Markets closed down on Wall Street today:
Dow -0.62%, S&P -0.70%, Nasdaq -0.86%, Oil -1.12%, Gold +.29%.
Here’s your Cheat Sheet to today’s top stock stories:
Facebook (NASDAQ:FB) is being initiated into the public company life — and it’s an uphill battle. The stock has been annihilated since its IPO at $38. Anchor advertiser General Motors (NYSE:GM) publicly stated the ROI on Facebook ads sucked. A study was released showing brands get more value from free communications on Facebook versus paid advertisements.
What’s a public company to do in order to save the stock from more gutting? Hire a PR firm to create an Orwellian environment!
Featured Reading: Facebook Goes 1984 on Shareholders>>
Kit Digital Inc.’s (NASDAQ:KITD) stock jumped almost 19 percent. In a Securities and Exchange Commission filing, the company said that it is talking with numerous prospective buyers. It plans to report additional details soon.
A123 Systems’s (NASDAQ:AONE) shares fell 13 percent as it returned some of its 52 percent rise from Tuesday’s trading. It had announced the launch of a “breakthrough” lithium ion power cell called Nanophosphate EXT.
3D Systems Corp (NYSE:DDD) shares dropped 7.4 percent. On Tuesday, the company said it had planned to sell $100 million in new stock to fund acquisitions and manage its business.
Scotts Miracle-Gro (NYSE:SMG) saw its shares fall 6.6 percent. The company said late on Tuesday that it will fall short of its previous fiscal-year forecast . Its sales growth momentum at its largest U.S. retail partners has dropped off.