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Markets closed down Friday afternoon after the Republican “Plan B” to the fiscal crisis failed to gather support in the House. The next step forward is unclear.
At the close: S&P: -0.94%, Nasdaq: -0.96%, Dow: -0.91%.
Shares of Research In Motion Limited (NASDAQ:RIMM) closed the session on Thursday up 3.6 percent and climbed as much as 8 percent in the post-market after the company released third-quarter fiscal results that were more-or-less in line with expectations. Revenue dropped 47 percent to $2.7 billion and shipments fell 6.7 percent to 6.9 million. However, the stock dropped 19.69 percent in Friday’s afternoon following the company’s earnings call and news that it will settle a patent-licensing agreement with Nokia Corporation (NYSE:NOK) for an undisclosed amount. Shares of Nokia were off as much as 4.68 percent in the afternoon.
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General Electric Company (NYSE:GE) officially announced the purchase of the aviation business from Avio S.p.A, an Italian manufacturer of aviation propulsion components and systems, for 3.3 billion euros ($4.3 billion), or a price multiple of 8.5 times estimated 2012 earnings. Shares of GE were off as much as 1.26 percent in the afternoon.
Adobe Systems Inc. (NASDAQ:ADBE) announced that it has acquired Behance, a privately-held social-media platform centered around users showcasing art. Behance claims over 1 million users and as many as 90 million views per month.
According to The Wall Street Journal, a federal judge “castigated” International Business Machines Corp. (NYSE:IBM) on Thursday because of the tech company argued that the court’s settlement terms related to the company’s violation of an anti-bribery law were “too burdensome.” The judge also questioned the Securities and Exchange Commission over its underwhelming settlement policies.
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