Google Bombs the Markets, Citi CEO Says Bye-Bye: Weekly Market Recap

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Here’s your Cheat Sheet to the top market moving headlines of the week:

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Monday

Markets closed up today on Wall Street:

S&P 500: +0.81%Nasdaq: +0.66%Dow: +0.72%Oil: -0.76%Gold: -1.20%.

On the commodities front, Oil (NYSE:USO) dropped to $91.16 per barrel. Precious metals are down, as Gold (NYSE:GLD) dropped to $1,738.70 per ounce, while Silver (NYSE:SLV) dropped 2.77% to $32.73 per ounce.

Here’s your Cheat Sheet to today’s top stock stories:

According to figures released by the U.S. Commerce Department on Monday, retail sales increased for the third straight month, rising 1.1 percent. September’s sales numbers improved more than analysts predicted; the Wall Street Journal reported that economists surveyed by Dow Jones Newswires had expected a 0.7 percent increase.

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Softbank Corp. announced Monday that it will buy up to 70 percent of Sprint Nextel Corp. (NYSE:S), the third-largest wireless carrier in the U.S., for about $20.1 billion. The acquisition will provide Softbank entry into the U.S. market, which is still growing, at a time when Japan’s market is stagnating. It will also give Sprint the funds to build its 4G network to better compete in a market dominated by AT&T (NYSE:T) and Verizon Wireless (NYSE:VZ).

S&P 500 (NYSEARCA:SPY) component Gannett Co. Inc. (NYSE:GCI) reported net income above Wall Street’s expectations for the second quarter. Gannett is an international news and information company operating mainly in the realms of publishing, digital and broadcasting. See our full Gannett Earnings Cheat Sheet.

Bank of America (NYSE:BAC) has named new heads of investment and corporate banking in the Middle East and North Africa. Wadih Boueiz, a 13-year veteran of Merrill Lynch, and Hakim Karoui will co-head the integration of the two businesses in the region.

Bank of America has also been targeted by a lawsuit filed by U.S. homeowners. According to Bloomberg BusinessWeek, Bank of America, JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C), and The Royal Bank of Scotland Group (NYSE:RBS), among others, are being sued because of their involvement in the LIBOR manipulation scandal. The plaintiffs allege that the manipulation made their mortgage repayment rates more expensive, and led to the repossession of their property.

Advanced Micro Devices is joining the list of companies cutting costs and reducing their workforce in the face of the spiraling PC industry. The company is slated to cut between 1,170 and 2,340 jobs.

Don’t Miss: Here’s Why the PC Industry Is In a Spiral (And Apple Doesn’t Care).

Tuesday

Markets closed up today on Wall Street:

S&P 500: +1.03%Nasdaq: +1.21%Dow: +0.95%Oil: +0.26%Gold: +0.67%.

On the commodities front, Oil (NYSE:USO) rose to $92.09 per barrel. Precious metals were up, with Gold (NYSE:GLD) rising to $1,749.20 per ounce, and Silver (NYSE:SLV) climbing 0.75% to $32.99 per ounce.

Here’s your Cheat Sheet to today’s top stock stories:

Vikram Pandit stepped down as CEO of Citigroup (NYSE:C). Pandit leaves the company followed by praise for his leadership during and after the financial crisis. Michael Corbat, former CEO of Citigroup’s Europe, Middle East, and Africa business will step into the role. On his way out, Pandit says Corbat “is the right person to tackle the difficult challenges ahead.”

Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.

Goldman Sachs (NYSE:GS), JPMorgan Chase (NYSE:JPM), and Citigroup all reported better-than-expected performances for the third quarter. While Goldman Sachs’s results echoed those of JPMorgan, and were good enough for the bank to raise its quarterly dividend to 50 cents per share, analysts still found issues on its balance sheet.

The 27-nation European Union announced a ban on imports of Iranian natural gas and imposed other restrictions on trade and financial dealings. The ban includes more than 30 firms and institutions that were earmarked for asset freezes in Europe; among them were the National Iranian Oil Company, one of the world’s largest crude exporters, and the National Iranian Tanker Company.

Apple (NASDAQ:AAPL) has sent out media invites to an event on October 23 for what is widely expected to be the launch of the company’s new iPad Mini. The invitation, featuring the line “We’ve got a little more to show you”, is at least a little reminiscent of the company’s invites before the announcement of the first iPad in January 2010. The announcement will be held at 10 a.m. Pacific Time at the California Theatre in San Jose, California. This comes just before Microsoft’s (NASDAQ:MSFT) Windows 8 event on October 26.

