Weekly Market Rearview Recap: Facebook’s Drama, Morgan Stanley’s SCAM

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Monday

Markets closed up on Wall Street today: Dow +1.09%, S&P +1.60%Nasdaq +2.46%Oil +1.62%Gold +0.06%.

On the commodities front, Oil (NYSE:USO) rose to $92.92 a barrel. Precious metals were mixed, with Gold (NYSE:GLD) increasing to $1593 an ounce while Silver (NYSE:SLV) fell 0.23% to settle at $28.46.

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

Google (NASDAQ:GOOG) has a “matter of weeks” to resolve a probe and avoid possible fines over allegations it discriminates against rivals, the European Union’s antitrust authority warned. EU Competition Commissioner Joaquin Almunia asked Google Chairman Eric Schmidt for proposals to address concerns that it promotes its own search services while copying rivals’ travel and restaurant reviews, and that its agreements with websites and software developers stifle competition in advertising.

Don’t Miss: Will Google Cave to EU’s Ultimatum?

After exchange owner BATS shot itself in the foot in March with the mishandling of its IPO, Nasdaq (NASDAQ:NDAQ) blushed on Friday as technical problems at the exchange marred the debut of its trophy listing, Facebook (NASDAQ:FB). Blaming the “poor design” of its IPO auction software, Nasdaq CEO Robert Greifeld disclosed that the systems fell into a “loop” that delayed opening trades of the most hotly-anticipated tech debut since Google (NASDAQ:GOOG).

In more Facebook news, on day two as a publicly-traded stock, its share price sank below its $38 IPO price, bringing down other stocks in the social-networking arena. With its second day of lackluster performance, it continues raising eyebrows over the offering. One analyst attributes this to a miscalculation in demand. Michael Pachter of Wedbush Securities wrote in a research note on Monday, “We believe the underwriters overestimated demand.” The stock closed down 10.99 percent to $34.03.

Cooper Industries PLC (NYSE:CBE) saw a greater than 25 percent jump in its U.S.-listed shares after it agreed to be purchased by Eaton Corp. (NYSE:ETN). This deal has a $11.8 billion value and will come in cash and stock. Eaton also announced it would shift its incorporation from Ohio to Ireland to save on taxes.

Investing Insights: Did Apple and Google Poach Facebook’s Mojo Today?

Wednesday

Markets closed mixed on Wall Street today: Dow -0.05%, S&P +0.17%Nasdaq +0.39%Oil -1.40%Gold -0.95%.

On the commodities front, Oil (NYSE:USO) declined to $90.56 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1562 an ounce while Silver (NYSE:SLV) fell 0.61% to settle at $27.55.

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

Facebook (NASDAQ:FB) which made its public debut last week on the Nasdaq, is now considering a listing with the New York Stock Exchange, a source told CNBC. Facebook’s stock was delayed for half an hour on the Nasdaq last Friday, the result of a glitch in the technology, according to the exchange runner, Nasdaq OMX Group (NASDAQ:NDAQ), which is now under investigations of unknown scope for the seeming mishandling. Facebook shares finished the day only a few cents above their $38 IPO price.

Don’t Miss: Will NYSE Scoop Up Facebook After Nasdaq Disaster?

The verdict is in on the Google (NASDAQ:GOOG) versus Oracle (NASDAQ:ORCL) patent-infringement case, with the jury having found Android not to be infringing on Oracle’s patents. Google is calling the verdict “a victory not just for Google but the entire Android ecosystem.” U.S. District Judge William Alsup dismissed the jury, skipping the damages phase that had been originally scheduled, as the verdict left Oracle without any claim to damages.

In after-hours trading, shares of Hewlett-Packard Co. (NYSE:HPQ) rose seven percent as it announced better-than-expected quarterly results and upcoming job cuts numbering around 27,000, reported MarketWatch. The company’s adjusted earnings were $0.07 cents a share above expectations at $0.98 a share for the second quarter while revenue was $30.7 billion, down from the previous year’s $31.6 billion; this exceeded estimates of $29.9 billion.

Meanwhile, NetApp Inc. (NASDAQ:NTAP) didn’t fare as well, plunging 25% in late trading. The company forecast for fiscal first-quarter earnings excluding one-time items of $0.34 and $0.39 a share with revenue of $1.4 billion to $1.5 billion. Analysts had estimated earnings at $0.59 a share on revenue of $1.61 billion. NetApp’s fiscal fourth-quarter adjusted earnings at $0.66 cents a share was higher than the $0.63 a share estimates. Revenue hit $1.7 billion, up from last year’s $1.43 billion; analysts had forecast $1.68 billion.

