RIM Takes a Beating and a Judge Yells at IBM: Market Recap
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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