Market Wrap: Facebook + BlackBerry?; Nasdaq Troubled Again; Take-Two Crushes Estimates

October 29, 2013 5:56 PM EDT
Market wrap for October 29th

End of the Day: S&P 500 up 9.8 to 1,771.95; Dow Jones up 111.4 to 15,680.35; Nasdaq up 12.2 to 3,952.34

* SAC Capital to plead guilty to securities fraud, the WSJ reported. The hedge fund run by Steve Cohen will stop managing outside funds and pay criminal penalties of $1.2 billion.

* Nasdaq OMX (Nasdaq: NDAQ) issued an updated statement related to today's earlier issue that had the exchange unable to publish index quotes. The company said the disruption was caused by a human error. "NASDAQ OMX experienced an interruption of service related to the dissemination of Global Index Data Service (GIDS 2.0). The disruption was caused by a human error performing an operational function which resulted in the incorrect delivery of data to the index distribution system. This limited the ability of the system to distribute index data from 11.53 am to 12.37 pm EDT. The index calculation system was not impacted. No equity exchange operations have been impacted."

* NQ Mobile (NYSE: NQ) announced that China Mobile (NYSE: CHL) has licensed the Company's audio-based music search technology for integration into China Mobile's Migu music service. The company also announced that it would sue short-seller Muddy Waters. Both headlines boosted shares, with the stock closing up 25.1 percent on the session.

* BlackBerry Limited (Nasdaq: BBRY) met with Facebook (Nasdaq: FB) about potential bid. For more color, click here.

* Take-Two Interactive (Nasdaq: TTWO) reported Q2 EPS of $2.49, $1.01 better than the analyst estimate of $1.48. Revenue for the quarter came in at $1.27 billion versus the consensus estimate of $836.71 million. Sees FY2014 EPS of $3.50-$3.75, versus the consensus of $2.80. Also sees FY2014 revenue of $2.20-$230 million, versus the consensus of $2.03 million.

* Linkedin (NYSE: LNKD) reported Q3 EPS of $0.39, $0.07 better than the analyst estimate of $0.32. Revenue for the quarter came in at $393 million versus the consensus estimate of $385.57 million. Sees Q4 2013 revenue of $415-$420 million, versus the consensus of $438.08 million. Sees FY2013 revenue of $1.5 billion, versus the consensus of $1.51 billion.

* Dell, Inc. (Nasdaq: DELL) completed its go-private tranaction by Michael Dell, Dell’s Founder, Chairman and CEO, and Silver Lake Partners, a leading global technology investment firm. For more color on the closure, click here.

*International Business Machines Corp. (NYSE: IBM) board of directors today declared a regular quarterly cash dividend of $0.95 per common share, payable December 10, 2013 to stockholders of record November 8, 2013. The board today also authorized $15 billion in additional funds for use in the company’s stock repurchase program. IBM said it will repurchase shares on the open market or in private transactions from time to time, depending on market conditions. For more on IBM's capital reallocation plan, click here.

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SAC Capital, Steven A. Cohen, Standard & Poor's, Silver Lake Partners, Michael Dell, Dividend, Hedge Funds, Stock Buyback, Muddy Waters LLC

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