Ultimate Market Recap: ConAgra Kosher Controversy, Facebook Advertises

Wall St. Brief: Google’s CEO Refutes Health RUMORS, RIM Ready for Earnings

Sony (NYSE:SNE) and Panasonic (NYSE:PC) have agreed to a TV deal that has them developing new production technology for large-screen LED display panels. The rival’s partnership comes as both companies are facing difficult financial times including record annual losses.

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Google Inc.’s (NASDAQ:GOOG) CEO Larry Page calmed fears of potential health issues by assuring employees via e-mail there’s “nothing seriously wrong” with him. This came after news that Page will miss the Google I/O developer’s conference and July’s second quarter earnings call. This is due to a lost voice which got rumors going about his health.

As Research in Motion (NASDAQ:RIMM) readies to  announce its first quarter earnings this week, there’s talk its trying to sell its BlackBerry business. According to the Sunday Times, the options include selling to Amazon (NASDAQ:AMZN) or Facebook (NASDAQ:FB); either selling or opening up its messaging systems to Apple (NASDAQ:AAPL) or Google (NASDAQ:GOOG); or keeping the company as is and selling a big share to Microsoft (NASDAQ:MSFT).

Anheuser-Busch InBev (NYSE:BUD) is reportedly nearing a $10 billion-plus deal to buy the remaining half of Mexico’s Grupo Modelo. In addition to Modelo, the family-controlled company produces Corona and Pacifico beers. It argued against the 2008 Anheuser-Busch sale to Belgium’s InBev, which gave it a noncontrolling stake in Modelo.

Samsung (SSNLF.PK) keeps the optimism coming with the potential sales of its new Galaxy S III phone. In July, it expects sales of 10 million units, designating it as the company’s fastest-selling smartphone. Samsung has also forecast that its second quarter earnings in its handset division will surpass the first quarter’s numbers.

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CarMax REPORTS Disappointing Earnings in Q1 and 3 More Hot Stocks Making News

Burger King Worldwide Inc. (NYSE:BKW): William Ackman and his Pershing Square Capital Management LP reported a 12% stake totaling $664.43M in Burger King Worldwide Inc., says and SEC filing. According to the New York-based hedge fund sponsor, Ackman owned 41.92M shares in the fast food chain, which became public last week. Shares of Burger King Worldwide Inc. are trading 0.19%  lower  today.

Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) has been upgraded by Robert W. Baird from a “Neutral” to an “Outperform” rating, according to a research note given to investors on Thursday. Several other firms have recently made comments on ONXX recently. On Thursday, Brean Murray analysts upgraded Onyx Pharmaceutical shares from a “Hold” to a “Buy” rating, and they placed a $60 price target on the stock. Shares of Onyx Pharmaceuticals, Inc. are trading 1.81% lower today.

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CarMax, Inc (NYSE:KMX) shares slipped toward the end of last week, following the posting of disappointing Q1 earnings below analysts’ forecasts. The earnings posted by the company were 52 cents per share, $120.7M, on a revenue of $2.77B. Earnings fell 4% but revenue rose 4% from the prior year’s quarter. Both top and bottom lines missed analysts’ expectations, 53 cent per share on revenue of $2.81B. Shares of CarMax, Inc are trading 1.55% lower today.

Bed Bath & Beyond Inc. (NASDAQ:BBBY) held an annual meeting on Friday, the day following when the company’s stock plunged 17%. This caused shareholders to ask more questions than usual including why executives’ earnings estimates for Q2 did not match the analysts estimates. Many shareholders who spoke at the meeting claimed reassurance that the stock drop resulted from more of a market correction than anything which should worry them. Shares of Bed Bath & Beyond Inc. are trading 2.34% lower today.