Coca-Cola Hellenic Bottling Co. SA is quitting the Athens stock exchange next year, cutting the capitalization of the already devastated Greek market by roughly a quarter. The company’s departure will cut the value of equities listed in Athens from $39.2 billion to just $31 billion, according to Bloomberg. Coca-Cola HBC, based in the Greek capital, currently accounts for 23 percent of the benchmark ASE Index’s weighting with a value of 6.23 billion euros. The Greek market has lost 86 percent of its value since peaking in November 2007 at $273 billion.

Don’t Miss: Here’s Why the EU Stepped Up Pressure on Iran.

Wednesday

Markets closed up today on Wall Street:

S&P 500: +0.41%Nasdaq: +0.10%Dow: 0.04%Oil: -0.12%, Gold: 0.25%.

On the commodities front, Oil (NYSE:USO) moved to $91.98 per barrel. Precious metals were up, with Gold (NYSE:GLD) climbing to $1,750.60 per ounce, and Silver (NYSE:SLV) rising to $33.21 per ounce.

Here’s your Cheat Sheet to today’s top stock stories:

At Wednesday’s Citrix Synergy conference, Cisco (NASDAQ:CSCO) and Citrix (NASDAQ:CTXS) made their rumored partnership official. Under the terms of the agreement, Cisco will recommend Citrix’s cloud network platform, which competes with F5 Networks (NASDAQ:FFIV) and Radware (NASDAQ:RDWR), to clients; the companies will develop a cloud solution that combines Cisco’s servers and Nexus switches with Citrix’s platform; and will develop mobile solutions that feature their collaboration.

Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.

A senior member of the British parliament has called for an investigation into how Starbucks (NASDAQ:SBUX) could avoid paying tax on 1.2 billion pounds of sales since 2009. The MP’s concerns stem from a Reuters report that Starbucks had been telling investors its U.K. unit was highly profitable, while telling U.K. authorities that the unit was losing money, and thereby not liable to pay taxes.

Last week, the United States Anti-Doping Agency released a 1,000-page report that accused seven-time Tour de France winner Lance Armstrong of being involved in “the most sophisticated, professionalized and successful doping program that sport has ever seen.” Armstrong has subsequently stepped down as chairman from his Livestrong cancer charity and had his sponsorship contract with Nike (NYSE:NKE) terminated.

In a bid to jointly increase economic output, the EU and U.S. are looking to strengthen their trade relations with talks beginning early next year. With the transatlantic goods trade worth about $700 billion a year, streamlining regulations, lowering tariffs, and creating a more efficient mechanism to navigate intellectual property rights could boost Europe’s gross domestic product by half a percent a year in the long run, according to European Commission estimates. In particular, Europe’s struggling automotive market stands to benefit as the car trade remains one of the strongest relationships between the regions.

The rate of groundbreaking on new homes accelerated in September to its fastest pace since before the economic recession, according to numbers released by the U.S. Commerce Department Wednesday. Housing starts grew 15 percent last month, the biggest increase the housing market has seen in over four years. The surge brought the seasonally adjusted annual rate to 872,000 units and serves as an encouraging sign that the struggling housing market is finally on the road to recovery. Analysts had projected the annual rate would come in at 810,000 units.

Don’t Miss: Lance Armstrong: These Companies Are Going to Dump Me.

Thursday

Markets closed down on Wall Street today:

S&P 500: -0.24%Nasdaq: -1.01%Dow: -0.66%Oil: -0.14%Gold: -0.63%.

On the commodities front, Oil (NYSE:USO) dropped to $91.90 per barrel. Precious metals were down, with Gold (NYSA:GLD) dropping to $1,742.00 per ounce and Silver (NYSE:SLV) falling to $32.79 per ounce.

Here’s your Cheat Sheet to today’s top stock stories

Google (NASDAQ:GOOG) closes 7.95 percent down on October 18 after its financial publisher R.R. Donnelley & Sons (NASDAQ:RRD) mistakenly releases earnings early. Earnings per share came in at $9.03, missing analyst expectations of $10.65. Read our Google Earnings Cheat Sheet.

Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.

Apple (NASDAQ:AAPL) is working hard on maintaining its growth story in China and plans to open two new stores in the country starting this month. The expansion follows comments from chief executive Tim Cook earlier this year during a visit to China when he said the company was looking for “even greater investment and growth” in the country.

Nokia Corporation (NYSE:NOK) delivered bad news to investors Thursday when it released its earnings for the fiscal third quarter. The telecommunications company saw revenue sink to $9.48 billion, a 19 percent fall from the same quarter a year ago. Additionally, earnings per share dropped to -34 cents, compared to the -13 cents per-share that analysts had anticipated.

