Market Recap: Markets Spill, Oil Pops, Dell Disappoints
Markets closed down on Wall Street today: Dow -0.51%, S&P -0.35%, Nasdaq -0.29%, Oil +0.60%, Gold -0.17%.
Here’s your Cheat Sheet to today’s top stock stories:
Dell Inc. (NASDAQ:DELL) reported its second quarter earnings after the bell on Tuesday and said its quarterly revenue came in slightly short of Wall Street’s target. The company said its sales were $14.5 billion, shy for analysts’ estimates of $14.7 billion. In the previous year, sales were $15.7 billion. Dell’s second quarter profit was $732 million (42 cents per share) as compared to the prior year’s $890 million (48 cents per share). Second quarter adjusted earnings were 50 percents per share, coming in higher than analysts’ 45 cents estimates.
Apple (NASDAQ:AAPL) was granted a patent on Tuesday that would allow users to skip unwanted broadcast segments, such as commercials, with on-device content like songs, podcasts, or other media. U.S. Patent No. 8,249,497, which was granted Apple today, is for “seamless switching between radio and local media.” The patent describes a system in which a mobile device will automatically switch between broadcast content and stored media to offer a unique, customized user experience.
Facebook’s (NASDAQ:FB) shares fell 4.3 percent. On Monday, a regulatory filed disclosed that Peter Thiel, Facebook’s first main outside investor, had sold more than 20 million shares of the company’s stock.
Groupon Inc.’s (NASDAQ:GRPN) shares declined 2.4 percent. On Tuesday, Barclays cut its rating on the company from “Overweight” to “Underweight.” The analyst, Mark May, also decreased his price target to $4. The company went public last November and year-to-date, its stock has tanked 78 percent.
On the plus side, Urban Outfitters Inc.’s (NASDAQ:URBN) shares rose 18 percent. On Tuesday, the company reported that its fiscal second-quarter earnings increased 8.1 percent.