Market Recap: Trading SCANDAL, Stocks SLIDE, Allstate’s HANDS
Markets closed down on Wall Street today: Dow -0.25%, S&P -0.29%, Nasdaq -0.66%, Oil +0.93%, Gold -0.70%.
Here’s your Cheat Sheet to today’s top stock stories:
NYSE Euronext (NYSE:NYX) said in a note to traders today that it was “reviewing trades in 148 symbols between 9:30:00 a.m. and 10:15:00 a.m. ET” after the performance of severalstocks this morning signaled a rogue trading algorithm. Several traders pointed to big stock moves on no news, including RadioShack (NYSE:RSH), Quicksilver Resource (NYSE:KWK), Magnum Hunger Resources (NYSE:MHR), and Dole Food Company (NYSE:DOLE), among others.
Google (NASDAQ:GOOG) is postponing the launch of its new Nexus Q media player in order to add more features and functions, the Internet giant said Tuesday in an email to customerswho had pre-ordered the gadget. The Nexus Q is Google’s first self-designed and marketed consumer electronics device. Unveiled alongside the better-reviewed Nexus 7 tablet at Google’s I/O event in June, the orb-shaped media player was criticized for its lack of usability and features.
Allstate’s (NYSE:ALL) shares rose 7 percent as the company reported a second-quarter profit thanks to higher premiums and less disaster payouts. Operating profit was $0.87 per share, surpassing $0.52 estimates. Josh Stirling, a Sanford C. Bernstein analyst wrote in a research note, “While Allstate is no longer the deeply discounted name it once was, we believe we are still early in the company’s long- term revaluation story. As “the logic of its strategic repositioning becomes clear, investors’ skepticism will wane.”
CBRE Group’s (NYSE:CBG) shares increased 9 percent after the company reported double-digit earnings and revenue growth in the second quarter. Its net income was $75.9 million ($0.23 cents a share), a 24 percent rise from $61.2 million ($0.19 cents) from the previous year.
On the down side, Knight Capital’s (NYSE:KCG) shares dove 20 percent to a 52-week low, as NYSE Euronext’s (NYSE:NYX) New York Stock Exchange said it was reviewing more 100 stocks from trades; its market-maker Knight also incurred software problems that created routing problems.