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ConAgra SUED Over Kosher Offerings and 3 More Hot Stocks on Our Minds

Sun Healthcare Group Inc (NASDAQ:SUNH): Leading national securities firm Faruqi & Faruqi, LLP, headquartered in New York, is currently investigating Sun Healthcare Group, Inc.’s Board of Directors for possible fiduciary duty breaches connected with actions related to the Company’s sale to Genesis HealthCare LLC in an all-cash $275M deal. Under the proposed transaction, stockholders of Sun Healthcare will gain $8.50 in cash for each of the company’s share they own. Shares of Sun Healthcare Group Inc are trading 0.24% higher today.

ConAgra Foods, Inc. (NYSE:CAG) has been sued by eleven customers who claim that Hebrew National products are incorrectly labeled as kosher. A Minnesota federal judge will decide ConAgra’s punishment, if there is any at all. Shares of ConAgra Foods, Inc. are trading 0.63% lower today.

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Red Hat, Inc. (NYSE:RHT) was given a Buy rating and $63 price target at Needham.  Shares of Red Hat, Inc. are trading 2.27% lower today.

Overland Storage, Inc. (NASDAQ:OVRL) has announced that a 125-page, full version of the Initial Determination explaining his reasoning in detail has been issued by the U.S. International Trade Commission’s Administrative Law Judge Charles Bullock. On June 22, Overland Storage’s attorneys filed an emergency motion with the ALJ as a way to gain permission to share information concerning the complete Initial Determination with Overland Storage and the public. DLA Piper partner and lead consel for Overland Storage Sean Cunningham stated, “It has been reported that Judge Bullock’s Initial Determination found no infringement of both of Overland’s asserted patents.” President and CEO Eric Kelly said We understand that the full Initial Determination of the ITC contains positive news for our ongoing litigation. I can assure you that Overland plans to continue its lawsuit against BDT both in the ITC and in federal district court.” Shares of Overland Storage, Inc. are trading 22.22%  higher today.

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Nokia TWEETS Plans for New Windows Phone and 4 Hot Stocks to Watch

Bank of America (NYSE:BAC): Reuters reports that Julius Baer, who is currently talking with Bank of America about purchasing Merrill Lynch’s non-U.S. wealth management unit, is particularly interested in the firm’s presence in Asia and Latin America, Swiss newspaper NZZ was told by CEO Boris Collardi. Shares of Bank of America are trading 3.97% lower today.

Apple Inc. (NASDAQ:AAPL) shocked  Microsoft (NASDAQ:MSFT) executives with its aggressive moves to secure innovative materials for the iPod and use those supplies to corner the market, the New York Times reports. The paper included interviews with former  HP (NYSE:HPQ) and Microsoft executives involved with the Slate project, who also discussed the major design and software problems encountered during the development in the months following CEO Steven Ballmer’s announcement regarding the product. Shares of Apple Inc. are trading 1.65% lower today.

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Facebook, Inc. (NASDAQ:FB): Nasdaq OMX Group (NASDAQ:NDAQ) CEO Robert Greifeld credits “arrogance” and “overconfidence” among Nasdaq staffers as one culprit of Facebook’s IPO offering struggles. Shares of Facebook, Inc. are trading 2.24% lower today.

AT&T, Inc. (NYSE:T) and the Federal Communications Commission are prepared for a second regulatory battle after AT&T’s deprived bid to acquired T-Mobile last year. The agency currently votes on regulations affecting the amount carriers, such as AT&T, is allowed to charge for broadband infrastructure access, and it is voting on an order circulating at the commission which will refuse AT&T’s regulatory relief petition. Shares of AT&T, Inc. are trading 0.82% lower today.

Nokia Corporation (NYSE:NOK) intends to support its new smartphone with Microsoft’s Windows Phone operating system, released by Q4 of this year, a company tweet read Friday. Although the Twitter message indicated that the phone should be ready by late 2011, it will not ship in large quantities until 2012. Shares of Nokia Corporation are trading 7.56% lower today.

