A Poison Pill, a New Plane, and No Faith for Facebook: Market Recap
The markets closed up today on Wall Street:
S&P 500: +0.22%, Nasdaq: +0.59%, Dow: +0.15%, Oil: +1.21%, Gold: +0.51%.
On the commodities front, Oil (NYSE:USO) rose over a dollar to $85.89 per barrel. Precious metals were up, with Gold (NYSE:GLD) climbing to $1,684.10 per ounce, and Silver (NYSE:SLV) climbing to $31.18 per ounce, about 10 minutes after the bell.
Apple (NASDAQ:AAPL) said it sold a combined 3 million units of the iPad mini and the fourth-generation iPad over the devices’ debut weekend. However, supply issues continue to plague the company’s products as it added that demand for the smaller version of the tablet outdid supply.
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
Netflix (NASDAQ:NFLX) said on Monday that its board of directors had adopted a shareholder rights plan, also known as a “poison pill,” that makes it harder for investors to acquire stakes in the company that cross certain thresholds. The plan is “intended to protect Netflix and its stockholders from efforts to obtain control of Netflix that the board of directors determines are not in the best interests of Netflix and its stockholders,” the company said. The news comes days after Carl Icahn bought a 9.98 percent stake in the company.
United Airlines (NYSE:UAL) completed its first flight of the Boeing (NYSE:BA) 787 Dreamliner on November 4th, with a successful trip from Houston to Chicago. United has received two out of the 50 Dreamliners it has ordered so far.
Yelp (NYSE:YELP) was among the top losers, closing down 6.83 percent.
Facebook (NASDAQ:FB) made a complicated debut on the Nasdaq, with shares declining more than 20 percent in only two weeks. During the sell-off, mutual funds run by the banks that helped Facebook go public showed no confidence in the Mark Zuckerberg-led company. According to the WSJ, Securities and Exchange Commission disclosures and new data from investment-research firm Morningstar, the funds controlled by three major banks unloaded 3.5 million shares by the end of May. (Read more.)
Economic activity in the non-manufacturing sector grew in October for the 34th consecutive month. According to the industry report, the service index fell from 55.1 percent in September to 54.2 percent last month, missing analysts’ expectations of 54.5 percent.
Don’t Miss: United Airlines Gets a Sweet New Ride.