Market Recap: Gold GLITTERS, Apple PULLS BACK, Netflix CRASHES 25%
Markets closed mixed on Wall Street today: Dow +0.47%, S&P -0.03%, Nasdaq -0.31%, Oil +0.34%, Gold +1.75%.
On the commodities front, Oil (NYSE:USO) rose to $88.80 a barrel. Precious metals also increased, with Gold (NYSE:GLD) rising to $1,608 an ounce while Silver (NYSE:SLV) rose 0.55% to settle at $27.36.
Here’s your Cheat Sheet to today’s top stock stories:
Apple’s (NASDAQ:AAPL) yesterday reported the slowest quarterly growth in two years, the result of more consumers buying the least expensive iPhones and iPads. Revenue and net income posted increases of just over 20 percent, cause for celebration at most companies, but falling short of the breakneck pace investors have come to expect from Apple. It has only come in under analyst expectations twice in the last ten years.
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Symantec Corp.’s (NASDAQ:SYMC) shares jumped 13 percent after the company reported a profit decline of almost 10 percent in the first quarter of fiscal 2013; it saw higher costs compensate for a small revenue increase. Symantec also announced the firing of it chief executive Enrique Salem; Chairman Steve Bennett is his replacement.
On the downside, Netflix Inc.’s (NASDAQ:NFLX) shares dropped 25 percent after the company announced its second-quarter earnings report on Tuesday after the bell. Numbers surpassed analysts’ estimates but shares fell thanks to a loss forecast and the potential for not hitting its new subscribers’ target.
Radio Shack Corp.’s (NYSE:RSH) shares plummeted 30 percent after the company said it incurred a $0.21 a share loss in the second quarter; this came in under analysts’ consensus of $0.03 cents a share profit. Radio Shack noted its business performance was below expectations from the quarter.
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