Market Wrap: Apple Takes A Bite Out of Investors; Potential Fed Action; Solars Dim in Europe; Einhorn's Quarter

Market wrap-up for July 24th

End of the Day: Dow Jones down 104.1 to 12,617.32; S&P 500 down 12.2 to 1,338.31; Nasdaq down 27.2 to 2,862.99

The following is a brief summary of events moving markets today:

• Eww, there's a worm in this one!: Apple (Nasdaq: AAPL) reported third-quarter 2012 earnings of $9.32 per share and revenue of $35 billion, missing expectations calling for earnings of $10.36 per share with revenue of $37.2 billion.
  
  Apple sold 26 million iPhones, 17 million iPads, 4 million Macs, and 6.8 million iPods.
  
  For more color on the quarter, click here.
  
  
• "Bernanke: Man of Action"...maybe: According to reports out earlier, U.S. Federal Reserve officials may seek to further spur economic growth if employment and other economic metrics don't improve. The WSJ notes that language from the Fed has indicated that they are becoming increasingly unhappy with the state of affairs in the U.S. economy.
  
  Conversations have now turned to how and when to move, from debating whether to move in previous meetings.
  
  Steps Fed chair Ben Bernanke has outlined in prior testimony in front of Congress and the Senate include bond-buying in mortgage-backed securities, efforts to keep short-term interest rates below zero beyond 2014, or increase efforts to lower already low short-term interest rates event lower.
  
  Headlines said the Fed might make a rate decision next Wednesday or in September.
  
  
• European panel makers cry foul: Solars ended the session lower, mostly on news out of Europe. Earlier reports had analysts mulling how new austerity measures would impact budgets for solar upgrades in the region, while latter reports have European solar panel makers filing a confidential complaint with European authorities, seeking new tariffs on Chinese solar cell imports.
  
  The complaint from manufacturers accuses rich subsidies provided by the Chinese government allowing solar firms to sell their wares at unfairly low prices in China.
  
  The European Commission -- the executive branch of the European Union that deals with antitrust and trade issues -- will have 45 days from filing of the complaint to start an investigation. If it does, the EC will then have to wait nine months before imposing tariffs.
  
  
• Hedge fund gets medicated: Hedge fund titan David Einhorn, of Greenlight Capital, sent out an investor letter today, highlighting some of his recent moves. Some closed out positions include Dell (Nasdaq: DELL) and Best Buy (NYSE: BBY), he's still short Green Mountain (Nasdaq: GMCR), and has entered into new managed health care positions.
  
  Overall, Einhorn's Greenlight Capital was said to return about (3.2) percent in the second quarter, net of fees and expenses, and is up 3.4 percent in 2012. By comparison, the S&P 500 is up 6.4 percent.
  
  For more on Einhorn, Click here

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