Market Recap: ECB Juices Stocks, Bezos WOWS Techies, VeriFone Collapses
Markets closed up on Wall Street today: Dow +1.76%, S&P +1.93%, Nasdaq +2.03%, Oil -0.41%, Gold +0.57%.
Here’s your Cheat Sheet to today’s top stock stories:
A month after winning its high-profile patent dispute against Samsung in the U.S., Apple (NASDAQ:AAPL) is now targeting its big rival in the latter’s home nation. Apple has accused Samsung of abusing its position as a market leader of third-generation wireless technology and has asked the South Korean antitrust regulator to investigate the issue. An official at the Fair Trade Commission said Apple filed the complaint earlier this year. This particular battle may result in sanctions on Samsung, according to The Wall Street Journal.
Twitter is thrashing Facebook (NASDAQ:FB) when it comes to selling advertisements on mobile devices, according to a new study published on Thursday, with Internet radio Pandora(NYSE:P) also among the top performers. According to the eMarketer report, Twitter is expected to gross $129.7 million in U.S. mobile ad sales this year against Facebook’s $72.7 million.
Navistar International Corp. (NYSE:NAV) shares jumped almost 18 percent. The company reported fiscal third-quarter results. They came in lower than the previous year but still exceeded expectations. Navistar announced a restructuring plan it hopes will slash costs by $150 million to $175 million year-over-year beginning in 2013.
Owens-Illinois Inc. (NYSE:OI) shares rose 8 percent. The company had recently been taken to court for possible asbestos hazards, but has been vacated of the charges for the Aug. 31 jury trial.
Amazon (NASDAQ:AMZN) had some big news: The Paperwhite is a backlit e-reader, which is thinner and higher-res than its predecessor. The Paperwhite does not support audio, which is a factor in the $119 Wi-Fi enabled price tag, or $179 for 3G. Amazon also cut the price of its ad-supported Kindle to just $69. We mentioned earlier that if Amazon wanted to keep Kindle in the tablet fight, it would need a $150 device. Well, the new Kindle Fire is coming in at just $159, exactly what we expected Amazon to do to keep its edge.
VeriFone Systems Inc. (NYSE:PAY) shares fell 13 percent. The company’s fiscal third-quarter net income increased 43 percent as its revenue got stronger thanks to its services business. Shares did decline after VeriFone also forecast a weak fourth-quarter revenue.
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