Market Wrap: Facebook is Alive!; H-P Makes Serious Cuts; Spanish Banks Trimmed; Salesforce.com...Great at Selling

Market wrap-up for May 17th

End of the Day: Dow Jones down 156.1 to 12,442.49; Nasdaq down 60.4 to 2,813.69; S&P 500 down 19.9 to 1,304.86

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

• Facebook's IPO!!!: Facebook's (Nasdaq: FB) IPO has priced its IPO at $38 per share, valuing the social networking giant at about $100 billion. For a preview, click here.
  
  
• Eight percent down, 42 to go: Hewlett-Packard (NYSE: HPQ) said it plans to cut its workforce by 25,000 to 30,000 jobs Thursday afternoon, according to the WSJ. The number amounts to about 8 percent of Hewlett-Packard's total workforce. Word comes following the combination of its personal-computer and printer units, which happened earlier in the year.
  
  H-P finished the session up slightly.
  
  
• It's an 'n-kind distribution,' not sale, people: Barnes & Noble (NYSE: BKS) ended the session notably lower Thursday and is trading lower in the late session, amid reports large holder Ron Burkle will distribute a small portion of his holdings to investors in Yucaipa funds. Those receiving the funds will be able to sell, though Burkle plans to hang onto the majority of his 19.77 percent stake.
  
  
• Yes, Spain's banks have the capacity for lower ratings. Moody's wants to know "just how low" that is: Moody's cut its ratings on 16 Spanish banks following a recent bond auction which was oversubscribed and which also saw its yields jump higher. According to the rating service, "The rating downgrades primarily reflect the concurrent downgrades of most of these banks' standalone credit assessments, and in five cases also Moody's assessment that the Spanish government's ability to provide support to the banks has reduced."
  
  For more color on the call, click here.
  
  
• At this rate, top-line numbers across the board should be very impressive next quarter: Salesforce.com (NYSE: CRM) reported revs of $695.5 million and adjusted EPS of 37 cents for its fiscal first-quarter of 2013. The Street was looking for revs of $678.2 million and EPS of 34 cents. For a brief summary, click here.

Click here to go to Streetinsider's Full News Feed and never miss a beat!

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• Intchains Group Ltd (ICG) PT Lowered to $2 at Benchmark Following 1H Results
• Bernstein SocGen on Meta Platforms Inc. (META): 'Risk-reward remains attractive'