On Wednesday, stock indices continued to slide off after headlines from Bernanke and the Fed’s Operation Twist, extending its plan to switch to long term bonds until the end of the year. S&P 500’s 10 sectors were all negative after Bernanke’s speech and traders continue to look for factors to stabilize the economy and in particular the job market. JPMorgan Chase (JPM) had some surprising good news at the end of the day while Proctor & Gamble (PG) disappointingly pulled down the S&P 500. Oil prices in the US are at an 8 month low. Several announcements came from companies such as Microsoft (MSFT) and Research in Motion (RIMM), both making plans for future restructuring and software to attack their market competition.
Word on the Street
- P&G (PG) cuts growth forecasts for the second time in two months, focuses on big businesses.
- Despite Facebook’s (FB) disastrous first month as a public company, it makes strong plans for a comeback.
- Microsoft (MSFT) unveils platform for new Windows Phone 8 software.
- Rates fall as the Fed expands and extends Operation Twist program until the end of the year.
- Research in Motion (RIMM) starts lay-offs for restructuring plan in order to save $1 billion this year.
- Price of oil at lowest level in 8 months due to an unexpected rise in US inventories.
- Talk of store strategy after the sudden departure of J.C. Penney’s (JCP) president Michael Francis.
- Walgreens (WAG) Down on Alliance-Boots Takeover, Earnings.