Ultimate Market Recap: Siri Fans Losing Faith, SuperValu in “Neutral” Territory

Was Friday The 13th SHINING or DARK for These 5 Stocks?

JPMorgan Chase (NYSE:JPM) shares closed nearly 6 percent higher on Friday. America’s largest bank by assets reported a pretax loss from the “London Whale” chief investment office of $4.4 billion, lower than the $5 billion to $7 billion whisper number. Second-quarter earnings came in at $1.21 per share, compared to $1.27 a year earlier. However, JPMorgan Chase will restate its first quarter numbers from its CIO trading losses and cut net income by $459 million.

A Closer Look: JPMorgan Earnings Cheat Sheet>>

Facebook (NASDAQ:FB) shares finished the week on a quiet note. The social-media giant closed 0.29 percent lower Friday, as a recent BBC report suggests companies are wasting money on Facebook advertisements that are meant to gain “likes” from members.

Wells Fargo (NYSE:WFC) also received a boost from earnings Friday. The nation’s largest mortgage lender reported second-quarter earnings of 82 cents per share, compared to 70 cents per share a year earlier. “Wells Fargo’s strong financial results this quarter again reflect the benefit of our diversified business model,” Chief Executive John Stumpf said in a statement. However, expenses totaled $12.4 billion and the bank said it would not meet its goal of reducing costs to $11.25 billion by the fourth-quarter.

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Friday the 13th was unlucky for Lexmark International (NYSE:LXK). Shares finished Friday down 16.25 percent, representing fresh multi-year lows. Due to weaker-than-expected demand in Europe, the company reduced its second-quarter earnings outlook to 53-55 cents, down from 65-75 cents per share. The company explained, “This revised second quarter outlook reflects a weaker than expected demand environment, particularly in Europe, and a larger than expected impact from unfavorable changes in currency exchange rates.”

Despite the broad market rally, Vivus Inc. (NASDAQ:VVUS) shares declined 2.06 percent on Friday. The company remains in focus ahead of a highly-watched decision. On July 17, Vivus awaits word from the FDA on its diet pill Qnexa. The approval decision was originally expected in April, but was delayed until next week. If approved, it would become the second weight-loss pill to be approved by the FDA this year. Last month, Arena Pharmaceutical (NASDAQ:ARNA) won approval for its Lorcaserin drug that affects an area of the brain that helps people eat less and feel full after eating only small amounts of food.

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Wall St. Brief: Nokia SLASHES Lumia Price, Citigroup Mulls Dividend INCREASE

GlaxoSmithKline (NYSE:GSK) is positioned to purchase Human Genome Sciences (NASDAQ:HGSI) after raising its offer to approximately $2.8 billion from $2.6 billion, reported Reuters. This comes out to $14 per share, up from $13. An announcement may come on Monday.

The Justice Department is building criminal cases against numerous banks and their staffs, including Barclays (NYSE:BCS), for their involvement in manipulating Libor rates, reported the New York Times. For Barclays traders included in the scandal, they could see U.S. charges as soon as September. Meanwhile, states have also been conducting their own reviews for six months, including New York and Connecticut.

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Nokia (NYSE:NOK) cut the price of its Lumia 900 phone by 50 percent in the U.S. just three months after its launch. The hit either the company or its partner AT&T (NYSE:T) will take by the discounting remains to be seen. The price decline isn’t unprecedented but Nokia is under review after its declining market share and margin pressures, reported the Wall Street Journal.

NBC parent Comcast (NASDAQ:CMCSA) has purchased Microsoft’s (NASDAQ:MSFT) 50 percent share in MSNBC.com. The site has already been renamed as NBCNews.com. Financial terms of the deal have not been disclosed, but sources have said the stake may have had a $300 million value reported the New York Times.

Citigroup (NYSE:C) may ask for permission to increase its dividend by year’s end, according to CEO Vikram Pandit; this would represent the company’s first dividend increase since the financial crisis. In March, the Fed said Citi didn’t have enough capital to increase its dividend without enduring another financial crisis, reported CNBC.

Investing Insights: Citigroup Earnings: Investors IGNORE Declines and APPLAUD Profitable Beat.

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Affymax, Inc. (NASDAQ:AFFY):  Shares of Affymax, Inc. are trading  at 0.73% lower today.

