NYSE and Nasdaq Plan to Back Up One Another’s Data Streams

The committees that control consolidated data feeds for Nasdaq OMX Group and NYSE Euronext are close to an agreement on a plan to back up one another’s streams, according to people familiar with the matter.

The collaboration would strengthen one of the stock market’s common points of failure. The committees, which together include members of all U.S. exchanges, are also discussing other ideas that could stabilize the infrastructure of the financial exchanges.

Negotiations between the committees are under way, and an agreement could come by the end of this month, according to a person familiar with the matter.

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Alibaba: NYSE, Nasdaq Approve Partnership Structure Proposal

The New York Stock Exchange and the Nasdaq Stock Market have each agreed to let Alibaba Group Holding’s founder and senior management team have control over the board of the Chinese e-commerce giant if it seeks to list its stock on the exchanges, Alibaba said.

The approvals mean fewer hurdles for a possible U.S. initial public offering by Alibaba. The deal, if it happens, could be the largest Internet IPO since Facebook Inc.’s market debut last year.

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Nasdaq slumps as Apple stock price hits 10-month low

“The Nasdaq Composite Index fell 0.62% to 2,973.68 at 3:00 p.m. EST today as Apple stock fell to a 10-month low,” Jonah Loeb reports for Minyanville.

“The tech giant saw its stock price plummet 3.87% to just $509.20 after consumer pressure forced it to bring Google Maps services back to iOS,” Loeb reports.

MacDailyNews Take: No. Apple removed Google’s data from iOS Maps and, due to this newfound competition, Google was forced to up their game. They wrote a new Maps app and submitted it to Apple’s App Store for approval. Having followed Apple’s guidelines, the app was approved.

Loeb reports, “Facebook also hit a skid today, falling 3.90% to $27.14 as its fourth lockup period expired, opening up another 156 million shares of the company to public trading.”

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MacDailyNews Take: We find it highly doubtful that Apple’s iPhone cementing it’s position as the undisputed best smartphone for mobile maps caused the stock to swoon. Perhaps other factors are weighing on the stock?