Market Wrap: Facebook’s NEW Face, Groupon’s SAVIOR, Yahoo’s FRESH Talent
Markets closed mixed on Wall Street today:
Dow -0.20%, S&P +0.14%, Nasdaq +0.78%, Oil -1.10%, Gold -0.02%.
On the commodities front, Oil (NYSE:USO) declined to $83.11 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1629 an ounce while Silver (NYSE:SLV) fell 0.02% to settle at $28.72.
Here’s your Cheat Sheet to today’s top stock stories:
Microsoft (NASDAQ:MSFT) had been expected to unveil a new tablet device at an event in Los Angeles on Monday. Citing sources familiar with the matter, TechCrunch earlier reported that the tablet will be an e-reader developed under Microsoft’s recent partnership with Barnes & Noble (NYSE:BKS), while All Things D and The Wrap reported that Microsoft will unveil its own branded tablet. The tablet will likely run Windows RT, a version of Windows 8 approved for ARM-based processors.
Groupon Inc.(NASDAQ:GRPN) saw its shares rally up to 13 percent during the trading day after Morgan Stanley raised its rating on the company to “Overweight” from “Equal weight” before the market opened on Monday. Analysts said throughout the year, the company had made numerous moves to raise its market position.
Facebook’s (NASDAQ:FB) shares closed up 4.65% percent just one month after its much-publicized IPO. The company announced on Monday that it acquired Face.com. The companies had been in talks since last month about the deal; the amount of the transaction was undisclosed. This marked Facebook’s fourth acquisition this year.
Yahoo! Inc. (NASDAQ:YHOO) added some senior talent to its ranks by hiring Google’s (NASDAQ:GOOG) Michael Barrett to help with its challenged core advertising business; he is a former colleague of Yahoo’s interim chief executive, reported The Wall Street Journal. The company said Barrett will be Yahoo’s executive vice president and chief revenue officer, who will manage global advertising sales and operations.
Intel Corp. (NASDAQ:INTC) agreed to buy about 1,700 “patents and patent applications” related to key technologies from intellectual property developer InterDigital Communications Corp. (NASDAQ:IDCC). The company will spend about $375 million for the patents and in a joint statement said they are “related to 3G, LTE and 802.11 technologies.”
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