EBay’s Tax Problems, Zynga’s Relationship Problems, Greece’s Debt Problems: Market Recap
The markets were mixed Friday on Wall Street:
Dow: +0.03%, S&P 500: +0.02%, Nasdaq: -0.06%.
On the commodities front, Oil (NYSE:USO) was up again, climbing 0.9 percent to $88.86 per barrel. Precious metals were down, with Gold (NYSE:GLD) falling 0.74 percent to $1,716.70 per ounce and Silver (NYSE:SLV) falling 2.63 percent to $33.53 per ounce at the bell.
Will the Taxman Cause Problems for eBay? Lawmakers in both Germany and Great Britain are closely inspecting eBay’s (NASDAQ:EBAY) accounting, as the company’s decision to locate its European Union sales base in Luxembourg may have cost the two countries a combined $1 billion in sales tax… (Read more.)
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Facebook and Zynga Change Their Relationship Status: Shares of Zynga (NASDAQ:ZNGA) took another plunge and closed down 6.3 percent as the social gaming company renegotiated its long-term status with Facebook (NASDAQ:FB). In an effort to ease the conditions of a deal signed in 2010 and become less dependent on Facebook, Zynga disclosed in a SEC Filing late Thursday that it will essentially be treated like other app developers… (Read more.)
This Union Could Save the Euro Zone: Giving a harsh assessment of the euro zone’s past, European Central Bank President Mario Draghi told financial leaders at a conference in Paris that the “crisis has shown that we were living in a fairy world.” That fairy world was one in which unsustainable debts, weak banks, and poor policy coordination created a disaster. But Draghi has a new solution to leave that world behind… (Read more.)
German Lawmakers Give Greece Some Good News: Despite acknowledging that the bailout will result in lost federal revenue and bring additional costs to taxpayers, German lawmakers in the lower house of Parliament voted overwhelmingly to approve the latest round of financial support for Greece… (Read more.)
Does the Fiscal Cliff Need a Road Trip? On Friday, market participants watched as President Barack Obama packed up his proposal to take it on the road in hopes of spurring some progress in the discussions. Obama took his message to Hatfield, Pennsylvania, where he spoke at a toy manufacturing facility run by Michael Araten, a CEO who donated to Obama’s campaign. (Read more.)
Consumer Spending Drops: The Bureau of Economic Analysis released personal income and outlays figures for the month of October. The report indicates that consumer spending fell for the first time in five months in part due to hurricane Sandy… (Read more.)