Ultimate Market Recap: GM Not Sold on Facebook, Cooper Tire Takeover

Apple’s Request Granted By Seoul Court and 4 Hot Stocks Seeing Action Today

Bank of America (NYSE:BAC): Fed governor Daniel Tarullo requested that Congress consider capping the size of the nation’s financial firms, which indicates one of the most high-profile challenges to the manner in which Wall Street does business. Tarullo recommended curbing banks’ growth via a limit on their nondeposit liabilities, which are sources to fund operations going beyond consumer deposits, according to the Wall Street Journal.

Apple Inc.’s (NASDAQ:AAPL) request to delay a sales ban has been granted by a Seoul court. The ban is on some iPhones and iPads following an August ruling claiming that they infringed upong Samsung Electronics Co.’s (SSNLF) patents, reports Bloomberg.

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Facebook, Inc. (NASDAQ:FB): General Motors (NYSE:GM) still hasn’t been convinced by Facebook ads five months after pulling the $10 million a year it was spending on ads with the social network, according to Business Insider. A report on Inside Facebook stated that the companies are “working incredibly closely.”

AT&T, Inc. (NYSE:T) and IBM plan to team up to offer a cloud IaaS to large businesses during 2013, and they both claim that it makes it more secure and manageable than other cloudy infrastructures. The two should be able to overcome the concerns of companies nervous about a lack of control or suspect security.

Nokia Corporation (NYSE:NOK) intends to publish its Q3 2012 results on Thursday, October 18, 2012 at 1pm Finnish time (CET+1). The press release is to be available on the company’s website directly following its publication.

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Sprint Nextel Corp. (NYSE:S): Softbank Corp, which is a Japanese mobile phone carrier, is rumored to be in talks about purchasing more than two-thirds of Sprint Nextel, according to Reuters, citing Japanese public broadcaster NHK.

Safeway Inc. (NYSE:SWY) reiterates its FY12 operating profit margin change, excluding fuel, of negative 5 bps to positive 5 bps.

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Fastenal Co. (NASDAQ:FAST) reports that its Q3 revenue reached $802.58 million, consensus $804.8 million.

JPMorgan Chase & Co. (NYSE:JPM): Federal authorities have begun to develop criminal cases concerning the multibillion-dollar trading loss at JPMorgan Chase, and it could result in arrests during the next several months, according to DealBook’s Ben Protess and Azam Ahmed. Now, investigators are examining thousands of recorded phone calls; in some, employees talked about “how to value the troubled bets in a favorable way.”

The Goldman Sachs Group, Inc. (NYSE:GS): The Federal Reserve has struggled to end its quantitative easing program, said Gary D. Cohn, Goldman Sachs Group Inc.’s president and chief operating officer. On Bloomberg Television today in Tokyo, he stated, “I understand what they’re trying to do and I will tell you this, this is going to be difficult to stop or to exit…At the end of this — there will be an end to quantitative easing — we will have to go through the pains of stopping quantitative easing.”

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Cooper Tire to be Acquired by Apollo Tyres and 4 Hot Stocks Demanding Attention

Range Resources Corporation (NYSE:RRC): Production volumes beat guidance for Q3 production with an average of 790 Mmcfe net per day, which is a 47 percent increase over the previous year’s quarter and 10 percent more than Q2 2012. The record production was driven by the ongoing success of Range Resources’ drilling program in the Marcellus and horizontal Mississippian oil plays. Production was 79 percent natural gas, 15 percent natural gas liquids, and 6 percent crude oil. There was a 36 percent increase in oil production, 30 percent in NGL production, and 52 percent in natural gas production. Preliminary Q3 average net production volumes were: 623.3 Mmcf per day of natural gas, 20,040 barrels per day of NGLs and 7,748 barrels per day of crude oil.

First Solar, Inc. (NASDAQ:FSLR): Yesterday,  Australia’s first large-scale photovoltaic solar project officially began. Verve Energy, GE (NYSE: GE) unit GE Energy Financial Services and First Solar, Inc. opened the 10-megawatt Greenough River Solar Farm by Geraldton, Western Australia. Joined by WA Energy Minister Peter Collier, landholders, community members and contractors, the the kick-off was successful, and it comes after over a year of planning, design, construction, and testing.

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BP plc (NYSE:BP): The oil industry is in the process of suing to overturn a U.S. rule requiring companies to report their payments to foreign governments for the development of oil and gas, according to the Wall Street Journal. Papers filed in federal court in Washington, D.C. show the American Petroleum Institute, the U.S. Chamber of Commerce, and two other business groups claiming that the SEC exceeded its authority in adopting the rule mandated by the 2010 Dodd-Frank financial law, and it ignored the companies’ suggestions for limiting the rule’s cost.

Cooper Tire & Rubber Co. (NYSE:CTB) is in the process of being acquired by Indian tire manufacturer Apollo Tyres for a price of about $600 million to $800 million, sources say, reports the Economic Times.

United Technologies Corp. (NYSE:UTX): Pratt & Whitney (NYSE:UTX) has begun to build an engine for Airbus SAS’s A320neo, and it said that orders for the new geared turbo-fan powerplant has the ability to double as airlines attempt to develop a more fuel-efficient aircraft, according to Bloomberg.

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Afternoon Buzzers: Sprint Surges on Buyout Talks, HP Loses Top Spot to Lenovo

Shares of Sprint Nextel (NYSE:S) surged more than 13 percent today. Softbank, Japan’s third-largest mobile carrier, is reportedly in talks to buy 75 percent of Sprint for more than $12.8 billion. Softbank claims the reports are “based on speculation.” The company added, “We have not announced anything. We do not comment on speculation.”

Apple (NASDAQ:AAPL) has stemmed its recent pullback and asked Foxconn to tighten quality control measures while manufacturing the iPhone 5 after complaints of scratches on the device’s body.

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Despite a negative report on PC global shipments, Hewlett-Packard (NYSE:HPQ) shares are edging slightly higher. For the first time since the third quarter of 2006, HP slipped to the number two spot, shipping an estimated 13.55 million units, a 16.4 percent decline from a year earlier, according to Gartner. China’s Lenovo took the number one position in global PC shipments for the first time in the company’s history.

Shares of Facebook (NASDAQ:FB) recovered almost 1 percent on Thursday after a report from Piper Jaffray showed social gaming is losing interest among teens. Analyst Michael Olson writes, “Social gaming has been adversely impacted by weakening fundamentals, including declining daily active users, low engagement and deteriorating monetization trends.” The survey found that 83 percent of students do not play social games on sites like Facebook. Shares of Zynga (NASDAQ:ZNGA) also recovered slightly.

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