0.14%, Oil +0.12%, Gold -0.06%.
On the commodities front, Oil (NYSE:USD) dropped to $91.87 a barrel. Precious metals were mixed with Gold (NYSE:GLD) dropping to $1,770.70 per ounce, and Silver (NYSE:SLV) climbing 0.29 percent to $34.69.
Here’s your Cheat Sheet to today’s top stock stories:
Apple (NASDAQ:AAPL) wasn’t shown off to much advantage on Wednesday as the company launched a glitch-laden new operating system for its mobile devices. Fans rushing to install iOS 6 in the hours after its launch yesterday were not just disappointed by long download times, but found that once their iDevices had updated, they encountered a whole different problem: the WiFi didn’t work.
In the face of scathing opposition, Nasdaq OMX Group (NASDAQ:NDAQ) defends its proposed $62 million plan to compensate firms who lost money in Facebook’s (NASDAQ:FB) mismanaged $16 billion initial public offering on May 18. Because of technical glitches during the social network’s stock market debut, major investors and brokerages said they lost approximately $500 million. The rush of cancellations and changes to standing orders caused Nasdaq’s systems to re-enter orders multiple times; UBS AG (NYSE:UBS) claimed it lost $356 million in the confusion, Knight Capital Group (NYSE:KCG) said its losses amounted to $35 million, and Citigroup (NYSE:C) said its Automated Trading Desk lost $20 million.
Wal-Mart (NYSE:WMT) will stop selling Amazon’s (NASDAQ:AMZN) Kindle line of products soon, mirroring rival Target’s (NYSE:TGT) decision last month to drop the online retailer’s electronic devices. A Wal-Mart spokeswoman confirmed the company’s decision to Reuters, which had earlier received information of an internal Wal-Mart memo notifying employees of the same. Amazon unveiled a refreshed line of Kindle e-readers and four Kindle Fire HD tablets earlier this month.
With New York Fashion Week and London Fashion Week just wrapping up, and Milan Fashion Week gearing up at full speed, it’s hard not to notice some of the standout companies hitting trends head on and making bold fashion statements for their Spring 2013 shows. Ralph Lauren (NYSE:RL), Michael Kors (NYSE:KORS), and Burberry (LSE:BRBY.L), among others, are all fighting to produce fiscal runway hits.
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.