Market Wrap: Stocks SURGE, Facebook in HOT SEAT, Microsoft Breaks $30
Markets closed up on Wall Street Friday: Dow +0.91%, S&P +1.03%, Nasdaq +1.29%, Oil +0.32%, Gold +0.54%.
Here’s your Cheat Sheet to Friday’s top stock stories:
Federal regulators wanted to know more about Facebook’s(NASDAQ:FB) mobile users and the company’s relationship with Zynga (NASDAQ:ZNGA) ahead of the former’s IPO, according to filings with the Securities and Exchange Commission. Facebook on Friday disclosed letters with the SEC that a back-and-forth correspondence on issues such as Facebook’s purchase of AOL (NYSE:AOL) patents from Microsoft (NASDAQ:MSFT) and its pending purchase of Instagram. Regulators also wanted information on how Mark Zuckerberg’s position as chief executive impacted the company.
Royal Bank of Scotland Group PLC’s (NYSE:RBS) shares gained nine percent. U.K. banks rose after a late Thursday speech by Chancellor George Osborne that said the Bank of England will start an emergency lending program where auctions of short-term sterling liquidity can be kept at any time. In addition, Osborne also said the Treasury will provide inexpensive funds to domestic banks if they increase lending to British consumers and companies.
YPF SA’s (NYSE:YPF) shares rose 12 percent after Mexican billionaire Carlos Slim said he had obtained an 8.4 percent position in Argentina’s largest oil and gas company. Slim grabbed 6.59 percent of YPF’s stock (almost 25.9 million Class D shares) for $288 million, disclosed a YPF filing. An additional 1.77 percent (almost seven million shares) were also included in the deal.
Microsoft (NASDAQ:MSFT) shares increased 2.3 percent to close at $30.02; it was one of the Dow’s best performers on Friday. The company has supposedly agreed to buy business social-networking site Yammer for $1.2 billion, reported The Wall Street Journal after citing an unnamed source.
MicroVision Inc. (NASDAQ:MVIS) shares dropped 26 percent. The company said it planned to make a secondary public offering of common shares and warrants to buy common stock.