Market Recap: Facebook Hits New LOWS, Apple and Green Mountain BREW UP
Markets closed down on Wall Street today:
Dow -0.71%, S&P -0.74%, Nasdaq -0.36%, Oil -1.79%, Gold -0.86%.
On the commodities front, Oil (NYSE:USO) declined to $87.35 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1,593 an ounce while Silver (NYSE:SLV) fell 0.77% to settle at $27.14.
Here’s your Cheat Sheet to today’s top stock stories:
Apple (NASDAQ:AAPL) is working on a Smart Cover for its iPad with a flexible secondary display, according to a patent application first filed in August of last year with the U.S. Patent and Trademark Office. The flexible display technology, Apple says, can be integrated into the flexible cover without changing the overall form factor of the device. And adding the flexible display into the cover “greatly enhances the overall functionality of the tablet device.”
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Nokia (NYSE:NOK) will begun using the maps on its Lumia smartphone as platforms to promote Groupon (NASDAQ:GRPN) offers, the company announced Wednesday. U.S. users will be able to buy Groupon Now! offers directly from their phones and get directions to the locations to redeem the offers using the Lumia’s navigation system.
Facebook Inc.’s (NASDAQ:FB) shares dropped under $20 on Thursday, reaching a record low for a third consecutive day. It reached an intraday low of $19.82 and closed down 4 percent to end the day at $20.04. Adding to the company’s long list of woes is news that 8.7 percent of Facebook’s 955 million active users might be fake, reported the BBC.com. The social media company once sported a $105 billion market cap and now sits at $37 billion today…
Knight Capital Group Inc. (NYSE:KCG) shares tanked 51 percent. The firm said on Thursday it incurred a pretax loss of $440 million after closing an “erroneous trade position” that came to its attention on Wednesday. The trades came after a software glitch had Knight sending lots of orders in NYSE-listed securities to the marketplace.
Green Mountain Coffee Roasters Inc.’s (NASDAQ:GMCR) shares rose 28 percent. On Wednesday, the company announced plans to repurchase up to $500 million of its common stock through 2014. This came after Green Mountain saw strong rises in profit and revenue for the third quarter.
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