Weekly Market Recap: Flash CRASH and Big EARNINGS to Know Now

| + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn

Monday

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

Apple (NASDAQ:AAPL) makes wider margins on iPhone sales than on iPads, according to documents recently unsealed for an upcoming patent trial versus Samsung. In the documents, it disclosed that the Cupertino-based company earned gross margins of 49 to 58 percent on U.S. iPhone sales between April 2010 and the end of March 2012. The iPad had much lower margins between October 2010 and the end of March 2012, seeing profits between 23 and 32 percent.

On this down day, Shaw Group Inc.’s (NYSE:SHAW) shares jumped 55 percent after the company announced early on Monday morning that it would be acquired by CB&I. The deal has a $3 billion value and will come from cash and stock.

Acura Pharmaceuticals Inc.’s (NASDAQ:ACUR) shares plummed almost 35 percent to $2. This come on news from Friday that Pfizer Inc. (NYSE:PFE) has ended its license to create three development-stage products from Acura’s technology.

Salix Pharmaceuticals Ltd.’s (NASDAQ:SLXP) shares fell 12 percent while Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) tanked 48 percent to $5.69. On Friday, the companies announced they had been asked by the U.S. Food and Drug Administration for additional clinical data for an adult treatment using opiods for pain.

On the technology front, Groupon’s (NASDAQ:GRPN) shares fell more than 10 percent from the Friday’s trading session; this triggered circuit breakers on the Nasdaq for short sellers. For the year-to-date, Groupon’s stock has dropped 67 percent.

Don’t Miss: Apple’s Powerful New Purchase.

Tuesday

Markets closed down on Wall Street today: Dow -0.49%, S&P -0.21%, Nasdaq -0.43%, Oil -0.14%, Gold +.23%.

On the commodities front, Oil (NYSE:USO) declined to $87.94 a barrel. Precious metals were mixed, with Gold (NYSE:GLD) rising to $1,618 an ounce while Silver (NYSE:SLV) fell 0.06% to settle at $27.97.

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

Apple (NASDAQ:AAPL) will unveil a new product at a major September 12 event, according to a source familiar with the plan. It’s likely the new product will be the iPhone 5, as Apple likes to launch its latest smartphones around fall, allowing them to hit shelves in time for the peak holiday shopping season, but the event could also see the premiere of a widely-rumored iPad Mini.

Ross Levinsohn leaves Yahoo (NASDAQ:YHOO) today after having served two months as interim chief until the company hired Google’s (NASDAQ:GOOG) Marissa Mayer on July 16. Levinsohn took over Yahoo in May after the company lost CEO Scott Thompson amid a scandal involving incorrect information on his resume. Thompson had just been hired in January as Yahoo’s third chief executive officer in just over three years.

Facebook Inc.’s (NASDAQ:FB) shares dropped 6 percent to $21.74 after Bernstein analyst Carlos Kirjner upgraded the stock to a “Market-Perform” rating from “Underperform.” He did write of the stock that it is “valued just as a display advertising business gaining market share due to its fundamental competitive advantages based on scale, user data, and identity,” reported MarketWatch.

Lowe’s Cos.’s (NYSE:LOW) shares fell 5 percent after the Canadian retailer Rona (CA:RON) announced it had said no to an unsolicited takeover bid from its U.S. competitor.

Cirrus Logic Inc.’s (NASDAQ:CRUS) shares jumped 23 percent. On Monday, the company reported a decline in its fiscal-first-quarter profit while its second-quarter revenue forecast exceeded analysts’ estimates.

Wednesday

Markets closed down on Wall Street today: Dow -0.25%, S&P -0.29%, Nasdaq -0.66%, Oil +0.93%, Gold -0.70%.

On the commodities front, Oil (NYSE:USO) rose to $88.88 a barrel. Precious metals declined, with Gold (NYSE:GLD) falling to $1,603 an ounce while Silver (NYSE:SLV) fell 0.57% to settle at $27.34.

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

NYSE Euronext (NYSE:NYX) said in a note to traders today that it was “reviewing trades in 148 symbols between 9:30:00 a.m. and 10:15:00 a.m. ET” after the performance of severalstocks this morning signaled a rogue trading algorithm. Several traders pointed to big stock moves on no news, including RadioShack (NYSE:RSH), Quicksilver Resource (NYSE:KWK), Magnum Hunger Resources (NYSE:MHR), and Dole Food Company (NYSE:DOLE), among others.

Google (NASDAQ:GOOG) is postponing the launch of its new Nexus Q media player in order to add more features and functions, the Internet giant said Tuesday in an email to customerswho had pre-ordered the gadget. The Nexus Q is Google’s first self-designed and marketed consumer electronics device. Unveiled alongside the better-reviewed Nexus 7 tablet at Google’s I/O event in June, the orb-shaped media player was criticized for its lack of usability and features.

