RIM Bounces, IBM Enters the Mid-sized Cloud, RadioShack Big Loss: Market Recap
Markets closed down today on Wall Street: S&P -0.57%, Nasdaq -0.77%, Dow -0.33%, Oil -1.50%, Gold -0.71%.
Here’s your Cheat Sheet to today’s top stock stories:
Though likely to be a short-lived bounce, Research in Motion (NASDAQ:RIMM) is trading up after announcing an unexpected increase in subscriber numbers on Tuesday. The pioneer and once-dominant smartphone maker has in recent years lost market share in North America to Apple (NASDAQ:AAPL) and Samsung, which produce more user-friendly, multipurpose phones, causing shares to lose 93 percent of their value in the 5 years since the first iPhone hit the market.
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In a move that places the company in direct competition with Amazon (NASDAQ:AMZN) and Salesforce.com (NYSE:CRM), International Business Machines (NYSE:IBM) announced Wednesday its plans to take aim at a new market by increasing its efforts to sell cloud computing services to midsize businesses. To aid in the company’s expansion, IBM has sourced Infor Global Solutions. According to former Oracle (NASDAQ:ORCL) executive and the company’s current CEO Charles Phillips, Global Solutions will be providing financing and marketing support.
Barnes & Noble (NYSE:BKS) upped its game on Wednesday, unveiling its own lighter and thinner high-definition tablets at half the price of Apple’s iPad, and with features and pricing similar to Amazon’s Kindle Fire. Just in time for the crucial holiday shopping season — the new Nook tablets go on pre-sale today and ship in October — Barnes & Noble will also be taking its Nooks across the pond, where they will debut in November at U.K. chains including Sainsbury’s and Waitrose.
The problems plaguing RadioShack (NYSE:RSH) are piling up. Shares in the electronics retailer have dropped 74 percent since the beginning of the year, dividends were suspended in July, selling lower-margin Apple iPhones have eaten into the retailer’s margins, Best Buy’s (NYSE:BBY) smaller-sized stores have increased competition, and Chief Executive Officer James Gooch left the company Wednesday after a 16-month term.
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