HPQ Hits 9-Year Low, Coal Pops, Fresh Retail Numbers: Market Recap
Markets closed up today on Wall Street: S&P: +0.72%, Nasdaq: +0.45%, Dow: +0.60%, Oil: +3.87%, Gold: +0.70.
Here’s your Cheat Sheet to today’s to stock stories:
Hewlett-Packard (NYSE:HPQ) shares hit a nine-year low on Wednesday after CEO Meg Whitman warned of a steep decline in earnings next year, with revenues likely to fall in every business division except software. Wall Street had been hoping for a quicker turnaround under Whitman, who replaced Léo Apotheker as chief executive just over a year ago. Whitman’s plans to revive the company center on transforming it into an enterprise computing corporation that competes with the likes of IBM (NYSE:IBM) and Oracle (NASDAQ:ORCL).
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
Google (NASDAQ:GOOG) said it had identified additional areas in Motorola Mobility’s business where it planned to cut staff in its continuing attempts to restructure the newly acquired unit. It also expects to spend $390 million in severance and other related costs and said additional changes may result in other “significant” charges.
Coal stocks popped in morning trading on October 4, and Mitt Romney might be able to take credit. During a discussion on energy policies at the presidential debate on October 3, Romney said, “I like coal. I’m going to make sure we can continue to burn clean coal.” In the vacuum of any other news to catalyze movement, Arch Coal (NYSE:ACI) closed up 7.9 percent, James River Coal (NASDAQ:JRCC) closed up 11.7 percent, Peabody Energy (NYSE:BTU) closed up 4.06 percent, and Alpha Natural Resources (NYSE:ANR) closed up 6.83 percent.
Target (NYSE:TGT) announced that it will stop reporting monthly sales figures, instead releasing the numbers with quarterly financial results, in order to “create a longer-term focus and provide greater understanding of our sales results in the context of our overall financial performance.”
Meanwhile, retailers report numbers across the board, and The National Retail Federation expects holiday season – November and December – sales to increase 4.1 percent to $586.1 billion. NRF president and CEO Matthew Shay pointed to mobile for future retail growth.
Don’t Miss: Google Has This Bad News for Motorola.