Market Recap: Stocks Do NOTHING, Amazon Smartphone UDATE, Goldcorp TANKS 9%
Markets closed down on Wall Street today: Dow -0.38%, S&P -0.00%, Nasdaq -0.49%, Oil +0.32%, Gold +0.03%.
On the commodities front, Oil (NYSE:USO) rose to $86.07 a barrel. Precious metals also rose, with Gold (NYSE:GLD) increasing to $1,576 an ounce while Silver (NYSE:SLV) increased 0.25% to settle at $27.10.
Here’s your Cheat Sheet to today’s top stock stories:
Apple (NASDAQ:AAPL) is finally speaking out about pulling all of its products from the U.S. government-backed Electronic Production Environmental Tool, or EPEAT, the de facto “green” standard for U.S. companies. The reason Apple withdrew its 39 products from EPEAT was thought to be because of EPEAT’s requirements for device repairability — recent iPhone, iPad, and MacBook models, particularly the new MacBook Pro with Retina Display, are falling short of those requirements.
On the heels of a report last week that Amazon (NASDAQ:AMZN) was developing its own smartphone, the Wall Street Journal is citing sources among Amazon’s parts suppliers in reporting that testing of a smartphone is already underway. “Officials at some of Amazon’s parts suppliers, who declined to be named, said the Seattle-based company is testing a smartphone and mass production of the new device may start late this year or early next year,” author Lorraine Luk wrote.
VeriFone Systems Inc.’s (NYSE:PAY) shares jumped almost 11 percent after the company announced it a $35 million contract to create and support Washington, D.C. taxis with screen-based payment and entertainment systems.
On the downside, Goldcorp Inc.’s (NYSE:GG) dropped 9.7 percent after the company said on Tuesday it had cut its 2012 gold production outlook between 2.35 million and 2.45 million ounces, down from 2.6 million. It attributed the setback to its Ontario Red Lake and Mexico’s Peñasquito mine.
HHGregg Inc. (NYSE:HGG) shares tanked more than 36 percent after the company cut its 2013 fiscal profit forecast; it cited a likely slowdown in store sales. SunTrust Robinson Humphrey analysts cut the stock’s rating from “Buy” to “Neutral.”