Market Wrap: H-P Bests Views; Recap for Bankia; Morgan Stanley to Adjust Facebook Trades

Market wrap-up for May 23rd

End of the Day: Dow Jones down 6.7 to 12,496.15; S&P 500 up 2.2 to 1,318.86; Nasdaq up 11.0 to 2,850.12

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

• The yin-and-yang of tech giants: Hewlett-Packard (NYSE: HPQ) is looking fit-and-trim in the after-hours session Wednesday following its second-quarter 2012 report showing a beat on the top and bottom lines as well as a new restructuring effort.
  
  Following Dell's first-quarter miss late Tuesday, H-P investors were a little nervous, sending shares over 3 percent lower on the session. However, H-P produced adjusted EPS of 98 cents on revs of $30.7 billion, versus views calling for EPS of 91 cents and sales of $29.9 billion, causing an after-hours buying spree.
  
  For more on the quarter, click here.
  
  
• On the upside, Morgan Stanley will now accept your friend request: Morgan Stanley continues to reel from its Facebook (Nasdaq: FB) blunder. According to reports, the firm sent out a memo to 17,200 financial advisers at its Morgan Stanley Smith Barney retail brokerage joint venture saying they are reviewing customer IPO orders on a trade-by-trade basis and will make price adjustments if those clients paid too much for the stock.
  
  During the Facebook IPO, data shows there were many orders lagging so badly and timed so poorly, that some didn't even realize an order went through until Monday morning.
  
  For more color, click here.
  
  
• Just not the same morning buzz without a little litigation thrown in there: Google (Nasdaq: GOOG) won a key patent victory against Oracle (Nasdaq: ORCL) Wednesday. According to a federal jury, Google's Android mobile operating system was found not to infringe on Oracle's Java technology.
  
  There will be a third part to this story, determination of total damages Google might be liable for. There was a copyright verdict which found Google infringed on a small amount of Java code.
  
  
• Wow, investors really went away in May: The Dow Jones appears to be back to its old ways. Following a bit of a jump on Monday, the index logged a two-day losing streak, bringing its total to about 14 losing days over the past 16 sessions, or 88 percent of the time.
  
  Other U.S. markets got a little bit of hope late in the session following comments by Italy PM Monti and newly-elected French president Hollande over a blanket euro zone bond. For more color, click here.
  
  
• Bucks for Bankia: Spain will move to recap Bankia SA with a €9 billion ($11.4 billion) infusion, the WSJ reported late in the session. The funds will bypass Bankia directly, going to its parent Banco Financiero y de Ahorros SA.
  
  Bankia is Spain's third-largest institution by assets, hanging on to 10 percent of the country's loans and deposits. The firm has €37.52 billion of real-estate developer loans, or which €17.85 billion are considered "problematic," according to the report.

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