Daily Rearview: Facebook’s Fiasco and the Google vs. Oracle Finale
Markets closed mixed on Wall Street today: Dow -0.05%, S&P +0.17%, Nasdaq +0.39%, Oil -1.40%, Gold -0.95%.
On the commodities front, Oil (NYSE:USO) declined to $90.56 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1562 an ounce while Silver (NYSE:SLV) fell 0.61% to settle at $27.55.
Here’s your Cheat Sheet to today’s top stock stories:
Facebook (NASDAQ:FB) which made its public debut last week on the Nasdaq, is now considering a listing with the New York Stock Exchange, a source told CNBC. Facebook’s stock was delayed for half an hour on the Nasdaq last Friday, the result of a glitch in the technology, according to the exchange runner, Nasdaq OMX Group (NASDAQ:NDAQ), which is now under investigations of unknown scope for the seeming mishandling. Facebook shares finished the day only a few cents above their $38 IPO price.
The verdict is in on the Google (NASDAQ:GOOG) versus Oracle (NASDAQ:ORCL) patent-infringement case, with the jury having found Android not to be infringing on Oracle’s patents. Google is calling the verdict “a victory not just for Google but the entire Android ecosystem.” U.S. District Judge William Alsup dismissed the jury, skipping the damages phase that had been originally scheduled, as the verdict left Oracle without any claim to damages.
In after-hours trading, shares of Hewlett-Packard Co. (NYSE:HPQ) rose seven percent as it announced better-than-expected quarterly results and upcoming job cuts numbering around 27,000, reported MarketWatch. The company’s adjusted earnings were $0.07 cents a share above expectations at $0.98 a share for the second quarter while revenue was $30.7 billion, down from the previous year’s $31.6 billion; this exceeded estimates of $29.9 billion.
Meanwhile, NetApp Inc. (NASDAQ:NTAP) didn’t fare as well, plunging 25% in late trading. The company forecast for fiscal first-quarter earnings excluding one-time items of $0.34 and $0.39 a share with revenue of $1.4 billion to $1.5 billion. Analysts had estimated earnings at $0.59 a share on revenue of $1.61 billion. NetApp’s fiscal fourth-quarter adjusted earnings at $0.66 cents a share was higher than the $0.63 a share estimates. Revenue hit $1.7 billion, up from last year’s $1.43 billion; analysts had forecast $1.68 billion.
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