The iPhone Hits China and Sprint’s Buyout Bid Gets Capped

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Markets closed down on Friday. Yesterday’s slump and general market malaise related to the mood in Washington and pending fiscal cliff played against positive news out of China. Industrial production in the country picked up faster than expected in December, while Chinese stocks jumped their most since 2009.

At the close: S&P: -0.41%, Nasdaq: -0.70%, Dow: -0.27%.

Here’s what’s Buzzing in the Afternoon:

The Consumer Price all-items Index increased 1.8 percent over the last 12 months. The gasoline index fell 7.4 percent in November, more than offsetting increases in other indexes, according to the Bureau of Labor Statistics.

The Apple (NASDAQ:AAPL) iPhone 5 hits China with more of a thump than a bang. The company still lacks a firm relationship with China Mobile (NYSE:CHL) the country’s largest carrier, but reportedly has 300,000 pre-orders through China Unicom (NYSE:CHU). Shares of Apple were down as much as 3.59 percent in the afternoon.

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Shares of Adobe Systems Inc. (NASDAQ:ADBE) traded up as much as 5.6 percent in the afternoon after posting earnings that beat expectations. Revenue rose 0.1 percent year over year to $1.15 billion, while net income grew 28 percent to $222.3 million, or $0.44 per share.

Softbank (SFTBF.PK) puts it foot down on Sprint’s (NYSE:S) takeover bid for Clearewire (NASDAQ:CLWR). News circulated Thursday that Sprint would offer $2.90 per share for the remaining stake of the smaller carrier, but minority holders want as much as $5 or higher per share. Softbank has set a cap of $2.97 per share.

A Race to the Bottom: Oregon’s state legislature will reportedly hold a special meeting on Friday in order to discuss the corporate tax environment. Oregon’s legislature is being pushed by Nike (NYSE:NKE) to ensure that its corporate tax structure will remain the same, wooing the state with millions in investment and hundreds of jobs. Oregon is just one of many states that could establish billions in incentives for businesses.

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