Don’t Miss: Google vs. Oracle: Game. Set. Match?

Thursday

Markets closed mixed on Wall Street today: Dow +0.27%S&P +0.14%Nasdaq -0.38%, Oil +1.20%Gold +0.68%.

On the commodities front, Oil (NYSE:USO) rose to $90.98 a barrel. Precious metals also rose, with Gold (NYSE:GLD) rising to $1559 an ounce while Silver (NYSE:SLV) increased 0.79% to settle at $28.30

Investing Insights: Gold and Silver Climb Higher, Euro Sinks to New Lows.

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

Hewlett-Packard Co.’s (NYSE:HPQ) shares increased on Thursday as Wall Street reacted positively to its positive earnings results and its plan to slash 27,000 employees to cut costs. The company saw a better-than-expected profit and revenue and its stock was the Dow Jones Industrial Average’s top best performer. It rose 3.27% to close at $21.77.

Berkshire Hathaway (NYSE:BRKA) earlier this month struck a deal to acquire 63 newspapers, and now Chairman and CEO Warren Buffett says he may buy more publications as the industry rethinks the prevailing model of offering free content online. In a letter to editors and publishers of Berkshire’s daily newspapers, Buffett said offering free content is “an unsustainable model,” noting that some papers have already begun to make progress in “moving to something that makes more sense” — that is, finding a way to charge readers rather than depending wholly upon advertising.

Don’t Miss: Warren Buffett Believes in Newspapers — Should You?

Apple (NASDAQ:AAPL) is rejecting the U.S. government’s antitrust lawsuit in which it stands accused of conspiring with publishers to fix e-book prices. In a filing in U.S. District Court in Manhattan on Tuesday, Apple denied having conspired with anyone, and said it has not fixed prices to e-books in an effort to thwart Amazon (NASDAQ:AMZN), whose pricing model made it the most popular e-book seller before Apple joined the mix.

Pandora Media (NYSE:P) shares jumped 12% on Thursday, reaching its highest point in two months. The company reported better-than-expected quarterly results on Wednesday afternoon and it raised its full-year outlook, attributing it to greater listener hours. It also had good revenue numbers with a 60% rise in advertising ad a 55% rise in mobile ad revenue.

BONUS: EXCLUSIVE: 8 Reasons Zuckerberg Deserves the Facebook Windfall >>

Saturday

Markets closed down on Wall Street today: Dow -0.62%S&P -0.24%Nasdaq -0.10%Oil +.07%Gold +1.00%.

On the commodities front, Oil (NYSE:USO) declined to $90.85 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1575 an ounce while Silver (NYSE:SLV) rose 0.29% to settle at $28.43.

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

The fiasco of Facebook’s (NASDAQ:FB) IPO listing has left exchange operator Nasdaq OMX Group (NASDAQ:NDAQ) open to claims from market participants who lost money on failed or delayed trade executions, and these claims could well exceed $100 million. A system glitch delayed the execution of many clients’ trades, and the brunt of the losses were borne by four of the top market makers in the Facebook IPO – Citadel SecuritiesUBS AG(NYSE:UBS), Knight Capital (NYSE:KCG), and Citi (NYSE:C). These market makers could end up claiming over $100 million from Nasdaq.

Investing Insights: Why Did Pandora Pop 20% and Facebook PLUNGE 16.5% This Week?

Meanwhile, Morgan Stanley (NYSE:MS), the lead underwriter of Facebook’s (NASDAQ:FB) IPO, will compensate retail investors for their losses from having overpaid for the stock in Friday’s IPO, according to an Associated Press report. The firm is reportedly reviewing orders its retail clients placed for Facebook stock, and will make price adjustments for clients determined to have paid too much, according to a source familiar with the matter.The person didn’t give details on what would constitute overpaying.

Talbots Inc. (NYSE:TLB) shares tanked to $1.55 after it announced Sycamore Partners is not pursuing a takeover anymore. The company is still open to a deal with them at $3.05 a share but it also will pursue other options. Without the deal, stakes are higher for Talbots which has seen losses from sales declines. Its debt has also more than doubled, according to MarketWatch.

Big Lots Inc. (NYSE:BIG) shares jumped 4.5% in Friday afternoon trading. Earlier in the week, the company announced its intention to buy back $200 million additional stock. It also announced that its quarterly profit dropped 22% from slow sales.

BONUS: Here’s Why Dish Network is as DUMB as Congress >>

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