Weekly Market Recap: Avengers Blow Out Box Office, Apple Going After Samsung

Monday

Markets closed mixed on Wall Street today: Dow -0.23%, S&P +0.04%, Nasdaq +0.5%, Oil -0.35%, Gold -0.56%.

On the commodities front, Oil (NYSE:USO) declined to $97.97 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1639.20 an ounce while Silver (NYSE:SLV) fell 0.36% to settle at $30.02.

Hot Feature: Why is Warren Buffett Hungry for Acquisitions?

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

Disney’s (NYSE:DIS) movie, “The Avengers” opened over the weekend and dominated the box office from Friday to Sunday with an estimated $200.3 million in sales. This represents the biggest movie premiere in U.S. history. The previous record had been held by the last Harry Potter sequel. Potter’s opening weekend in 2011 saw almost $170 million from sales. Disney closed up 2.07% today to $43.82.

AIG (NYSE:AIG) dipped 3.4% to $31.73. The stock was under pressure after the insurer said the Treasury Department priced shares at $30.50 a share — the latest in a series of offerings of its stock. This time, the government’s putting up 163.9 million shares for sale as Washington continues to whittle down its equity from AIG’s 2008 bailout.

A mixed verdict was delivered in Oracle’s (NASDAQ:ORCL) patent suit against Google (NASDAQ:GOOG). The jury found Google guilty of violating Oracle copyrights by using Java APIs in Android, but found Google not guilty on other counts. Google is asking for a mistrial on account of the jury’s inability to answer a question regarding fair use of Oracle’s APIs.

With Intel (NASDAQ:INTC) expecting another record year in 2012, the company will increase its quarterly dividend by 7% to 22.5 cents a share, starting with the payout that will be declared for Q3. CEO Paul Otellini says the company is experiencing “strong demand in our core business and significant progress in smartphones and other new growth areas.”

BONUS: Rackspace Hosting Earnings: Margins Expand, Misses Street Estimates.

Tuesday

Markets closed down on Wall Street today: Dow -0.59%, S&P -0.43%Nasdaq -0.39%Oil -0.51%Gold -2.04%.

On the commodities front, Oil (NYSE:USO) declined to $97.46 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1605.50 an ounce while Silver (NYSE:SLV) fell 0.63% to settle at $29.44.

Don’t Miss: Gold and Silver Decline on Stronger Dollar, Weaker Greece.

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

Chesapeake (NYSE:CHK) gave CEO Aubrey McClendon explicit license to play the markets in its latest employment contract, according to a Reuters exclusive, in one of corporate America’s most generous compensation plans. McClendon was granted the permission after he had already begun trading commodities for himself.

Another CEO in trouble, Yahoo! Inc.’s (NASDAQ:YHOO) CEO Scott Thompson apologized to employees Monday for having misrepresented himself on his resume; he doesn’t plan to step down, despite numerous calls to resign, especially by Daniel Loeb, manager and founder of hedge fund Third Point LLC. He sent a letter on Thursday to Yahoo’s board asking that Thompson be fired for having falsified his academic record. Yahoo subsequently confirmed that while Thompson had listed computer science on his degree, he had never been awarded that degree. Loeb is currently in a proxy fight as he tries to wrest control from the current board.

Further Reading: What Will Be Scott Thompson’s Fate?

Wells Fargo (NYSE:WFC) said federal prosecutors may seek damages and penalties after investigating whether it violated anti-discrimination laws in financing home loans. “The Department of Justice has advised Wells Fargo that it believes it can bring claims,” the bank said today in a regulatory filing. “We believe such claims should not be brought and continue seeking to demonstrate to the Department of Justice our compliance with fair-lending laws.”

Walt Disney Company (NYSE:DIS) released its fiscal second-quarter earnings after the bell and surpassed analysts’ estimates. Earnings, excluding items, were $0.58 cents per share, rising from $0.49 cents per share in the previous year while revenue increased 6 percent to $9.63 billion, up from $9.08 billion from the same period last year. In after-hours trading, the stock increased 1.24 percent.

McDonald’s (NYSE:MCD) April global rose only marginally, weighed down by slower growth at its U.S. operations, which missed analysts’ forecasts. U.S. same-restaurant sales were up only 3.3 percent as compared to analysts’ estimates for a 5 percent rise. Disappointing growth was attributed by one analyst to the restaurant chain’s new-found thrust on pricier menu items, such as 20-piece Chicken McNuggets, that may not have proved popular with budget-conscious customers still wary of the economy.

Don’t Miss: Apple Claws its Way to the Top of This List.

Wednesday

Markets closed down on Wall Street today: Dow -0.75%S&P -0.67%Nasdaq -0.39%Oil -0.51%Gold -0.87%.

On the commodities front, Oil (NYSE:USO) declined to $96.54 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1,591 an ounce while Silver (NYSE:SLV) fell 0.18 to settle at $29.24.

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

Chesapeake Energy (NYSE:CHK) had another chapter of bad behavior by its former chairman Aubrey McClendon. He actually negotiated another loan of $450 million in the weeks before his ouster as chairman, according to a Reuters report. The loan had been negotiated through EIG Global Energy Partners, which was simultaneously working to arrange a $1.25 billion financing for Chesapeake itself. The new loan brings McClendon’s controversial personal loans, taken against the collateral of oil well stakes, to $1.33 billion; he still owes $1.1 billion.

