Market Wrap: Workers Less Productive; Employers More Worried; Nasdaq Falls on Its Face; Nokia Goes for Value


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June 6, 2012 5:51 PM EDT Send to a Friend
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Market wrap-up for June 6th

End of the Day: Dow Jones up 286.8 to 12,414.79; S&P 500 up 29.6 to 1,315.13; Nasdaq up 66.6 to 2,844.72

The following is a brief summary of events moving markets today:
  • "Our bad!" - Nasdaq team: Facebook (Nasdaq: FB) shares are probably going to continue higher in the near-term following Nasdaq CEO Bob Greifeld saying he and colleagues owed the industry an apology for a botched IPO.

    Initially, Greifeld said the offering had been a success, though the enthusiasm tempered about two days following the offering.

    Today, the Nasdaq put together a $40 million voluntary accommodation plan of sorts based on the aforementioned admittance. For more color on the plan, click here.

    Facebook ended the session up 3.6 percent and is positive in late trading.

  • Beige is the new blue: The Fed's Beige Book showed the U.S. economy expanded at a moderate pace throughout early April and right on through to the end of May. Hiring was steady with manufacturing continuing to expand on many of the Fed's 12 districts.

    Many of the Fed's contacts said they were concerned about the slowdown in Europe as well as domestic political uncertainty on future business conditions.

    For the complete report, click here

  • A dovish outlook in troubled times: The European Central Bank (ECB) kept interest rates flat at 1 percent, according to an announcement from the bank today. President Mario Draghi played down Europe's woes, seeing recovery later in the year. He affirmed the bank would stand ready to act should the situation warrant.

    For more Draghi comments, click here.

  • The wine glass is starting to tip a little: According to a release from the company earlier, Tempur-Pedic International's (NYSE: TPX) fiscal 2012 is going to be a lot less cheerful. The company said due to slower-than-expected second-quarter sales to date in North America, it cut expectations for both second-quarter sales, as well as its outlook for 2012.

    For 2012, sales are now expected to be $1.43 billion with EPS of $2.70. Previously, Tempur Pedic saw sales of $1.60 billion to $1.65 billion and EPS of $3.80 to $3.95. The Street was modeling revs of $1.65 billion and EPS of $3.93 on average.

  • Looking to gain in its key market segment: Nokia (NYSE: NOK) ended the session up over 4 percent Wednesday after introducing the next line of its value-priced smartphones, the Asha series. According to the release: "The estimated retail price for Nokia Asha 305 is €63 and it's expected to start shipping in the second quarter of 2012. The estimated retail price for Nokia Asha 306 is €68. The Nokia Asha 311 has an estimated retail price of €92."

    For more color on the lineup, click here.

  • Well, Facebook did IPO...should've been a signal: U.S. productivity in the first quarter 2012 was less than expected. According to data from the Labor Department today, nonfarm business productivity was revised to negative 0.9 percent, from an initial reading of negative 0.5 percent. Economists were looking for a drop to just 0.8 percent.
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