Market Cheat Sheet: BIG Stock Correction Continues, Facebook Prices IPO

Markets closed down on Wall Street today: Dow -1.24%S&P -1.51%Nasdaq -2.10%Oil -0.35%Gold +2.44%.

On the commodities front, Oil (NYSE:USO) declined to $92.48 a barrel. Precious metals also declined, with Gold (NYSE:GLD) rising to $1574 an ounce while Silver (NYSE:SLV) increased 0.83% to settle at $28.00.

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

BREAKING: Facebook (NASDAQ:FB) priced its initial public offering at $38 per share — a more than $100 billion valuation. The company will raise as much as $18.4 billion. Shares will begin trading Friday on the Nasdaq Stock Market, under the ticker symbol “FB.”

Goldman Sachs (NYSE:GS) and funds managed by the firm will sell approximately $1 billion of stock in Facebook’s (NASDAQ:FB) initial public offering. The investment bank and its funds will cash out almost half their stake after the social network doubled in value. This will include a sale of 28.7 million from the 65.9 million shares they own, which is more than twice the amount initially planned. The shares are being offered at $34 to $38 apiece. This means that the stock being sold in this week’s IPO is valued between $975 million and $1.09 billion.

Further Reading: Facebook IPO: Goldman Sachs Cashes Out Big.

Warren Buffet’s Berkshire Hathaway (NYSE:BRKA) has announced a purchase of 63 daily and weekly newspapers from Media General (NYSE:MEG) for $142 million, in Berkshire’s second move in six months to expand into the depressed newspaper market. Per the deal’s terms, Media General will issue warrants on stock equivalent to 19.9 percent of the media company’s stock. The company has also said that it owns TV stations as well as digital assets. Berkshire will provide Media General with a $400 million term loan and a $45 million revolving credit line. In turn, Media General will use the loan to repay its existing bank debt due next March.

On Thursday, the Commerce Department announced it will impose strict tariffs on Chinese solar panels imports after SolarWorld had accused companies of setting their prices below the cost of production. Chinese manufacturers including Suntech Power Holdings Co. (NYSE:STP) will pay tariffs of 31.22 percent while Trina Solar Ltd. (NYSE:TSL) had levies set at 31.14 percent; additional companies will pay duties between 31.18 percent to 249.96 percent. They will go back 90 days and will be reviewed again at the end of the year.

News leaked out that Hewlett-Packard (NYSE:HPQ) may cut up to 30,000 jobs or 10 percent of its workforce. The plans will supposedly be announced with the company’s second fiscal-quarter earnings report on Wednesday, May 23. The stock closed up 0.14 to $22.06.

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