Market Mover Recap: BATS Bites Apple and Royally Screws IPO, Zynga Shuffling Shares
Markets closed up on Wall Street today: Dow 0.27%, S&P 0.31%, Nasdaq 0.15%, Oil 1.31%, Gold 1.22%.
On the commodities front, Oil (NYSE:USO) jumped to $106.73 a barrel. Precious metals were also up, with Gold (NYSE:GLD) popping to $1,662.50 an ounce while Silver (NYSE:SLV) hopped 2.68% to settle at $32.18.
Hot Feature: Yahoo’s Incredible Political Prediction Engine
Here are the 3 biggest market moving stories of the day:
1) BATS Screws Up IPO … and Apple’s (NASDAQ:AAPL) Flash Crash. What’s the worst possible thing that could happen to an exchange operator at it’s initial public offering? A flash crash in Apple. What’s the second worst possible thing? A postponement of the IPO because of execution issues. I’m sure the NYSE (NYSE:NYX) and Nasdaq (NASDAQ:NDAQ) will be telling a ton of jokes this weekend.
2) Morgan Stanley (NYSE:MS) aims to take advantage of Citigroup (NYSE:C). Morgan Stanley is looking to up its stake in a wealth management fund by buying Citigroup’s portion. The transaction could reach a price as high as $10 billion.
3) Zynga (NASDAQ:ZNGA) is shuffling the deck like crazy. Only a few breaths after Zynga bought OMGPOP, the company issued a S-1 indicating the company will sell 42.9 million of its common stock as it pleases. Moreover, CEO Mark Pincus will sell 15 percent of his shares.
To contact the reporter on this story: Damien Hoffman at email@example.com
To contact the editor responsible for this story: Damien Hoffman at firstname.lastname@example.org