After Market: Stocks Stabilize, and Microsoft's CEO Short List Gets Shorter


The market ended a rough week with some green arrows, and one major tech company took a preemptive step to block Microsoft from poaching one of its top executives.

LG Launches G2Smartphone
Andrew Burton/Getty ImagesSteve Mollenkopf, president and COO of Qualcomm, is being tapped as its next CEO -- which appears to rule him out as a successor to Microsoft CEO Steve Ballmer.
Qualcomm (QCOM) unexpectedly named a 20-year company veteran as Chairman and CEO. President and COO Steve Mollenkopf will take over for Paul Jacobs, the son of the company's founder. Here's the reason this is big news: Mollenkopf had recently emerged as a leading candidate to succeed Steve Ballmer as CEO at Microsoft (MSFT), which can now cross him off its short list. Qualcomm was little changed, but Microsoft fell 1.5 percent.

The Dow Jones industrial average (^DJI) gained 16 points on Friday, and the Nasdaq composite (^IXIC) added 2, but the Standard & Poor's 500 index (^GPSC) edged down by less than a point. The averages all ended lower for the week.

Two factors that have boosted the market all year were on display again today: stock buybacks and IPOs.

Honeywell (HON) announced plans to buy back up to $5 billion worth of its stock. It's shares edged higher for the day; Honeywell's up 40 percent over the past year.

And on the IPO front, Nimble Storage (NMBL) jumped 61 percent from its $21 a share initial pricing. So far this year, the market has been inundated with more than $51 billion in new stock offerings, the most in 13 years.

Some of the biggest names on the Nasdaq were on the move.

Amazon (AMZN) gained about 1 percent on reports that it's working on a plan to expand home delivery of consumer packaged goods –- everything from paper towels to pet food. Analysts say it's a direct challenge to Costco (COST) and Sam's Club (WMT). Twitter (TWTR) rose 7 percent on a recommendation from the brokerage firm RBC. But Apple (AAPL) and Intel (INTC) both lost about 1 percent.

Adobe (ADBE) jumped 13 percent. Quarterly results were weak, but subscriptions to its new cloud service jumped 40 percent.

And Anadarko Petroleum (APC) slid 6 percent after a bankruptcy court judge said the company could be liable for at least $5 billion -- and maybe a lot more -- in an environmental lawsuit.

What to Watch Monday:
  • At 8:30 a.m. Eastern time the Federal Reserve Bank of New York releases its Empire State Manufacturing Survey for December, and the Labor Department reports revised productivity and costs data for the third quarter.
  • At 9 a.m., Markit releases its manufacturing index of purchasing managers for December, and the Treasury Department reports international capital for October.
  • The Labor Department reports industrial production for November at 9:15 a.m.
-Produced by Drew Trachtenberg.

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fakeconomics1

You cannot suppress us!!

December 13 2013 at 6:56 PM Report abuse +2 rate up rate down Reply
fakeconomics1

Microsoft needs come clean with their Windows 8.1 and IE. Are you facilitating your advertisers with the expense of our privacy? I also ask Google, Yahoo, AOL, Twitter, and Facebook??

Are you here for the benefits of consumers? or Selling and facilitating in the name of "Our Business Affiliates"??

December 13 2013 at 6:54 PM Report abuse rate up rate down Reply
fakeconomics1

Advertisements? OK ---But cookies? NO

December 13 2013 at 5:45 PM Report abuse +1 rate up rate down Reply
fakeconomics1

Please Buy Made in America products - as much as you can

December 13 2013 at 5:30 PM Report abuse +3 rate up rate down Reply
fakeconomics1

I hope Microsoft has guts to listen to end users and make changes accordingly. Last few years Microsoft has excelled in frustrating the consumers. I respect Bill Gates but his deputies are not doing a great job. You don't want to make some quick buck by introducing a bad product because it will damage your long term prospectus.

December 13 2013 at 5:24 PM Report abuse +2 rate up rate down Reply