Market Recap: J.P. Morgan Bombs, Facebook IPO, Apple Litigation, Chesapeake Tanks
Markets closed flat to down on Wall Street Friday: Dow -0.27%, S&P -0.34%, Nasdaq +0.01%, Oil -1.56%, Gold -0.98%.
On the commodities front, Oil (NYSE:USO) declined to $95.57 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1580 an ounce while Silver (NYSE:SLV) fell 0.25% to settle at $28.89.
Here’s your Cheat Sheet to today’s top stock stories:
AMR Corp., the bankrupt parent of American Airlines and regional carrier American Eagle, has reportedly agreed to consider merger options with rivals, including US Airways Group (NYSE:LCC).A source familiar with the matter broke news of a potential tie-up on Friday. The airline has reached an agreement with its creditors to explore whether a merger would be its best option in moving forward, the source told Reuters.
JPMorgan Chase & Co’s (NYSE:JPM) shocking announcement yesterday that it faces as much as $2 billion in mark-to-market losses is still reverberating through the financial sector. The losses stem from a synthetic credit portfolio managed out of its Chief Investment Office, and reportedly run by trader Bruno Iksil, a.k.a the ‘London Whale.’
Facebook Inc. (NASDAQ:FB) is looking for $96 billion in its initial public offering next week and a high number thinks it’s too high, according to a Bloomberg investor poll. In Bloomberg Global Poll with 1,253 investors, analysts and traders, 79 percent of respondents shared growth concerns for the social network. They also don’t think Facebook should have such a high valuation.
Apple Inc. (NASDAQ:AAPL) has accused Samsung of destroying and withholding evidence in their infringement battle. According to court documents discovered by NetworkWorld, Apple has filed a motion asking to punish Samsung by issuing “spoiliation inference” instructions to the jury; these could hurt Samsung but be to Apple’s advantage. The company believes Samsung purposely destroyed documents that the company had an obligation to keep for litigation between the two.
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In late trading, Chesapeake Energy (NYSE:CHK) shares tanked after the company said it may be have to delay sales in assets. In a Securities and Exchange Commission filing, Chesapeake said postponement for a previously expected sales of assets, including oil and gas wells, may have to occur because they are needed to secure its revolving credit line.