Peregrine Pharmaceuticals (NASDAQ:PPHM):  Peregrine Pharmaceuticals has announced the initiation of an investigator-sponsored trial, or IST, for patients with stage II or stage III rectal Adenocarcinoma. This open-label Phase I trial will treat up to 18 patients with Bavituximab, Peregrine’s investigational monoclonal antibody, in combination with Capecitabine, the chemotherapeutic agent, as well as radiation therapy. Bavituximab, is a Phosphatidylserine ( PS,-targeting antibody), that has also demonstrated a promising tumor response and survival trend in randomized Phase II,  non-small cell lung cancer, or NSCLC, trials. Shares of Peregrine Pharmaceuticals are trading at 3.3% higher today.

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Citigroup Inc. (NYSE:C): Citigroup’s total allowance for loan losses was $27.6 billion at the end of the quarter, this was 4.3% of total loans, as compared to $34.4 billion, or 5.4%, in the prior year period. The $984 million net release of loan loss reserves, was down 50% from the prior year period. Reserve releases in Citicorp of $715 million and in Citi Holdings of $269 million were 49% and 54% lower, than the second quarter 2011. Corporate non-accrual loans fell 47% to $2.6 billion and consumer non-accrual loans fell 1% to $8.3 billion. Consumer loans that were 90+ days delinquent, excluding the Special Asset Pool, fell 14% versus the prior year period of $8.4 billion, or 2.1% of consumer loans. Shares of Citigroup Inc. are trading 1.43% higher today.

The Madison Square Garden Co (NASDAQ:MSG): Ticket prices surged, as Madison Square Garden Co. (NASDAQ:MSG), settled a carriage-fee dispute with Time Warner Cable Inc. Their shares are trading at 1.48% lower today.

Piedmont Natural Gas Company Inc. (NYSE:PNY): Shares of Piedmont Natural Gas Company Inc. are trading at 0.93% lower today.

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Bank of America (NYSE:BAC): The New York State attorney general and the state of Connecticut have started investigating the bank’s alleged manipulation of the Libor benchmark international lending rates by global banks, initiated six months ago, according to Reuters. The bank’s June net charge-offs are 5.04 percent compared to last month’s 5.52 percent, and it reports June card delinquencies at 3.23 percent compared to last month’s  3.32 percent. Shares of Bank of America are trading 0.19% higher today.

Investing Insights: Citigroup Earnings: Investors IGNORE Declines and APPLAUD Profitable Beat.

Apple Inc.’s (NASDAQ:AAPL) Siri voice-activated digital assistant is unavailable at times and has some trouble correctly understanding or answering questions, writes a New York Times columnist. He adds that many who were interviewed have stopped service use, and he also states that tests by Piper Jaffray and Gene Munster reveal that Siri understands 83 percent of questions on a busy street, while offering correct answers only 62 percent of the time. Shares of Apple Inc. are trading 0.42% higher today.

Facebook, Inc. (NASDAQ:FB): After the Salesforce.com (NYSE:CRM), Oracle (NASDAQ:ORCL) and Synapse acquisitions, consolidation continues within the social media campaign management sector. Rumor have sprouted suggesting that Google (NASDAQ:GOOG), IBM (NYSE:IBM) and SAP (NYSE:SAP) have all either pursued or rejected possible deals within the sector, according to Business Insider. An acquisition within the sector by Google could possibly provide insight into the workings of Facebook as well as dulling  Facebook’s “competitive aggression”. Shares of Facebook, Inc. are trading 3.29% lower today.

AT&T, Inc. (NYSE:T): The Wall Street Journal reports that MobiTV, who names AT&T and Verizon (NYSE:VZ) as customers, withdrew IPO plans because of unfavorable market conditions. Shares of AT&T, Inc. are trading 0.11%  higher   today.

Nokia Corporation (NYSE:NOK): Following the announcement of the launch of the newest line of educational mobile apps intended for children which run Microsoft’s (NASDAQ:MSFT) Windows Phone operating system via its Nokia partnership, Genius Brands International (GNUS) has begun to leverage its brand name recognition, intellectual property, and core skills in order to create top selling “edutainment” content into the expanding, multi-billion dollar mobile app market for children. Through its Microsoft and Nokia agreements, Genius brands intends to launch two new Baby Genius apps intended for preschool aged children before the end of summer, Rexi the Dinosaur and Bubbles the Bear. These are the first two apps being developed for the preschool and kindergarten age group, and this new line is called the Genius Brands’ Ready, Play, Learn line. The next apps for the series are expected to launch during Q4 of 2012. Shares of Nokia Corporation are trading 0.27% lower today.