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Key Catalysts Driving the Trading Interest on Wall Street Monday

Chesapeake Energy Corp. (NYSE:CHK) shares closed down 8.38 percent Monday. The natural gas giant plotted with its top competitor to suppress land prices under the direction of CEO Aubrey McClendon, according to a new report by Reuters. “In emails between Chesapeake and Encana Corp, Canada’s largest natural gas company, the rivals repeatedly discussed how to avoid bidding against each other in a public land auction in Michigan two years ago and in at least nine prospective deals with private land owners here,” Reuters reported.

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Quest Software Inc. (NASDAQ:QSFT) shares closed up 5.34 percent today. The company received another buyout offer from an undisclosed bidder. The latest proposal came in at $2.32 billion, higher than the previously proposed $2.17 billion by private equity firm Insight. There is also a good chance the new offer is from Dell Inc. (NASDAQ:DELL), since the computer company was behind a $25.50 per share bid for Quest.

Despite logging a three-week winning streak, shares of Facebook (NASDAQ:FB) closed down 3.13 percent at the end of today’s session. Reuters reported on Friday that Facebook has begun showing ads on Zynga Inc.’s (NASDAQ:ZNGA) website. It is the first time the company has distributed ads beyond its own website.

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Shares of Apple Inc. (NASDAQ:AAPL) closed down 1.88 percent today. Rumors continue to buzz about a possible television set from the iMaker, but it appears that other companies are trying to prepare. Sony Corp. (NYSE:SNE) and Panasonic Corp. agreed to cooperate on developing a new production technology for large screen display panels. The WSJ reports, “Sony and Panasonic said they plan to establish a mass-production method sometime in 2013. The two companies said they are still considering whether to take the next step and collaborate in the mass production of OLED panels and modules.”

Arena Pharmaceuticals Inc. (NASDAQ:ARNA) shares closed down 7.29 percent Monday. The company may receive final approval this week on its anti-obesity drug lorcaserin. However, there is also a strong chance that the FDA will delay a decision. Shares have surged about 10 percent in the past week.

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Market Recap: Oil Prices DECLINE, RIM CONSIDERS Handset Split

Markets closed down on Wall Street today: 
Dow -1.09%, S&P -1.60%, Nasdaq -1.95%, Oil -0.58%, Gold +1.12%.

On the commodities front, Oil (NYSE:USO) declined to $79.36 a barrel. Precious metals rose, with Gold (NYSE:GLD) increasing to $1,585 an ounce while Silver (NYSE:SLV) rose 0.88% to settle at $27.54.

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

Research in Motion (NASDAQ:RIMM) is considering splitting its handset manufacturing division, responsible for the once-popular BlackBerry smartphone, from its messaging network, according to a Sunday Times report. The British newspaper said RIM, which last month hired JPMorgan (NYSE:JPM) and RBC Capital to look at its strategic options, could break off its handset division into a separately listed company, or sell it.

Facebook (NASDAQ:FB) has begun displaying ads on Zynga’s (NASDAQ:ZNGA) website, the first time the company has gone outside the borders of its own site. The move increases the likelihood that some time down the road Facebook could have its own online advertising network, according to a Reuters report.

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Apple (NASDAQ:AAPL) may have another public relations nightmare on its hands after The New York Times profiled the company and took a closer look at its popular retail stores, where employees have “enjoyed little” of the company’s great financial success. Roughly 30,000 of Apple’s 43,000 employes in the U.S. work at the company’s retail stores, according to the report, which was published this weekend.

Chesapeake Energy Corp.’s (NYSE:CHK) shares fell almost 8 percent after a Reuters story said the company conspired with a Canadian competitor to keep land prices stable in areas perceived to have a wealth of oil and natural gas.

Citigroup’s (NYSE:C) shares dragged the financial sector down, falling 5 percent, on news that the Spanish government made a request for aid. This came through a letter sent by Finance Minister Luis de Guindos to Eurogroup President Jean-Claude Juncker.

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