Nokia and Oracle Team Up, Google Beats Microsoft, Xstrata Backs Buyout: Market Recap
Markets were mixed today on Wall Street: S&P: +0.27%, Nasdaq: -0.09%, Dow: +.58%, Oil: +0.13%, Gold: 0.28%.
On the commodities front, Oil (NYSE:USO) rose to $92.31 per barrel. Precious metals were up with Gold (NYSE:GLD) rising to $1,778.90 per ounce, and Silver (NYSE:SLV) climbing 0.60% to $34.78 per ounce.
Here’s your Cheat Sheet to today’s top stock stories:
After Apple (NASDAQ:AAPL) dumped Google’s (NASDAQ:GOOG) mapping application from its latest iOS update only to replace it with an inferior Apple-built navigation program, the mobile map space is wide open, and Nokia (NYSE:NOK) and Oracle (NASDAQ:ORCL) are taking advantage of what may be their best chance to break into a market once dominated by Google. Nokia is expected to announce a deal giving Oracle customers access to Nokia’s mapping services.
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In morning trading on October 1, Bloomberg reported that Google’s market cap had passed that of tech giant and rival Microsoft (NASDAQ:MSFT). Also, Iran’s council on Internet filtering has unblocked Google’s Gmail after access was unintentionally denied last week as part of an effort to block YouTube.
Swiss mining company Xstrata (XTA.PK) will be asking its shareholders to support a revised $33 billion takeover bid from commodities trading giant Glencore (GLEN.PK). The new deal decouples a controversial $226 million compensation package for 70 of Xstrata’s top executives meant to prevent them from quitting as the power structure changes.
A major Apple investor said on Monday that the company was preparing to send out invites for an iPad Mini launch event this month. The investor told Fortune he had heard from “multiple sources” that invites will be sent out on October 10 for a media event scheduled for Wednesday, October 17. Also, Apple’s win over Samsung (SSNLF.PK) in the U.S. may not be the resounding victory it once seemed, as the South Korean electronics maker has convinced an appeals court to reconsider a sales ban won by Apple against its Galaxy Tab 10.1.
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