Housing and Consumer Confidence Numbers, Google Won’t Rescue Apple, Tesla Takes a Hit: Market Recap
Markets closed down today on Wall Street: S&P -1.05%, Nasdaq -1.36%, Dow -0.75%, Oil -1.23%, Gold -0.08%.
On the commodities front, Oil (NYSE:USO) moves to $90.80 a barrel. Precious metals were mixed, with Gold (NYSE:GLD) falling slightly to $1,763.20 per ounce, and Silver (NYSE:SLV) falling 0.56% to $33.79.
Here’s your Cheat Sheet to today’s top stock stories:
According to the S&P/Case-Shiller Home Price Index, home prices are up again. Data released on September 25 indicates that the 10-City Composite posted annual returns of 0.6 percent, with average home prices increasing by 1.5 percent. The 20-City Composite posted returns of 1.2 percent, and a 1.6 percent climb in prices.
The good housing news continues with U.S. consumer confidence hitting a seven-month high. The Conference Board Consumer Research Center announced that the Index stands at 70.3, a nine point increase from August.
Google (NASDAQ:GOOG) won’t be coming to the rescue of Apple (NASDAQ:AAPL) iOS 6 users who miss its Maps service, at least not any time soon, according to executive chairman Eric Schmidt. Google has no intention to develop a dedicated app of its Maps service for iOS 6, Schmidt said at a Tokyo press event on Tuesday.
While Barnes & Noble’s (NYSE:BKS) book-selling business has benefited from the demise of former rival Borders, the bookseller announced Tuesday that it will launch Nook Video in the fall, as part of an effort to stimulate growth. To date, shares in the company are down 12 percent this year. Nook Video will not be a subscription service, but rather movies and television shows will be offered as downloads and as streaming video, similar to Amazon’s (NASDAQ:AMZN) Instant Video and Google’s Play.
Shares of the electric car manufacturer Tesla (NASDAQ:TSLA) are under siege. On Tuesday morning, after warning that it had fallen behind on its production goals for the Model S sedan, the company cut its sales target for 2012 and announced a follow-on offering of 4.34 million shares of its common stock. Stock prices fell almost 14 percent, to $26.43 as a result.
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