Market Wrap: H-P Returns to Earth; Apple's Bite-Sized Tablet Under Way; Europe Gets Tough on Banks


FREE Breaking News Alerts from StreetInsider.com!

E-mail Address
October 3, 2012 5:21 PM EDT Send to a Friend
Market wrap-up for October 3rd

End of the Day: S&P 500 up 5.2 to 1,450.99; Dow Jones up 12.3 to 13,494.61; Nasdaq up 15.2 to 3,135.23

The following is a brief summary of events moving markets today:
  • Wings are officially melted: The top story today is Hewlett-Packard (NYSE: HPQ), which had CEO Meg Whitman "getting real" with industry analysts today. Whitman noted some of the shortcomings at the PC and server giant and said that, although changes will be made, real rebound won't happen until about 2015.

    Most notably, the Company said it expects fiscal 2013 to be in the range of $3.40 to $3.60, versus the current Street consensus of $4.18.

    Shares ended the session nearly 13 percent lower. For more color from the meeting, click here.

  • Where'd that come from?: The European Banking Authority (EBA) announced today that European banks will now need to maintain tier 1 ratios at 9 percent of risk-weighted assets.versus prior expectations of simply being able to meet the metric under a "stress test" environment.

    Banks will need to show that they can adhere to the levels until they are able to meet Basel III requirements, which will come into effect later this decade.

    The EBA released results from its own "Stress Test," showing that 27 capital-deficient banks were somehow able to come up with a total of €116 billion of new capital.

  • Big news on mini iPad: Apple (Nasdaq: AAPL) is said to be starting the wheels on production for a smaller version of its uber-popular tablet device, the iPad. The device will boast a 7.85-inch liquid-crystal and shares many components used by its bigger brother.

    For more color, click here.

  • Discount sales return: Family Dollar (NYSE: FDO) led discount retailers higher today following a no-frills quarterly report issued earlier. For its fiscal fourth-quarter, the Company reported EPS of 75 cents and sales of $2.36 billion, both flat to Street estimates.

    For more on the quarter, click here.

  • More fees, please!: Facebook's (Nasdaq: FB) next effort to draw revs from its robust user base is Promoted Posts. For $7 Facebook users can get their posts more visibility on friend's news feeds. The pricing is temporary and the service is being tested out in a few markets, but imagine the possibilities for a wedding proposal, yard sale, or if you just want everyone to think of you that day and have an extra $7 sitting around doing nothing.

    For more color, click here.

  • Quick, sell more tape!: 3M (NYSE: MMM) made some bold moves today. The company earlier announced that it is consolidating its six business units into five, making some management changes along the way. Then, after the close of the market 3M said it and Avery Dennison (NYSE: AVY) have terminated a definitive agreement under which 3M would have purchased Avery Dennison’s Office and Consumer Products business.
Click here to go to Streetinsider's Full News Feed and never miss a beat!

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here


You May Also Be Interested In


Related Categories

Special Reports

Related Entities

Standard & Poor's, Earnings

Add Your Comment