Market Recap: Tech POPS, Best Buy’s SURPRISE Friend, Knight Capital JOUSTED Again

Markets closed up on Wall Street today: Dow +0.16%, S&P +0.23%, Nasdaq +0.74%, Oil +0.73%, Gold +0.29%.

On the commodities front, Oil (NYSE:USO) rose to $92.09 a barrel. Precious metals also increased, with Gold (NYSE:GLD) rising to $1,614 an ounce while Silver (NYSE:SLV) rose 0.88% to settle at $27.87.

Here’s your Cheat Sheet to today’s top stock stories:

As Apple (NASDAQ:AAPL) and Samsung met in court last week, an internal email was released revealing that Apple executives have been interested for some time in the possibility of a smaller tablet device comparable in size to either Amazon’s (NASDAQ:AMZN) Kindle Fire or Google’s (NASDAQ:GOOG) Nexus 7. The email would seem to confirm rumors that Apple has a 7-inch “iPad Mini” in the works, but further demonstrates that Apple keeps an eye on products other companies are releasing, even if they are in a sector in which it doesn’t compete.

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Best Buy Co. shares (NYSE:BBY) jumped 11 percent. Company founder Richard Schulze offered to take the company private with a premium of up to 47 percent over Friday’s closing share price. Schulze resigned from the company in June and said he would explore options for his 20.1 percent ownership share. His deal places a $8.84 billion value on Best Buy.

First Solar Inc. (NASDAQ:FSLR) shares rose 10 percent. The company reported better-than-expected quarterly earnings on Wednesday with its $1.27 a share for the quarter, up from $0.70 in the previous year. It also increased its full-year earnings and revenue outlook.

On the down side, Knight Capital Group (NYSE:KCG) shares tanked 24 percent after last week’s $400 million–plus trading error. Early on Monday, the NYSE said it would move the firm’s custodial role for numerous stocks to Getco LLC. The market maker also lined up a $400 million equity package involving convertible preferred stock.

Tyson Foods (NYSE:TSN) shares fell 7 percent after the company reported its third quarter profit fell 61 percent. The company slashed its revenue forecast and said it is facing challenges in its beef and pork businesses along with increasing grain prices.

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