Housing Numbers, Groupon’s Rally, and a Trader Goes to Jail: Market Recap
The markets were mixed today on Wall Street:
S&P 500: +0.07%, Nasdaq: +0.02%, Dow: -0.06%.
On the commodities front, Oil (NYSE:USO) dropped 2.42 percent to $87.12 per barrel. Precious metals were down with Gold (NYSE:GLD) dropping 0.37 percent to $1,727.90 per ounce, and Silver (NYSE:SLV) falling 0.06 percent to $33.17 per ounce about 10 minutes after the bell.
Following a two-month long trial in London, former UBS (NYSE:UBS) trader Kweku Adoboli was sentenced to seven years in jail on two counts of fraud for causing a $2.3 billion unauthorized trading loss last year. (Read more.)
Hewlett-Packard (NYSE:HPQ) may have beaten earnings expectations on Tuesday, but only by excluding a significant accounting charge related to allegations of fraud tied to its Autonomy Corp. software unit. Alleged accounting “improprieties” at the acquired company led to a one-time accounting charge of $8.8 billion, Hewlett-Packard said. Shares closed down 11.95 percent. (Read more.)
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Tiger Global Management LLC, the highly-watched hedge fund led by Chase Coleman, issued a vote of confidence for struggling daily deal site Groupon (NASDAQ:GRPN). Tiger bought a 9.9 percent stake worth about $201.8 million. Shares closed up 8.53 percent.
News Corporation (NASDAQ:NWSA), the media empire owned by Rupert Murdoch, announced on Tuesday that it will acquire a 49 percent stake in the Yankee Entertainment and Sports Network. The network, which is anchored by broadcasts of Yankees and Brooklyn Nets games, claims about 15 million subscribers and the deal values it at a total worth of $3.4 billion dollars. (Read more.)