All the Top Market-Moving Stories of the Week You Must Know Now
Here’s your Cheat Sheet to this week’s top stories:
After a positive start on Monday morning, the U.S. equity markets took a turn for negative territory by noon and remained there for the close.
At the close: DJIA: -0.44%, S&P 500: -0.33%, NASDAQ: -0.30%.
On the commodities front, WTI crude oil (NYSEARCA:USO) increased 0.89 percent to $94.54 per barrel. The yield on the 10-year T-note fell 0.007 points to 1.917 percent. Gold (NYSEARCA:GLD) futures for April delivery, the most active contract, decreased $1.60 to close at $1,604.50 per ounce, while silver (NYSEARCA:SLV) futures for May edged 12 cents higher to finish at $28.82. Both precious metals were relatively strong, as stocks wavered amid developments in Cyprus. The small Mediterranean island reached a deal with international lenders to receive a bailout of 10 billion euros.
Here’s your Cheat Sheet to Monday’s top stock stories:
The U.S. Security and Exchange Commission has approved Nasdaq OMX’s (NASDAQ:NDAQ) proposal to pay $62 million to compensate brokers who were affected by its mishandling of Facebook’s (NASDAQ:FB) stock market debut… (READ MORE” target=_blank>READ MORE.)
Apple’s (NASDAQ:AAPL) iTunes store — conceived from its inception as a break-even-business — will celebrate its tenth birthday next month, and from the growth the business has experienced in the intervening years, it is clear that description is no longer accurate. The scope of the store has nearly quintupled in the past seven years, its revenues soared to $13.5 billion in 2012, and it generates as much as 15 percent operating margin on gross revenue, a figure that amounts to a little more than $2 billion annually… (Read more.)
BlackBerry (NASDAQ:BBRY) — once known by the moniker Research in Motion — is endlessly compared to the company it once was: the company that introduced the first true smartphone to the world. It is also unceasingly juxtaposed to rivals Apple and Google (NASDAQ:GOOG), which have crept up behind it and surpassed its lead as a smartphone innovator. This is the nature of competition. Now, with its new lineup of phones available in the United States, BlackBerry’s turnaround plan will be truly put to the test… (Read more.)
Richard Schulze’s relationship with Best Buy (NYSE:BBY) has been complicated. He founded the electronics retailer in 1966 and, to this day, remains its largest shareholder with a 20 percent stake; he was forced to resign as chairman last May and leave the board of directors last June. Afterwards, he attempted to take the company private by making an unsolicited and subsequently rejected offer to the board. After spending months conducting due diligence on the company’s books, he failed to make a follow-up offer by the February 28 deadline. Now, Schulze is back… (Read more.)
Dell (NASDAQ:DELL) closed the day up 2.62 percent after news broke that competing bids from Blackstone Group (NYSE:BX) and Carl Icahn could be more attractive than Michael Dell’s $24.4 billion buyout proposal. The original proposal received some push back from shareholders who disagreed about the company’s valuation. Icahn is reportedly offering $15 per share for a 58 percent stake.
Apollo Group (NASDAQ:APOL) closed the day up 7.1 percent after reporting fiscal second-quarter earnings. Net income fell from $0.51 to $0.12 per share. Excluding charges, earnings were $0.34 per share. Net revenue fell from $962.7 million in the year-ago period to $834.4 million for the quarter. The company expects fiscal 2013 revenue in a range between $3.65 and $3.75 billion.
Don’t Miss: Analysts: BlackBerry Disappoints Once Again.