Market Wrap: Stocks WOBBLE, Oil SLIDES, AMD and James River Coal CRASH
Markets closed down on Wall Street today:
Dow -0.65%, S&P -0.81%, Nasdaq -1.00%, Oil -2.38%, Gold -1.42%.
On the commodities front, Oil (NYSE:USO) declined to $83.93 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1,566 an ounce while Silver (NYSE:SLV) fell 0.58% to settle at $26.83.
Here’s your Cheat Sheet to today’s top stock stories:
Despite a flood of new releases at Apple’s (NASDAQ:AAPL) Worldwide Developers Conference last month, Piper Jaffray analyst Gene Munster believes Apple’s September/October event will be “crowded” with new products, including the much-rumored iPad Mini. Munster expects the device to ship with 16GB of storage for $299 — $100 more than the 8GB iPod Touch and $100 less than the current entry-level iPad 2.
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On this down day, a few stocks did manage to see some gains. The U.S.-listed shares of ASML Holding NV (NASDAQ:ASML) jumped nine percent after Intel Corp.(NASDAQ:INTC) agreed to purchase a 15 percent equity share in the company for approximately $3.1 billion. It also made a $1 billion commitment for research and development.
BioMimetic Therapeutics Inc.’s (NASDAQ:BMTI) shares rose 22 percent to $3.41. This came on news that the company had sent information to the Food and Drug Administration for an application regarding premarket approval for its bone-graft product.
Back on the down side, Advanced Micro Devices Inc.’s (NYSE:AMD) shares dropped 11 percent. This came after Monday’s news that the company expected to report a second quarter lower-than-forecast revenue.
James River Coal Co.’s (NASDAQ:JRCC) shares tanked 24 percent after feeling the pressure from Monday’s announcement by Patriot Coal Corporation (NYSE:PCX) that it was filing for Chapter 11 bankruptcy protection from creditors.
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