Allstate’s (NYSE:ALL) shares rose 7 percent as the company reported a second-quarter profit thanks to higher premiums and less disaster payouts. Operating profit was $0.87 per share, surpassing $0.52 estimates. Josh Stirling, a Sanford C. Bernstein analyst wrote in a research note, “While Allstate is no longer the deeply discounted name it once was, we believe we are still early in the company’s long- term revaluation story. As “the logic of its strategic repositioning becomes clear, investors’ skepticism will wane.”

CBRE Group’s (NYSE:CBG) shares increased 9 percent after the company reported double-digit earnings and revenue growth in the second quarter. Its net income was $75.9 million ($0.23 cents a share), a 24 percent rise from $61.2 million ($0.19 cents) from the previous year.

On the down side, Knight Capital’s (NYSE:KCG) shares dove 20 percent to a 52-week low, as NYSE Euronext’s (NYSE:NYX) New York Stock Exchange said it was reviewing more 100 stocks from trades; its market-maker Knight also incurred software problems that created routing problems.

Thursday

Markets closed down on Wall Street today:

Dow -0.71%, S&P -0.74%, Nasdaq -0.36%, Oil -1.79%, Gold -0.86%.

On the commodities front, Oil (NYSE:USO) declined to $87.35 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1,593 an ounce while Silver (NYSE:SLV) fell 0.77% to settle at $27.14.

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

Apple (NASDAQ:AAPL) is working on a Smart Cover for its iPad with a flexible secondary display, according to a patent application first filed in August of last year with the U.S. Patent and Trademark Office. The flexible display technology, Apple says, can be integrated into the flexible cover without changing the overall form factor of the device. And adding the flexible display into the cover “greatly enhances the overall functionality of the tablet device.”

Don’t Miss: Kodak TRIPS UP Apple.

Nokia (NYSE:NOK) will begun using the maps on its Lumia smartphone as platforms to promote Groupon (NASDAQ:GRPN) offers, the company announced Wednesday. U.S. users will be able to buy Groupon Now! offers directly from their phones and get directions to the locations to redeem the offers using the Lumia’s navigation system.

Facebook Inc.’s (NASDAQ:FB) shares dropped under $20 on Thursday, reaching a record low for a third consecutive day. It reached an intraday low of $19.82 and closed down 4 percent to end the day at $20.04. Adding to the company’s long list of woes is news that 8.7 percent of Facebook’s 955 million active users might be fake, reported the BBC.com. The social media company once sported a $105 billion market cap and now sits at $37 billion today…

Knight Capital Group Inc. (NYSE:KCG) shares tanked 51 percent. The firm said on Thursday it incurred a pretax loss of $440 million after closing an “erroneous trade position” that came to its attention on Wednesday. The trades came after a software glitch had Knight sending lots of orders in NYSE-listed securities to the marketplace.

Green Mountain Coffee Roasters Inc.’s (NASDAQ:GMCR) shares rose 28 percent. On Wednesday, the company announced plans to repurchase up to $500 million of its common stock through 2014. This came after Green Mountain saw strong rises in profit and revenue for the third quarter.

Don’t Miss: Did Electronic Arts Leave Facebook Hanging?

Friday

On Friday, Markets closed up: Dow +1.69%, S&P +1.90%, Nasdaq +2.00%, Oil +4.89%, Gold +1.02%.

On the commodities front, Oil (NYSE:USO) rose to $91.39 a barrel. Precious metals also increased, with Gold (NYSE:GLD) rising to $1,607.00 an ounce while Silver (NYSE:SLV) rose 0.73% to settle at $27.73.

Here’s your Cheat Sheet to Friday’s stock stories:

Research in Motion (NASDAQ:RIMM) has chosen its home country of Canada to launch a new PlayBook tablet with built-in support for cellular networks, a feature that is becoming an industry standard and yet was absent from its earlier tablets. The BlackBerry maker said on Thursday it would launch the new PlayBooks in Canada next week and roll them out in the United States, Europe, South Africa, Latin America, and the Caribbean in the coming months.

Apple (NASDAQ:AAPL) is working on a Smart Cover for its iPad with a flexible secondary display, according to a patent application first filed in August of last year with the U.S. Patent and Trademark Office. The flexible display technology, Apple says, can be integrated into the flexible cover without changing the overall form factor of the device. And adding the flexible display into the cover “greatly enhances the overall functionality of the tablet device.”

LinkedIn Corp.’s (NYSE:LNKD) shares jumped almost 15 percent after the company announced a strong second quarter earnings report after the bell on Thursday. It announced better than expected revenue numbers and increased its full-year outlook.

On the down side, Activision Blizzard’s (NASDAQ:ATVI) shares dropped nearly 6 percent as its second quarter results included decreases in its top and bottom line results. The company did beat revenue and earnings per share expectations.

ComScore’s (NASDAQ:SCOR) shares fell 20 percent after the company announced a second quarter loss. In the short-term, things don’t look much better as it sees more red for the third quarter.

More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business