Further Reading: EXPOSED: Yet Another Colossal Mistake on Behalf of Aubrey McClendon>>

Cisco Systems (NASDAQ:CSCO) rose 0.5% to $18.81 as it waited to announce its third fiscal quarter results. The report came in after the bell and disclosed a 20 percent increase in fiscal third-quarter profit thanks to stronger sales. Chief Executive John Chambers noted “cautious” spending in the information technology market, according to MarketWatch. Results were in line with analysts’ estimates.

A Closer Look: Cisco Systems Earnings Cheat Sheet>>

AOL (NYSE:AOL) reported its first quarter earnings before the bell and exceeded Wall Street’s estimates. The company presented details to shareholders about company plans including the return of all proceeds from its $1.06 billion patent sale to Microsoft (NASDAQ:MSFT). The stock closed up more than 3 percent to $26.40. 

Yahoo ! Inc’s (NASDAQ:YHOO) activist investor Daniel Loeb of Third Point again called for the resignation of CEO Scott Thompson from academic errors on his resume. Loeb has a wish list for an interim CEO: two Yahoo execs including Chief Financial Officer Tim Morse and Ross Levinsohn, head of global media. Yahoo’s stock declined 0.04 percent.

Macy’s Inc. (NYSE:M) reported its first-quarter earnings and exceeded analysts’ estimates. The company did not increase its earnings outlook for the year and shares dropped 3.7 percent as the market thought numbers would be better.

BONUS: Is TheStreet.com a Buy Now?

Thursday

Markets closed mixed on Wall Street today: Dow +0.16%S&P +0.25%Nasdaq -0.04%Oil -0.69%Gold -0.06%.

On the commodities front, Oil (NYSE:USO) declined to $96.39 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1594.00 an ounce while Silver (NYSE:SLV) fell 0.18% to settle at $29.01.

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

JPMorgan Chase (NYSE:JPM) said on Thursday it had taken losses of $2 billion in a portfolio of credit investments as positions taken by its chief investment office turned out to be riskier than expected. “These were egregious mistakes,” chief executive Jamie Dimon said in a conference call. “They were self-inflicted and this is not how we want to run a business.” The stock closed down 6.53% in after hours trading to $38.08.

Procter & Gamble (NYSE:PG) announced Thursday that it would be moving its skin care, cosmetics, and personal-care headquarters from Ohio to Singapore to be closer to the growing Asian market. It sees Asia as its biggest growth opportunity. P&G President Virginia Drosos will leave the group rather than relocate. The relocation is expected to take two years.

Chesapeake Energy Corp. (NYSE:CHK) sold off sharply in late trading today after the Wall Street Journal broke news that it had $1.4 billion in previously unreported liabilities over the next decade through off-balance-sheet financial deals. Most of that liability, according to the WSJ, occurs this year and next. The news compounds concerns over the company’s ability to raise cash to cover its operating costs and to move into the more lucrative oil business and natural gas prices continue to fall. The stock dropped 1.63% to $16.90 in after hours trading.

Yahoo! Inc (NASDAQ:YHOO) Chief Executive Scott Thompson said in a meeting with top executives on Thursday that he never provided either a resume or incorrect information to Yahoo, reported Reuters. Thompson held the meeting to address the ongoing dispute over his educational background. He told the attendees of the facts as he knows them and then provided his executives a chance to ask questions.

Deutsche Bank AG (NYSE:DB) has agreed to pay a $202 million settlement to the Justice Department over civil allegations that its MortgageIT unit had lied in order keep access to federal housing-loan financing. This case has was opened a year ago with the Justice Department alleging that Deutsche “recklessly” lied about loan quality made by bank’s unit and guaranteed by the U.S. government.

Friday

Markets closed flat to down on Wall Street Friday: Dow -0.27%S&P -0.34%Nasdaq +0.01%Oil -1.56%Gold -0.98%.

On the commodities front, Oil (NYSE:USO) declined to $95.57 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1580 an ounce while Silver (NYSE:SLV) fell 0.25% to settle at $28.89.

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

AMR Corp., the bankrupt parent of American Airlines and regional carrier American Eagle, has reportedly agreed to consider merger options with rivals, including US Airways Group (NYSE:LCC).A source familiar with the matter broke news of a potential tie-up on Friday. The airline has reached an agreement with its creditors to explore whether a merger would be its best option in moving forward, the source told Reuters.

JPMorgan Chase & Co’s (NYSE:JPM) shocking announcement yesterday that it faces as much as $2 billion in mark-to-market losses is still reverberating through the financial sector. The losses stem from a synthetic credit portfolio managed out of its Chief Investment Office, and reportedly run by trader Bruno Iksil, a.k.a the ‘London Whale.’

Facebook Inc. (FB) is looking for $96 billion in its initial public offering next week and a high number thinks it’s too high, according to a Bloomberg investor poll. In Bloomberg Global Poll with 1,253 investors, analysts and traders,  79 percent of respondents shared growth concerns for the social network. They also don’t think Facebook should have such a high valuation.

Apple Inc. (NASDAQ:AAPL) has accused Samsung of destroying and withholding evidence in their infringement battle. According to court documents discovered by NetworkWorld, Apple has filed a motion asking to punish Samsung by issuing “spoiliation inference” instructions to the jury; these could hurt Samsung but be to Apple’s advantage. The company believes Samsung purposely destroyed documents that the company had an obligation to keep for litigation between the two.

Don’t Miss: Here’s How Apple Stays On Top >>

In late trading, Chesapeake Energy (NYSE:CHK) shares tanked after the company said it may be have to delay sales in assets. In a Securities and Exchange Commission filing, Chesapeake said postponement for a previously expected sales of assets, including oil and gas wells, may have to occur because they are needed to secure its revolving credit line.

BONUS: Is TheStreet.com a Buy Now? >>