Market Wrap: iPad Mini: Littler, Oval-ish, Different; Siris' Karmazin to Exit; Earnings in Full Swing; Bernanke on the Outs


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October 23, 2012 5:50 PM EDT Send to a Friend
Market wrap-up for October 23rd

End of the Day: S&P 500 down 20.7 to 1,413.11; Dow Jones down 243.4 to 13,102.53; Nasdaq down 26.5 to 2,990.46

The following is a brief summary of events moving markets today:
  • Bite-sized goodness: Apple (Nasdaq: AAPL) finally took the wraps off of its next-generation iPad: the iPad Mini

    Apple's new device debuted as expected: WiFi, 7.9-inch display, all the great features of the iPad 2 in a smaller, more portable design. For more from the release, click here.

    One hang up with investors was the pricing scheme; starting at $329, consumers might balk if comparing to the $199 Nexus 7 or Kindle Fire. Knowing past sales of Apple products, however, that shouldn't be an issue.

  • He's serious this time: Sirius XM (Nasdaq: SIRI) CEO Mel Karmazin said he would be stepping down fro the role next February following the expiration of his current employment agreement and after a transition period. For more, click here.

  • Getting into the thick of it: Earnings out today from the likes of Facebook (Nasdaq: FB), Netflix (Nasdaq: NFLX), DuPont (NYSE: DD), TI (NYSE: TXN), and more. Click here to review today's hot reports and summaries.

  • But, please keep using the cards, okay?: Target (NYSE: TGT) entered an agreement with TD Bank to sell its U.S. credit card portfolio. Target reported that the portfolio has a gross value of approximately $5.9 billion.

    In addition, the two companies entered into a seven-year program agreement under which TD will underwrite, fund and own future Target Credit Card and Target Visa receivables in the United States.

  • Wants more "quality baseball-watching time": Fed chair Ben Bernanke is mulling retirement from his position, regardless of who becomes President next.

  • Prices to drop at the pump. Any day now: Crude oil futures settled below $87 on Tuesday as supplies have remained healthy and some have questioned whether the global economy would bounce back to meet demand. December contracts fell $1.98 to $86.67 per barrel on the Comex.
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