Jobs Numbers Pump Up Dow, Zynga Crashes, Starbucks Heats Up: Market Recap
Markets were mixed today on Wall Street: S&P: -0.03%, Nasdaq: -0.42%, Dow: +0.26%, Oil: -2.0%, Gold: -0.72%.
On the commodities front, Oil (NYSE:USO) dropped to $89.96 per barrel. Precious metals were down, with Gold (NYSE:GLD) falling to $1,783.00 per ounce, and Silver (NYSE:SLV) dropping 1.37% to $34.62 per ounce.
Here’s your Cheat Sheet to today’s top stock stories:
The United States economy added 114,000 jobs in September, bringing the national unemployment rate down to 7.8 percent, the lowest it has been since January 2009. August’s job gains were also revised up from 96,000 to 142,000 Friday morning.
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Today’s New York Stock Exchange Opening Bell was rung by Fleetmatics (NYSE:FLTX) Chief Executive Jim Travers and members of his executive management team as they celebrated their company’s initial public offering. The IPO was priced at $17 per share, opened at $22.95, and closed at $22.30. Fleetmatics is a global provider of fleet management solutions for small and medium sized businesses.
Zynga (NASDAQ:ZNGA) cut its 2012 outlook for the second time on Thursday, sending shares tumbling on concerns that the social games maker will be unable to halt a steep decline in earnings. The company has lost three-quarters of its market value since going public in December, hit by delays in its game pipeline as older titles declined in popularity. The stock closed down 11.9 percent on October 5, at $2.48.
Square has officially begun processing credit card payments at more than 7,000 Starbucks (NASDAQ:SBUX) locations. Square joins PayPal (NASDAQ:EBAY) in the increasingly competitive mobile payment processing business. Starbucks is also adding heat to the single-serve coffee brewer market with its Verismo machine. Longtime industry leader Keurig, and its parent company Green Mountain Coffee Roasters (NASDAQ:GMCR), face increased competition in the space as related patents have expired. Wal-Mart (NYSE:WMT) also has a competing machine.
New York Attorney General Eric Schneiderman, who sued JPMorgan Chase (NYSE:JPM) earlier this week for allegedly defrauding investors, will investigate mortgage securities practices of at least a dozen other financial institutions. Twelve banks have agreed to suspend a deadline for Schneiderman to launch claims, Bloomberg said. The names of the other 11 are still under wraps, but possible suspects include Bank of America (NYSE:BAC).