Market Wrap: Dow Holds 13,000, Facebook Bombs, Yahoo Sheds
Markets closed down on Wall Street today: Dow -0.49%, S&P -0.21%, Nasdaq -0.43%, Oil -0.14%, Gold +.23%.
On the commodities front, Oil (NYSE:USO) declined to $87.94 a barrel. Precious metals were mixed, with Gold (NYSE:GLD) rising to $1,618 an ounce while Silver (NYSE:SLV) fell 0.06% to settle at $27.97.
Here’s your Cheat Sheet to today’s top stock stories:
Apple (NASDAQ:AAPL) will unveil a new product at a major September 12 event, according to a source familiar with the plan. It’s likely the new product will be the iPhone 5, as Apple likes to launch its latest smartphones around fall, allowing them to hit shelves in time for the peak holiday shopping season, but the event could also see the premiere of a widely-rumored iPad Mini.
Ross Levinsohn leaves Yahoo (NASDAQ:YHOO) today after having served two months as interim chief until the company hired Google’s (NASDAQ:GOOG) Marissa Mayer on July 16. Levinsohn took over Yahoo in May after the company lost CEO Scott Thompson amid a scandal involving incorrect information on his resume. Thompson had just been hired in January as Yahoo’s third chief executive officer in just over three years.
Facebook Inc.’s (NASDAQ:FB) shares dropped 6 percent to $21.74 after Bernstein analyst Carlos Kirjner upgraded the stock to a “Market-Perform” rating from “Underperform.” He did write of the stock that it is “valued just as a display advertising business gaining market share due to its fundamental competitive advantages based on scale, user data, and identity,” reported MarketWatch.
Lowe’s Cos.’s (NYSE:LOW) shares fell 5 percent after the Canadian retailer Rona (CA:RON) announced it had said no to an unsolicited takeover bid from its U.S. competitor.
Cirrus Logic Inc.’s (NASDAQ:CRUS) shares jumped 23 percent. On Monday, the company reported a decline in its fiscal-first-quarter profit while its second-quarter revenue forecast exceeded analysts’ estimates.