The World’s a Bummer — Wednesday’s IP Market Recap

by Marc Bastow | September 26, 2012 5:09 pm

InvestorPlace Market Recap[1]The specter of unrest and protests in Greece and Spain ahead of planned economic austerity measures took their toll across the Atlantic as U.S. stocks declined for a third straight day.

Making matters just a little stickier were concerns over growth in China, where a territorial dispute[2] with Japan over islands that sit over natural gas reserves is putting a strain on trade relations.

All the news weighed on the market from the open, and the day ended with the Nasdaq down 0.77% to 3,093, the S&P off 0.57% at 1,433, and the Dow off 0.33% to 13,413.

On the news front, shares of beleaguered electronics retailer RadioShack (NYSE:RSH[3]) rallied 1% after CEO James Gooch announced his resignation[4]. RadioShack shares have been slammed 75% year-to-date as its top and bottom lines have dwindled. CFO Dorvin Lively was named interim chief executive.

Google (NASDAQ:GOOG[5]) continued to make news, this time beyond its stock’s recent rise beyond the $750 level[6], as CEO Eric Schmidt indicated his company might want to partner[7] with Yahoo (NASDAQ:YHOO[8]) for its search engine functions, possibly replacing Microsoft‘s (NASDAQ:MSFT[9]) Bing, with whom Google has partnered since 2009. The news did little to move the needle for either Microsoft or Yaho0.

Apple (NASDAQ:AAPL[10]) continued to fall, closing down just over 1% — the stock is now off 6% from its high point last week as investors continue to digest the news [11]out from the Foxconn facility riots, weaker-than-anticipated iPhone 5 sales, and bad user press over the phone’s map application.

Research In Motion (NASDAQ:RIMM[12]) continued a recent run, heading up more than 5% as the company announced it gained 2 million new subscribers[13] over the same period last year, bringing its total number of subscribers to over 18 million.

On the earnings front, shares of electronic circuit board manufacturer Jabil Circuit (NYSE:JBL[14]) dropped more than 9% after the company reported earnings that fell short of estimates, and also lowered future expectations. JBL dropped about 10% on the news.

Thursday’s earnings releases include Dependable Dividend Stock[15] McCormick (NYSE:MKC[16]), Real America Index[17] Component Nike (NYSE:NKE[18]) and Discover Financial Services (NYSE:DFS[19]).

Three Up

Three Down

Marc Bastow is an Assistant Editor at As of this writing, he was long AAPL and MSFT.

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