Market Recap: Oil and Gold Shoot the Moon, Facebook’s Price Target Cut
Markets closed up on Wall Street today: Dow +0.69%, S&P +0.51%, Nasdaq +0.60%, Oil +2.09%, Gold +2.23%.
On the commodities front, Oil (NYSE:USO) rose to $96.58 a barrel. Precious metals also increased, with Gold (NYSE:GLD) rising to $1,694 an ounce while Silver (NYSE:SLV) increasing 1.32% to settle at $31.69.
Here’s your Cheat Sheet to today’s top stock stories:
A high-resolution display bound for a rumored 13-inch MacBook Pro (NASDAQ:AAPL) with Retina display is now in production, according to an analyst citing upstream supply chain sources, with initial output volumes expected to be higher than the current 15-inch version. According to NPD DisplaySearch analyst Richard Shim, the display purportedly being produced for the smallest MacBook Pro has a resolution of 2,560-by-1600 pixels, compared to the current version’s 1,280-by-800 pixel screen.
One of Facebook’s (NASDAQ:FB) four co-founders sold off 450,000 shares of the stock over three trading days last week, netting him $9 million. Though selling only a small share of his $2 billion stake, Dustin Moskovitz’s decision to sell just as the lockup expired is the kind of news that has investors running scared, and has sent shares to new lows over the past week.
Also on Friday, Facebook’s shares fell 5.4 percent after Bank of America Merrill Lynch cut its price target to $23 from $35.
Google (NASDAQ:GOOG) is looking to sell off Motorola Mobility’s set-top boxes and related equipment manufacturing unit and is enlisting the help of Barclays (NYSE:BCS) to find buyers. The search company is hoping to get about $2 billion for the unit, according to Bloomberg.
Splunk Inc.’s (SPLK) shares increased 13 percent. On Thursday, the company said that its fiscal second-quarter loss expanded but it increased its full-year revenue guidance; revenue forecasts also exceeded estimates for the latest quarter.
Thompson Creek Metals Co.’s (NYSE:TC) jumped 12 percent after Dahlman Rose increased its rating on the stock to “Buy” from “Hold.”