Thursday was a historic day with the Supreme Court’s decision to uphold the ACA healthcare reform, having the potential to redesign the industry. Also, the EU Summit began today with European leaders formally negotiating their plans for the crisis. Stocks dropped with the growing pessimism stemming not only from the eurozone debt problems but also the latest, disappointing report on unemployment figures. What originally was thought going to be a larger loss for JPMorgan (JPM) may not actually be as high. Oil prices fell on Thursday as well as both gold and copper, all most likely related to the doubtful outlooks for the EU Summit also. At the very end of the day Research in Motion (RIMM) announced cuts for its restructuring plans, missing earnings expectations.
Word on the Street
- JPMorgan Chase’s (JPM) losses may reach as much as $9 billion, but probably less.
- US labor market continues to show weakness with claims of unemployment at the highest of the year.
- Google’s (GOOG) tablet may be ‘just another Android device” when compared with Apple’s (AAPL) iPad.
- Crude oil futures fall 3% on Thursday, may be heading for worst quarter since 2008.
- Research in Motion (RIMM) announces 5,000 job cuts and losses per share.
- If the EU Summit fails, Italy and Spain may lose market access.
- What the Affordable Care Act rulings could mean for small businesses and job creation.
- Best Buy’s (BBY) Founder Tries to Take the Company Private.