Market Recap: Market’s REBOUND, Nokia’s DEMISE, Dendreon POPS
Markets closed up on Wall Street today: Dow +1.24%, S&P +1.08%, Nasdaq +0.63%, Oil +0.56%, Gold +0.34%.
Here’s your Cheat Sheet to today’s top stock stories:
Nokia (NYSE:NOK) is drastically cutting staff numbers as the company burns through cash while trying to keep up with Apple (NASDAQ:AAPL) and Samsung, both of which have stolen some of the Finnish company’s market share in recent years. The phone maker announced plans to cut one in five jobs at its global cellphone business on Thursday as it warned that its phone business would post a deeper-than-expected loss in the second quarter due to tougher competition.
Dendreon Corp.’s (NASDAQ:DNDN) shares rose 6.2 percent after Wednesday’s 14 percent jump thanks to a Seattle Times report that the company has a partner to assist in marketing its European Provenge cancer therapy. Speculation has also been rising that the company may be a target for an acquisition.
Edwards Lifesciences’ (NYSE:EW) shares increased 6.3 percent after the company received news on Wednesday that it received U.S. Food and Drug Administration approval for the broad use of its Sapien transcatheter heart valve.
AOL Inc.’s (NYSE:AOL) shares dropped 5.7 percent after the company succeeded in a proxy battle with activist investor Starboard Value; it re-elected its entire slate of eight board members. Some investors would have been interested to see Starboard board members tackle some of AOL’s challenges such as Patch.com’s underperformance.
Credit Suisse Group AG ‘s (NYSE:CS) shares fell 9.4 percent after the Swiss National Bank suggested the company increase capital to get ready for an escalating euro-area crisis.