JPMorgan Gets Sued, U.S. Automakers Miss The Mark, Baidu Gets Beat Up: Market Recap

The markets were mixed today on Wall Street: S&P: +0.09%, Nasdaq: +0.21%, Dow: -0.24%, Oil: -0.85%, Gold: -0.31%.

On the commodities front, Oil (NYSE:USO) dropped to $91.69 per barrel. Precious metals were down with Gold (NYSE:GLD) falling to $1,777.80 and Silver (NYSE:SLV) falling 0.78% to $34.68.

Here’s your Cheat Sheet to today’s top stock stories:

Eric Schneiderman, the Attorney General of the State of New York, filed a 31-page complaint against JPMorgan Chase (NYSE:JPM) on October 1. Schneiderman is accusing the bank of failing to review residential mortgage-backed securities with due diligence, and systemically misleading investors about both the quality of their checks and the securities.

Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.

Auto makers in the United States posted their sales numbers on October 2, and results came in below analyst expectations. Ford (NYSE:F) announced total vehicle sales for September were down 0.1 percent from September 2011. This decline was led by a 7.6 percent drop in truck sales, which are Ford’s leading vehicle class. General Motors (NYSE:GM) posted a 1.5 percent increase in total sales from September 2011, and a year-to-date retail gain of 3.2 percent. The two companies might be teaming up to work on more fuel efficient 8-, 9-, and 10-speed automatic transmissions.

European Union regulators are still analyzing whether the purchase of TNT Express by United Parcel Service (NYSE:UPS) would pose unfair competition to express delivery rivals FedEx (NYSE:FDX) and Deutsche Post’s (DPSTF.PK) DHL Worldwide Express. UPS agreed to buy TNT last March for 5.16 billion euros ($6.66 billion), or 9.5 euros per share. The purchase would expand the company’s delivery service throughout Europe and make UPS competitive with the industry’s market-share leader, Deutsche Post’s DHL.

Chinese search giant Baidu (NASDAQ:BIDU) has been getting beat up by analysts lately. Concerns over the company’s ability to monetize and competition from Qihoo 360 (NYSE:QIHU) have produced a line of downgrades and price target cuts. Jefferies, Raymond James, and Deutsche Bank have all recently cut their price targets.

Don’t Miss: Here’s Why Baidu’s Getting Beat Up.