Weekly Market Recap: Earnings Reports Underway, Apple Banned But Still Sells in Iran

Monday

Markets closed down on Wall Street today: Dow -0.28%, S&P -0.16%, Nasdaq -0.19%, Oil +1.53%, Gold +0.57%.

On the commodities front, Oil (NYSE:USO) rose to $85.77 a barrel. Precious metals also rose, with Gold (NYSE:GLD) increasing to $1,588 an ounce while Silver (NYSE:SLV) rose 0.45 to settle at $27.34.

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

The plethora of rumors revolving around the premise that Apple (NASDAQ:AAPL) is quietly developing a smaller iPad can’t help but leave the impression that it must be true. After all, while Apple may try to remain secretive about upcoming products and software until revealing them at major events with that distinct Steve Jobs flare, this company doesn’t just have leaks to content with, but floods.

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In a large gainer today, FX Alliance Inc.’s (FX) shares increased 40 percent after the company announced it will be bought for $616 million by Thomson Reuters (NYSE:TRI).

Another large rise was Amerigroup Corp.’s (NYSE:AGP) shares, jumping 38 percent after WellPoint Inc. (NYSE:WLP) agreed to acquire the company in a $4.46 billion cash transaction. This will broaden its Medicaid presence.

On the losing end was Luminex Corp. (NASDAQ:LMNX). Its shares fell 17 percent after the company said it would acquire GenturaDx for $50 million in cash. But it is “subject to working capital reconciliation and potential additional contingent consideration for achievement of future milestones and/or product revenue performance” reported MarketWatch.

FTI Consulting Inc.’s (NYSE:FCN) shares dropped 5 percent. Late on Friday, the company said that it lay offs were coming and would affect three percent of its employees. It will also consolidate office space, which will result in second quarter $28 million pretax charge.

BONUS: Alcoa (NYSE:AA) today reported $0.00 earnings per share, based on a loss from continuing operations of $2 million, which includes special items of $63 million. Excluding the impact of special items, income from continuing operations was $61 million, or $0.06 per share.

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Tuesday

Markets closed down on Wall Street today:
Dow -0.65%, S&P -0.81%, Nasdaq -1.00%, Oil -2.38%, Gold -1.42%.

On the commodities front, Oil (NYSE:USO) declined to $83.93 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1,566 an ounce while Silver (NYSE:SLV) fell 0.58% to settle at $26.83.

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

Despite a flood of new releases at Apple’s (NASDAQ:AAPL) Worldwide Developers Conference last month, Piper Jaffray analyst Gene Munster believes Apple’s September/October event will be “crowded” with new products, including the much-rumored iPad Mini. Munster expects the device to ship with 16GB of storage for $299 — $100 more than the 8GB iPod Touch and $100 less than the current entry-level iPad 2.

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On this down day, a few stocks did manage to see some gains. The U.S.-listed shares of ASML Holding NV (NASDAQ:ASML) jumped nine percent after Intel Corp.(NASDAQ:INTC) agreed to purchase a 15 percent equity share in the company for approximately $3.1 billion. It also made a $1 billion commitment for research and development.

BioMimetic Therapeutics Inc.’s (NASDAQ:BMTI) shares rose 22 percent to $3.41. This came on news that the company had sent information to the Food and Drug Administration for an application regarding premarket approval for its bone-graft product.

Back on the down side, Advanced Micro Devices Inc.’s (NYSE:AMD) shares dropped 11 percent. This came after Monday’s news that the company expected to report a second quarter lower-than-forecast revenue.

James River Coal Co.’s (NASDAQ:JRCC) shares tanked 24 percent after feeling the pressure from Monday’s announcement by Patriot Coal Corporation (NYSE:PCX) that it was filing for Chapter 11 bankruptcy protection from creditors.

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Wednesday

Markets closed down on Wall Street today: Dow -0.38%, S&P -0.00%, Nasdaq -0.49%, Oil +0.32%, Gold +0.03%.

On the commodities front, Oil (NYSE:USO) rose to $86.07 a barrel. Precious metals also rose, with Gold (NYSE:GLD) increasing to $1,576 an ounce while Silver (NYSE:SLV) increased 0.25% to settle at $27.10.

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

Apple (NASDAQ:AAPL) is finally speaking out about pulling all of its products from the U.S. government-backed Electronic Production Environmental Tool, or EPEAT, the de facto “green” standard for U.S. companies. The reason Apple withdrew its 39 products from EPEAT was thought to be because of EPEAT’s requirements for device repairability — recent iPhone, iPad, and MacBook models, particularly the new MacBook Pro with Retina Display, are falling short of those requirements.

On the heels of a report last week that Amazon (NASDAQ:AMZN) was developing its own smartphone, the Wall Street Journal is citing sources among Amazon’s parts suppliers in reporting that testing of a smartphone is already underway. “Officials at some of Amazon’s parts suppliers, who declined to be named, said the Seattle-based company is testing a smartphone and mass production of the new device may start late this year or early next year,” author Lorraine Luk wrote.

VeriFone Systems Inc.’s (NYSE:PAY) shares jumped almost 11 percent after the company announced it a $35 million contract to create and support Washington, D.C. taxis with screen-based payment and entertainment systems.

On the downside, Goldcorp Inc.’s (NYSE:GG) dropped 9.7 percent after the company said on Tuesday it had cut its 2012 gold production outlook between 2.35 million and 2.45 million ounces, down from 2.6 million. It attributed the setback to its Ontario Red Lake and Mexico’s Peñasquito mine.

HHGregg Inc. (NYSE:HGG) shares tanked more than 36 percent after the company cut its 2013 fiscal profit forecast;  it cited a likely slowdown in store sales. SunTrust Robinson Humphrey analysts cut the stock’s rating from “Buy” to “Neutral.”

Friday

Markets closed up on Wall Street today: Dow +1.62%, S&P +1.65%, Nasdaq +1.48%, Oil +1.15%, Gold +1.46%.

On the commodities front, Oil (NYSE:USO) rose to $87.07 a barrel. Precious metals also jumped, with Gold (NYSE:GLD) increasing to $1,588 an ounce while Silver (NYSE:SLV) rose 0.11% to settle at $27.25.

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

Apple (NASDAQ:AAPL) and other U.S. computer products are banned in Iran under U.S. sanctions that have been in place for years, but despite the embargo, Iranians have access to all the latest Apple gear, from the new iPad to iPhones, iPads, MacBooks, iMacs and more, often at little more than U.S. prices. RadanMac is one of an estimated 100 stories in Tehran alone that openly sell Apple products.

A recent BBC report suggests companies are wasting money on Facebook (NASDAQ:FB) advertisements that are meant to gain “likes” from members, as many have no real interest in their products, while others have lied about their personal details, and still more user accounts are fake, run by computer programs to spread spam.

From Friday’s markets, J.P. Morgan Chase & Co.’s (NYSE:JPM) shares rose six percent. The bank reported its second quarter earnings and saw a $5 billion profit even with its $4.4 billion loss from the CIO debacle.

Presidential Life Corp.’s (NASDAQ:PLFE) shares jumped 37 percent. The company announced it has agreed to be acquired by Athene Annuity & Life Assurance Co. for a cash deal worth $415 million.

On the downside, Lexmark International Inc. (NYSE:LXK) fell 16 percent after it slashed its adjusted second quarter earnings estimates to the range between $0.87 to $0.89 per share; this is down from its previous target of $0.95 to $1.05 per share. The company also increased its estimated impact of restructuring and acquisition costs for the June quarter from $0.30 per share to $0.34.