Rearview Snapshot: Apple Rejects U.S. Govt, HP Shines, Oil Rebounds
Markets closed mixed on Wall Street today: Dow +0.27%, S&P +0.14%, Nasdaq -0.38%, Oil +1.20%, Gold +0.68%.
Investing Insights: Gold and Silver Climb Higher, Euro Sinks to New Lows.
Here’s your Cheat Sheet to today’s top stock stories:
Hewlett-Packard Co.’s (NYSE:HPQ) shares increased on Thursday as Wall Street reacted positively to its positive earnings results and its plan to slash 27,000 employees to cut costs. The company saw a better-than-expected profit and revenue and its stock was the Dow Jones Industrial Average’s top best performer. It rose 3.27% to close at $21.77.
Berkshire Hathaway (NYSE:BRKA) earlier this month struck a deal to acquire 63 newspapers, and now Chairman and CEO Warren Buffett says he may buy more publications as the industry rethinks the prevailing model of offering free content online. In a letter to editors and publishers of Berkshire’s daily newspapers, Buffett said offering free content is “an unsustainable model,” noting that some papers have already begun to make progress in “moving to something that makes more sense” — that is, finding a way to charge readers rather than depending wholly upon advertising.
Apple (NASDAQ:AAPL) is rejecting the U.S. government’s antitrust lawsuit in which it stands accused of conspiring with publishers to fix e-book prices. In a filing in U.S. District Court in Manhattan on Tuesday, Apple denied having conspired with anyone, and said it has not fixed prices to e-books in an effort to thwart Amazon (NASDAQ:AMZN), whose pricing model made it the most popular e-book seller before Apple joined the mix.
Pandora Media (NYSE:P) shares jumped 12% on Thursday, reaching its highest point in two months. The company reported better-than-expected quarterly results on Wednesday afternoon and it raised its full-year outlook, attributing it to greater listener hours. It also had good revenue numbers with a 60% rise in advertising ad a 55% rise in mobile ad revenue.