SHARES OF FACEBOOK'S IPO ARE PRICED AT $38
Social media giant Facebook's IPO prices at $38 a share, at the high end of a range that had been boosted earlier this week. The popular social networking website has the largest valuation of any IPO to debut in the U.S.
US STOCKS FALL AMID SPAIN CONCERNS, MUTED DOMESTIC DATA
Stocks extend their streak of declines as concerns about Spain's banks and a weak reading on mid-Atlantic business conditions outweigh upbeat earnings from Wal-Mart and Sears. DJIA slides 156.06 to 12442.49.
MOODY'S CUTS 16 SPANISH BANKS
Moody's Investors Service downgrades 16 Spanish banks and Santander UK, a U.K.-domiciled subsidiary of Banco Santander SA, the latest blow for a country already facing economic recession and surging unemployment.
APPLIED MATERIALS NET DOWN 41%
Applied Materials reports a fiscal 2Q profit of $289 million, or 22c a share, as the company's margins narrowed, though revenue of $2.54 billion dropped less than expected. Shares edge up 1.4% after hours.
DIMON TO TESTIFY BEFORE SENATE PANEL
J.P. Morgan Chase Chief Executive James Dimon will testify before a key Senate panel as early as next month about his company's $2 billion-plus trading loss.
H-P TO CUT BETWEEN 25,000 AND 30,000 JOBS
Hewlett-Packard is planning to cut its work force by 25,000 to 30,000 people, according to people familiar with the matter. The cuts follow the company's recent decision to combine two of its units.
GAP NET FLAT, RAISES FULL-YEAR GUIDANCE
Gap's fiscal 1Q profit is unchanged from last year's $233 million, as it reports higher same-store North American sales but weakness overseas. Company raises full-year estimate range by 3c a share. Shares slip a tad after hours.
INTUIT NET UP 6.7%, NARROWS FULL-YEAR GUIDANCE
Intuit's fiscal 3Q profit rises to $734 million, or $2.42 a share, as its consumer tax customer base grows by 11%, although its digital tax segment is up only 5%. Company narrows full-year guidance. Shares slip after hours.
GREEK SYRIZA LEADER SAYS FUNDING MUST CONTINUE
In an interview, Alexis Tsipras, the head of the Coalition of the Radical Left, also known as Syriza, says there is little chance that Europe will cut off funding to the country and if it does, Greece will repudiate its debts.
US JOBLESS CLAIMS HOLD STEADY FOR WEEK
Initial jobless claims stay at seasonally adjusted 370,000 in the week ended May 12, matching prior week's revised reading, suggesting that the recently volatile labor market is stabilizing.
SPAIN APPROVES REGIONAL SPENDING PLANS
Spain's government says 16 of the country's 17 regions are on track to meet this year's budget targets, a key part of its efforts to slash a towering budget deficit and ward off an international bailout.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
JP Morgan Selloff Seen Spurring Fund Flow From Banks
Investors have drained almost $26 billion in market capitalization from J.P. Morgan Chase since the bank announced a $2 billion trading loss--and most of it likely has left the bank sector altogether, writes Matthias Rieker.
Some Advisers Deter Facebook-Frenzied Clients
Many advisers are working to talk some clients out of chasing Facebook stock post-IPO, which they say is likely to be overpriced by the time it's available to the average retail investor, writes Daisy Maxey.
============ U.S. MARKETS ACTION ===========
DJIA down 156.06 points to 12442.49
NASDAQ down 60.35 points to 2813.69
S&P 500 down 19.94 points to 1304.86
10-year T-note 100 13/32 at 1.7014 yield
NYMEX Crude down $0.25 at $92.56/bbl at close
Dollar/Euro down 0.0100 at 1.26870