Market Wrap: Zynga CFO Heads for Greener Pastures; BNY Mellon Ends Madoff Strife; Best Buy Looks Competitive; Hedge Funds on the Move

Market wrap-up for November 13th

End of the Day: S&P 500 down 5.5 to 1,375.53; Dow Jones down 58.9 to 12,756.18; Nasdaq down 20.4 to 2,883.89

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

• Case closed: The Bank of New York - Mellon's (NYSE: BK) Ivy Asset Management will pay about $210 million to resolve outstanding litigation with respect to losses tied to Bernie Madoff. The payment will stem potential litigation from New York Attorney General Eric Schneiderman, the U.S. Department of Labor, as well as investors.
  
  Along with tfuture amounts and sums received from the Madoff bankruptcy proceeding, Ivy investors are expected to regain all of their investment back.
  
  
• Why would he go to Facebook?: After the market closed, Zynga Inc. (Nasdaq: ZNGA) said its Chief Financial Officer David Wehner is leaving the company for a senior finance position at Facebook, Inc (Nasdaq: FB). Taking his spor will be, Mark Vranesh, the company's accounting chief.
  
  The company also announced that David Ko, previously chief mobile officer, has been appointed chief operations officer; Barry Cottle, previously executive vice president, business and corporate development, has been appointed chief revenue officer; and Steven Chiang, previously executive vice president of games, has been appointed president of games.
  
  It's like the world's best most unusual shell game.
  
  
• How long is 'long-term' exactly?: Best Buy Co., Inc. (NYSE: BBY) held its analyst and investor conference today, with President and CEO Hubert Joly making some strategic announcements. Most of all, Best Buy affirmed it will compete with other retailers on price this season, something investors may or may not like. Joly also said that Best Buy has a long-term operating margin goal of five to six percent and a return on invested capital of 13 to15 percent. In the short term, the company's goal will be to stabilize and then begin increasing its comparable store sales and operating margin.
  
  For more color, click here.
  
  
• "We wish we could quit you, AMR Corp": US Airways (NYSE: LCC) is said to have met with AMR Corp.'s (OTCBB: AAMRQ) creditors in an effort to sway the group for a potential merger of the two companies. US Air has been pushing for a merger since AMR filed for bankruptcy at the same time last year.
  
  Tomorrow, the group of creditors will also hear from AMR's American unit on its plan to exit bankruptcy independently.
  
  
• Cisco Systems (Nasdaq: CSCO) reported solid first-quarter 2013 results. For more on the numbers, click here.
  
  
• Home Depot (NYSE: HD) was also a winner today, with third-quarter 2012 numbers coming in better than expected and the home goods retailer boosting its outlook for the fourth-quarter and fiscal 2012. Click here for more color.
  
  
• Activist investor Carl Icahn is back at it again, showing a near-10 percent stake in Greenbrier Companies (NYSE: GBX) today. The disclosure helped Greenbrier to close nearly 20 percent higher Tuesday. For more on the position, click here.
  
  
• Notably, he lives in Belize, widely-regarded as one of the prettiest places on the globe: John McAfee, founder of the software company that wore the same name, is wanted in Belize for the possible killing of his neighbor, U.S. citizen Gregory Faull. Currently, he still on the run and it really is shaping up to be one of the most intriguing stories around.

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