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Supervalu UPGRADED and 4 Hot Stocks Moving the Market

SUPERVALU INC. (NYSE:SVU):  After Goldman Sachs chimed in with an upgrade from Sell to Neutral, Supervalu (NYSE:SVU) moved 6.1% higher in the pre-market. The firm said that last week’s sell off, in shares, put the stock’s risk-reward profile back in balance. Goldman upgraded SuperValue based on valuation, with a price target at $3.  The company’s shares are trading  at 1.94% higher today.

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Humana Inc. (NYSE:HUM):  Analysts expect Humana to report earnings of $2.28 per share on their revenue of $9.8 billion. A year ago, the insurer earned $2.71 a share on sales of $9.28 billion. The company’s shares are trading at 1.15% lower today.

Gannett Co., Inc. (NYSE:GCI): Reports that their second quarter television revenue is $197.7M and digital revenue is $181.3M. However,Gannet’s  second quarter publishing advertising revenue has slipped 8.1% Y/Y to $594M, while broadcast revenue gained 11.4% to $205M. Page views of the company’s mobile news apps are +154% Y/Y. A strong demand for digital marketing services contributed to these results. Shares are +1.4% in the pre-market. They are trading at 2.52% higher today.

Orexigen Therapeutics, Inc. (NASDAQ:OREX): Orexigen coverage resumed with an Outperform from Leerink. Their target was $10. Rexigen moves higher and their resistance is now at $8. Shares of Orexigen Therapeutics, Inc. are trading at 6.37% higher today.

Teucrium Corn Fund (NYSEARCA:CORN): Teucrium Corn Fund (CORN) seeks to replicate their weighted average (net expenses), of the closing settlement prices, for three futures contracts of corn, that are traded on the Chicago Board of Trade (CBOT). This fund is now up to 245.  However, their market cap is small at $88 million, so investors run the risk of getting whipped around.  A more stable alternative may be Powershares DB Agriculture Fund (DBA) which cover some of the widely traded agricultural commodities, such as corn, wheat, soy beans and sugar. With a market cap of $1.9 billion, DBA is more liquid and  rose 10% in the past 4 weeks. Shares of Teucrium Corn Fund are trading at 3.83% higher today.

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Stock Market Wrap: Apple Outshines Nokia, Krispy Kreme Shares Sweeten UP

Markets closed down on Wall Street today: 
Dow -0.39%, S&P -0.23%, Nasdaq -0.40%, Oil +1.37%, Gold -0.16%.

On the commodities front, Oil (NYSE:USO) declined to $88.36 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1,589 an ounce while Silver (NYSE:SLV) fell 0.06% to settle at $27.29.

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

Nokia (NYSE:NOK) cut the price of its flagship smartphone in half just three months after its launch in an effort to bolster sales as rivals such as Apple (NASDAQ:AAPL) and Samsung continue to erode the smartphone maker’s market share. The cost of the Lumia 900 Windows phone has been reduced to $49.99 from $99 with a two-year agreement, Nokia spokesman Keith Nowak said on Sunday. The phone is sold at AT&T(NYSE:T) stores.

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Apple (NASDAQ:AAPL) announced that it will rejoin EPEAT less than a week after it was withdrawing from the environmental standards organization. The Electronic Product Environmental Assessment Tool, or EPEAT, is a certifying body that helps institutional purchases select and compare electronic devices.

On Monday’s down start to the week, SuperValu Inc. (NYSE:SVU) shares rebounded after hitting a 32-year low on Friday. Shares increased 8.2 percent after Goldman Sachs (NYSE:GS) upgraded the stock to “Neutral” from “Sell.”

Krispy Kreme Doughnuts Inc.’s (NYSE:KKD) shares increased 5.3 percent after Stephens increased its rating on the retailer to “Overweight” from “Equalweight.”

On the downside, Woodward Inc. (NASDAQ:WWD) fell five percent at it announced a worse-than-expected third quarter outlook and cut its full-year forecast. It also noted lower-than-expected sales growth in its commercial aftermarket.

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