Market Wrap: The Facebook Pump and Dump; Patroit Coal Gets the Black Lung; SAP Clouds Up

Market wrap-up for May 22nd

End of the Day: Dow Jones down 1.7 to 12,502.81; S&P 500 up 0.6 to 1,316.63; Nasdaq down 8.1 to 2,839.08

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

• The blue has officially leaked out of Facebook's logo...and landed directly in investors' emotions: Ahead of Facebook's (Nasdaq: FB) much anticipated IPO, an investment banking analyst at Morgan Stanley (NYSE: MS) -- the lead underwriter on the effort -- was said to cut his revenue outlook based on new information from an SEC S-1 filing showing more users accessed the site via mobile devices. Mobile ad revs are much less than those received when a user accesses Facebook's website with a PC.
  
  For more on the Facebook saga, click here.
  
  
• Traders were not digging this bit of information: Coal miners took a dive Tuesday afternoon following reports Patriot Coal Corporation (NYSE: PCX) may be in talks with advisors over strategic options for the company moving forward. For more color, click here.
  
  Stocks affected include:
  • Arch Coal (NYSE: ACI);
    
  • James River Coal (Nasdaq: JRC);
    
  • Alpha Natural (NYSE: ANR);
    
  • Peabody (NYSE: BTU);
    
  • Cloud Peak (NYSE: CLD); and
    
  • CONSOL (NYSE: CNX)
• SAP (NYSE: SAP) said it entered into an agreement to acquire to buy Ariba (Nasdaq: ARBA) for $45 per share, or valued at about $4.3 billion. For more on the merger, click here.
  
  
• Best Buy looking like a "Best"-er buy today: Best Buy Co. (NYSE: BBY) kept the dream alive Tuesday. The retailer reported first-quarter EPS of 72 cents on revs of $11.61 billion, versus Street views looking for EPS of 59 cents on revs of $11.49 billion. Shares ended the session up 1.6 percent.
  
  For more color on the quarter, click here.

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