Verizon (NYSE:VZ) announced its quarterly earnings as well on Thursday and had much happier tidings to report. The wireless carrier somehow managed to achieve double-digit growth in the third quarter, despite having to deal with a spike in Apple iPhone sales which entail high subsidy costs. Excluding one-time legal related fees, Verizon posted per-share earnings of 64 cents for the quarter, a welcome increase from 49 cents per share from a year ago.

Online auctioneer eBay (NASDAQ:EBAY) also reported double-digit increases in earnings this week, enjoying strong quarterly contributions from both its Marketplace and PayPal units. For the fiscal third quarter, eBay earned $597 million, or 45 cents per share, up from last year’s $491 million profit, or 37 cents per share. Revenue also increased from $3 billion in Q3 2011 to $3.4 billion.

Germany and France argued over the creation of a single European banking supervisor during a European Union summit on Thursday, disagreeing over the timetable for the banking union and what powers it should be allowed to have.

German Chancellor Angela Merkel said it was okay for the Union to take its time to set up the bank because quality was more important than speed, adding that the more immediate requirement was to call for stronger authority for the European Commission to veto national budgets that breach EU rules. However, French President Francois Hollande said that issue was not on agenda and that the priority of the summit should remain on the banking union.

The number of new jobless claims filed over the past week spiked to a seasonally adjusted 388,000, the U.S. Labor Department reported on Thursday. However, the Bloomberg Consumer Comfort Index shows that American consumers have growing confidence in where the economy is headed. The index rose to -34.8, its highest mark in six months. Last week the index read -38.5.

The four-week moving average — a better indicator of labor market trends because it tempers week-to-week volatility — is down from a month earlier to 365,500, suggesting that the market is still heading in the right direction.

Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.

Friday

As if toasting the past, markets sank today on Wall Street:

S&P 500: -1.64%Nasdaq: -2.19%Dow: -1.52%, Oil: -2.21%Gold: -1.27%.

On the commodities front, Oil (NYSE:USO) dropped to $90.06 per barrel. Precious metals were down, with Gold (NYSE:GLD) dropping to $1,723.20 per ounce, and Silver (NYSE:SLV) falling to $32.12 per ounce toward the close.

Here’s your Cheat Sheet to today’s top stock stories:

It was a big day for earnings.

Currency fluctuations and slow growth in same-store sales pushed McDonald’s (NYSE:MCD) third-quarter earnings down 3.5 percent, missing Wall Street’s expectations. Shares of the world’s largest hamburger chain closed down 4.43 percent. Read our McDonald’s Earnings Report.

General Electric (NYSE:GE) posted third-quarter earnings before the bell. Some figures attracting attention are an 8.3 percent rise in net income and a 2.8 percent increase in revenue — growth that fell short of analyst estimates. Shares closed down 3.51 percent. Read our General Electric Earnings Report.

Microsoft (NASDAQ:MSFT) posted earnings for its first quarter for the fiscal year 2013 that missed expectations and drove share prices to close down 2.9 percent. Overall revenues were down 7.8 percent to $16.01 billion, fueled by Microsoft’s Windows division, which reported a sales decrease of 33 percent for the quarter. Read our Microsoft Earnings Report.

Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.

YahooBy the end of the year, Yahoo (NASDAQ:YHOO) will be shutting down its South Korean web portal and Internet advertising business. Mobile adoption and local Korean competition, coupled with restructuring efforts back home, are likely to blame for the decline of Yahoo Korea.

In the never-ending race to stay relevant in the Internet industry, AOL (NYSE:AOL) has been mired in the middle-to-the-back of the pack for a while now. But the company may have just caught a fresh wind that could propel it up towards the leaders like Google, Facebook (NASDAQ:FB), and Yahoo. It’s called Alto, and AOL hopes the new cloud-based email management system will start grabbing some much-needed headlines.

The National Association of Realtors released existing-home sales numbers for September. August sales were revised up to an annual rate of 4.83 million, meaning September’s annual rate of 4.75 million reflects a decrease of 1.7 percent. September 2012 sales are 11 percent higher than the pace for September 2011. (More.)

German Chancellor Angela Merkel expressed some doubts that Europe would be able to establish a central bank supervisor for the region before the end of the year, a deadline policymakers set themselves on Friday. Germany has maintained that the zone needs to iron out all issues before establishing the entity that was envisioned with the aim of slowing down the region’s debt crisis. (More.)

Investing Insights: General Electric: Competitors Must Watch These Earnings Drivers.

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