Sony Surges, Nokia’s New Phone, and BlackBerry Edges Down: Market Recap

U.S. stocks advanced on Tuesday, sending the S&P 500 to a fresh record high.

DJIA: +0.82% to 15,215.20 S&P 500: +1.01% to 1,650.34 NASDAQ: +0.69% to 3,462.61
Gold: -$10.40 to $1,423.90 per ounce Oil: -$0.93 to $94.24 per barrel U.S. 10-Year: +0.059 to 1.979%

Evidence That the Fed Isn’t Overheating the Economy: If you’re looking for inflationary pressure, you won’t find it in April’s preliminary import and export data. Despite the Federal Reserve’s best efforts to rev up the American economy, there doesn’t seem to be any danger of overheating as inflationary pressure remains weak… (Read more.)

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Watch Out World, Here Comes North American Oil: “The supply shock created by a surge in North American oil production will be as transformative to the market over the next five years as was the rise of Chinese demand over the last 15,” the International Energy Agency said in its annual Medium-Term Oil Market Report released Tuesday. This shift is expected to not only prompt oil companies to adjust their global investment strategies, but also reconfigure the way oil is transported, stored, and refined… (Read more.)

Are Europeans Losing Faith in the Union? Data released later this week is expected to confirm that the economic recession in the European Union has reached a record length, mired in its fifth year of crisis. Understandably, all of this bad news has left many Europeans feeling as pessimistic as ever about their current situation and future prospects. New data from Pew Research shows that less than half of Europeans have a favorable opinion of the EU, while just over a quarter think that integration has strengthened the overall economic situation… (Read more.)

Here’s your Cheat Sheet to today’s top stock stories:

BlackBerry (NASDAQ:BBRY) closed the day down 3.97 percent. Jefferies has noted that BlackBerry’s mobile device system, or MDM, is an opportunity that is underappreciated. The firm is expecting MDM software to pick up momentum throughout the year, and significantly ramp up revenues next year, thus enabling the company to transition to an attractive business model. Also, Chief Executive Thorsten Heins unwrapped a lower-end BlackBerry which was created to lure consumers in emerging markets as the firm ramps up its endeavors to get back its market share lost to the iPhone and Android devices.

Nokia (NYSE:NOK) closed the day down 5.2 percent. The company has officially torn the veil off its new Lumia 925, an aluminium framed successor to the 920 and 928, that is aimed at the global smartphone market. The biggest improvement is the weight savings, as the new handset weighs roughly 50 grams less than the 920, and about 30 grams less than the 928. The phone will be hitting T-Mobile (NYSE:TMUS) here in the U.S., where it could go for around $100 — maybe less — after subsidies.

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Solar City (SCTY) closed the day down 12.4 percent after closing Monday up 24 percent. The company reported an earnings loss of $0.31 per share, missing the mean estimate of -$0.26 per share. Flat revenue of $29.98 million beat expectations for $29.08 million.

Verizon Wireless – owned by Verizon (NYSE:VZ) and Vodafone (NASDAQ:VOD) — announced that its board has elected to distribute $7.0 billion to its owners in the form of a special dividend. Neither parent company has commented on the payout so far, but the decision has surprised analysts and observers who were expecting a “lean” dividend after comments from Verizon CEO Lowell McAdam to that effect.

Sony (NYSE:SNE) stock closed the day up 9.9 percent. Third Point, the hedge fund run by Daniel Loeb, is calling for the company to spin off its entertainment division through an IPO. Loeb suggests that such a move could send Sony stock up as much as 60 percent.

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