Stocks recovered somewhat from a sharp morning drop, as the President’s decision to release oil from reserves and continued euro-zone worries weighed on markets.
Crude futures were down as much as 5% today when the White House and International Energy Agency announced plans to release 60 million barrels of oil from emergency stocks, half from strategic reserves, to offset lost production from Libya.
The move was made, according to the IEA, to produce a well-supplied energy market and aid in a soft landing for the world economy, yet it comes at a time when oil prices have been in retreat. This is only the third time IEA member countries have used stocks in this way.
Spot gold last traded at $1521.70 an ounce, down 1.76% on Thursday, whilst spot silver fell 1.03%, and last traded at $35.41 an ounce.
Google Inc. (NASDAQ:GOOG) will be served by the Federal Trade Commission with civil subpoenas in the start to formal antitrust investigations of the company’s abuse of power in web search. Formal demands for information from Google are expected within five days.
The deepening investigation will be Google’s most serious antitrust issue to date; it will focus on issues of whether the company unfairly channeled users to its own network at the expense of rivals. Complaints range from the way results rank in Google’s search service, to the extension of its dominance in search to control other markets such as mobile phones.
Meanwhile, Yahoo Inc’s (NASDAQ:YHOO) embattled CEO Carol Bartz received the backing of its board of directors at the annual shareholder meeting, with chairman Roy Bostock saying the board was confident that Yahoo is headed in the right direction. Bostock also complimented the CEO for fixing “the engine room” of the company. Since Bartz became CEO of the company in 2009, profits have risen largely on improvements in operation and cost cutting; revenue has continued to fall along with market share.
Recently, Yahoo stopped developing its own search engine, powering its searches with a Microsoft’s (NASDAQ:MSFT) search engine. Only weeks ago, Facebook surpassed Yahoo as the top seller of online display ads. Bartz, criticized early for not defining a vision for Yahoo, is now focused on making it “the world’s premier digital media company.”
Viacom Inc. (NYSE:VIA) sued Cablevision Systems Corp. (NYSE:CVC) , accusing the company of unlawfully streaming Viacom’s live television shows on mobile devices. Viacom has agreements with several digital media distributors to stream content, but it claims Cablevision broke the terms of its contract when it launched an application to stream live programming via the iPad in April. Viacom is seeking an injunction to prevent Cablevision from offering the app and damages.
Airbus, a unit of European Aeronautic Defense & Space Co. (OTC:EADSY) , had a highly successful showing at the Paris Air Show, booking its largest ever single commercial aircraft order of 200 revamped A320 jets from Malaysian low-cost airline AirAsia Bhd. It garnered 667 orders and commitments for the A320neo, a more fuel-efficient version of the A320, which will begin deliveries in 2015. Airbus received a total of 730 orders worth $72.2 billion since Monday- a record for an air show. Boeing (NYSE:BA) is lagging far behind with 129 orders worth $22 billion.
The J.D. Power & Associates survey showed Ford (NYSE:F) cars have tumbled far in initial quality rankings from last year, the first time their rank has fallen below average since Alan Mulally took over as CEO. Ford fell 18 spots to number 23 from number 5 last year, out of 32 car brands. Lexus, Honda, and Acura ranked first, second, and third, respectively.
Cameron and Tyler Winklevoss, the twins made famous by the movie, The Social Network, have decided not to petition a U.S. Court of Appeals decision that forced them to stick with their original settlement. The twins had sued Facebook, claiming founder Mark Zuckerberg stole their idea for the social networking website. They original settled the dispute for $20 million in cash and $45 million in private Facebook stock. The twins later claimed that Facebook withheld important details during the settlement, leading to a lower valuation.
Chevron Corp (NYSE:CVX) dropped 2.8% on the White House announcement of the release of oil from emergency stocks.
American Airlines Corp (NYSE:AME) rose 4.9% on the news of oil release from emergency stocks.
Bristol-Myers Squibb Co. (NYSE:BMY) increased 5.6% with the news that its developmental blood thinner apixaban prevented more strokes with less bleeding than the standard of care.
Red Hat Inc. (NYSE:RHT) rose 4% with projected fiscal 2012 revenue above analyst estimates.
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