BP Announces Big News; Markets Remain Flat – June 16, 2010

By: InvestorGuide Staff, dated June 16th, 2010

Today’s trading session concluded with fairly flat results. The Nasdaq ended practically the same way it started the day, and the Dow posted a 4.69 point gain while the Standard and Poor’s 500 index lost 0.69 points. All eyes were on BP (BP) today as traders awaited its decision on a dividend payout and a Gulf recovery plan. BP appeared to appease the public uproar a little with its announcement of a $20 million Gulf aid fund and a no dividend payout stance. In the tech sector, Apple (AAPL) seemed to lift trading with its record setting new iPhone presale orders. Fedex (FDX) shares dropped after it disappointed investors with weaker-than-anticipated guidance for this year. In other news, U.S. light crude oil for July delivery gained 73 cents to $77.67 a barrel on the New York Mercantile Exchange. COMEX gold for July delivery fell $3.90 to $1229.30 an ounce.

Word on the Street

BP (BP) agrees to a $20 million escrow fund to help aid the Gulf in recovery and damage claims.

Sunoco Inc. (SUN) plans to separate from its coke-manufacturing operations so it can better focus on its fuel business.

Apple’s new iPhone is setting pre-order records despite problems with handling the order volume.

Johnson & Johnson’s recent recall of various non-prescription medications has left stores scrambling for inventory. Find out what medicines were recalled and why.

Has the housing market really hit its bottom? Some think that the worst is yet to come.

Apple’s iPad is the leader in the rapidly growing “tablet pc” market, and Microsoft (MSFT) may be giving them an even bigger head start with its recent delays.

There seems to be a growing trend with current higher education students transitioning into “trade” oriented careers as oppose to the more traditional development paths. Check it out.

Nokia (NOK) seems to be having trouble in the smart phone battle, and announced that it will fall short of its outlook for this quarter.

General Mills (GIS) has been the victim of a fake press release. Find out what it said.