Facebook Gets Smashed, Lennar Reports Strong Earnings, Google Hits All-Time High: Market Recap
Markets closed down today on Wall Street: S&P -0.22%, Nasdaq -0.60%, Dow -0.15%, Oil -0.99%, Gold -0.64%.
Here’s your Cheat Sheet to today’s top stock stories:
After seeing something of a rally in the last month, shares of Facebook (NASDAQ:FB) closed down 9.06 percent, and Barron’s may be to blame, with a cover story suggesting the stock is only worth $15 causing a frenzy over the weekend. Zynga (NASDAQ:ZNGA), largely dependent on Facebook’s success, closed down 9.12 percent.
S&P 500 (NYSE:SPY) component Lennar Corporation (NYSE:LEN) reported net income above Wall Street’s expectations for the third quarter. Lennar builds affordable move-up and retirement homes primarily under the Lennar brand name throughout the United States. Read our full Lennar Earnings Cheat Sheet.
Google (NASDAQ:GOOG) climbed 2.1 percent to hit an all-time high today of $750.04, smashing the average price target of $743. According to eMarketer, Google is on track to beat out Facebook in display ad revenue.
Apple (NASDAQ:AAPL) is seeking higher damages from Samsung than it was originally awarded by a U.S. jury in August. The jury ruled that Samsung had willfully infringed several design and user-interface features of Apple’s iPhone, and awarded the Cupertino-based company $1.05 billion in damages. Apple is now demanding more extensive damages, calling for the award to be increased by $707 million. Apple is also calling for a U.S. sales ban on 26 of Samsung’s mobile devices.
Apple said it sold more than five million iPhone 5 units in the three days since the phone reached stores, but the record-breaking number was still under analyst expectations. According to Bloomberg, the company is expected to report profit of about $8.3 billion on sales of $36.1 billion. These sales will be part of Apple’s financial results for the fiscal fourth quarter ending September 30.
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