Market WRAP: iPhone 5 ARRIVES, European Bailout Passes, Facebook Soars, Pfizer Looks Good
Markets closed mostly up today on Wall Street: S&P +0.21%, Nasdaq +0.31%, Dow +0.07%, Oil -0.34%, and Gold -0.02%.
Here’s your Cheat Sheet to today’s top stock stories:
Apple (NASDAQ:AAPL) has finally unveiled the long-awaited iPhone 5, featuring a taller screen, thinner and lighter body, and 4G wireless compatibility. The new smartphone, launched by senior vice president of worldwide marketing, Phil Schiller, at the company’s media event in San Francisco, has a screen display that measures 4 inches diagonally and features five rows of icons, plus the four shortcuts on the bottom.
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The device is calibrated to run on the faster LTE wireless technology and will support the networks of Sprint (NYSE:S), AT&T (NYSE:T), and Verizon (NYSE:VZ) in the U.S. and several others in Europe and Asia. However, it does not support either near-field communications or micro-USB compatibility.
To the elation of investors, the 500 billion-euro ($638.8 billion) taxpayer-backed European Stability Mechanism was passed through Germany’s highest court on Wednesday. This brings Germany’s stake in the 700 billion euro overall European bailout effort to 27 percent. Markets in Europe and the United States rallied behind the news.
Facebook (NASDAQ:FB) CEO Mark Zuckerberg took the stage at the TechCrunch Disrupt conference on Tuesday, speaking in public for the first time since the IPO. On his company’s stock: “Its performance has obviously been disappointing.” Heading into the future: “The big question is how well we do with mobile.” Facebook shares soared 7.73 percent today.
Though trials for Pfizer (NYSE:PFE) and Johnson & Johnson’s (NYSE:JNJ) new Alzheimer’s drug bapineuzumab were halted at the end of August for failing to slow cognitive decline, a new study has shown that the experimental drug could reduce physical damage in the brain.
Many in the medical field believe that trial results so far have been weak. However, with positive results from upcoming trials, drugs that slow the progression of Alzheimer’s disease could create a $20 billion market, according to Deutsche Bank analyst Barbara Ryan in a June note to clients.