Information provided by Theflyonthewall.com
A number of factors, including Facebook's
) upcoming inclusion in the Nasdaq 100 and reports of increased margin requirements on its stock, may have contributed to Apple's
) slide of over 4%. Conversely, strength in Bank of America
) and JP Morgan
) powered the blue chip index higher.
In a bold step by its new CEO, Citigroup
) announced it will cut about 4% of its workforce, or 11,000 jobs, with about 6,200 coming from its consumer banking unit and about 1,900 coming from the institutional clients group, which includes investment banking. Citi sees pre-tax charges of around $1 billion in Q4 due to the restructuring, but expects the cuts to save $900 million next year and slightly more after that. Citi shares jumped nearly 6% following the news.
In a huge deal that takes Freeport McMoRan
) from being a metals pure play and back to its roots as a diversified commodities producer, the company agreed to repurchase McMoRan Exploration
) for $14.75 per share in cash and to acquire Plains Exploration
) for $6.9 billion in cash and stock. Following the news, which was reported Tuesday night by the Financial Times, shares of Freeport plunged 13%, while McMoRan Exploration surged 82% and Plains jumped 26%.
Among the notable gainers were Cobalt International Energy
), up nearly 15% after announcing a Gulf of Mexico discovery in partnership with Total
), and SuperValu
), up over 9% following a report that the company may be close to selling its two biggest grocery chains to a private equity firm.
Among the noteworthy losers were Mattress Firm
), down 21%, and Pandora
), down 17% following their quarterly reports.