Market Recap: Cisco Earnings are In, AOL Finally Delivers
Markets closed down on Wall Street today: Dow -0.75%, S&P -0.67%, Nasdaq -0.39%, Oil -0.51%, Gold -0.87%.
On the commodities front, Oil (NYSE:USO) declined to $96.54 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1,591 an ounce while Silver (NYSE:SLV) fell 0.18 to settle at $29.24.
Here’s your Cheat Sheet to today’s top stock stories:
Chesapeake Energy (NYSE:CHK) had another chapter of bad behavior by its former chairman Aubrey McClendon. He actually negotiated another loan of $450 million in the weeks before his ouster as chairman, according to a Reuters report. The loan had been negotiated through EIG Global Energy Partners, which was simultaneously working to arrange a $1.25 billion financing for Chesapeake itself. The new loan brings McClendon’s controversial personal loans, taken against the collateral of oil well stakes, to $1.33 billion; he still owes $1.1 billion.
Cisco Systems (NASDAQ:CSCO) rose 0.5% to $18.81 as it waited to announce its third fiscal quarter results. The report came in after the bell and disclosed a 20 percent increase in fiscal third-quarter profit thanks to stronger sales. Chief Executive John Chambers noted “cautious” spending in the information technology market, according to MarketWatch. Results were in line with analysts’ estimates.
A Closer Look: Cisco Systems Earnings Cheat Sheet>>
AOL (NYSE:AOL) reported its first quarter earnings before the bell and exceeded Wall Street’s estimates. The company presented details to shareholders about company plans including the return of all proceeds from its $1.06 billion patent sale to Microsoft (NASDAQ:MSFT). The stock closed up more than 3 percent to $26.40.
Yahoo ! Inc’s (NASDAQ:YHOO) activist investor Daniel Loeb of Third Point again called for the resignation of CEO Scott Thompson from academic errors on his resume. Loeb has a wish list for an interim CEO: two Yahoo execs including Chief Financial Officer Tim Morse and Ross Levinsohn, head of global media. Yahoo’s stock declined 0.04 percent.
Macy’s Inc. (NYSE:M) reported its first-quarter earnings and exceeded analysts’ estimates. The company did not increase its earnings outlook for the year and shares dropped 3.7 percent as the market thought numbers would be better.
BONUS: Is TheStreet.com a Buy Now?