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Wall Street Rallies After EU Agreement, Second Quarter Ends With a Bang (RIMM, NKE)

By: , dated June 28th, 2012

Weekly Wrap Up

The end of the week brought a final surge for US stocks as leaders offered emergency support for European banks at the EU Summit. Commodities, crude oil, and gold all gained after this positive news from Europe. The S&P 500 index gained 1.6% for the week.

Also this week, Research in Motion (RIMM: Charts, News) announced another quarterly loss and its plan to cut about 5.000 jobs. News Corp. (NWSA: Charts, News) announced its plan to split and UK bank Barclays agreed to pay $453 billion after admitting to manipulating the Libor index. More Market News

Economic News

Consumer Sentiment Hits Lowest Level of 2012
U.S. consumer sentiment dropped to a six-month low in June as Americans’ view of the economy soured, a survey released on Friday showed.The Thomson Reuters/University of Michigan’s final reading on the overall index on consumer sentiment fell to 73.2 in June from 79.3 in May. Click here to read the full article
Wall Street powers higher after euro-zone agreement
Stocks surged on Friday as investors cheered an agreement by European leaders to stabilize the region’s banks, a pact that helped remove some of the uncertainty that has been plaguing markets.The broad rally put the S&P 500 on track for its best day in about three weeks and helped the benchmark index trim its quarterly loss to less than 4 percent. Click here to read the full article

Business News

Constellation Brands Doubles Down on Corona in Move Beyond Wine
Constellation Brands Inc. (STZ: Charts, News), the world’s largest wine seller, is doubling down on Corona as it looks to widen its lead as the top U.S. beer importer.The $1.85 billion agreement to buy the other half of its Crown Imports joint venture with Grupo Modelo (SAB: Charts, News) gives Constellation more control over the best-selling import beer in the U.S. The perpetual contract also gives the winemaker confidence to invest more heavily in beer, according to Chief Executive Officer Rob Sands. Click here to read the full article
No Comfort in RIM’s Cash Cushion
Research In Motion (RIMM: Charts, News) is again moving fast. Trouble is, it is in the wrong direction.Bleak first-quarter results Thursday evening showed a $518 million net loss and a 33% drop in revenue. RIM delayed the release of its new line of BlackBerry smartphones until the first quarter of 2013 and projected a second-quarter operating loss. Amid the gloom, however, was a relative bright spot: RIM’s $2.2 billion in net cash. Click here to read the full article
Nike’s surprise miss spooks investors
Nike Inc. (NKE: Charts, News) shares saw their biggest decline since October 2008 on Friday after fiscal fourth-quarter profit unexpectedly declined and demand in China, its key growth market, slowed.Nike stock fell 10% at $87.03, becoming the day’s biggest decliner on the S&P 500 Index. Click here to read the full article

Technology Focus

Facebook Shares: Still No Love From Wall Street Analysts
After spending 40 days and 40 nights in the figurative wilderness, Facebook (FB: Charts, News) has emerged from its temporary exile only to find out that Wall Street pretty much feels the same about it today as it did a month ago, which is to say, mixed. Click here to read the full article
Will Google’s Personal Assistant Be Creepy or Cool?
One day, people won’t have to type queries into a box to search for information: It’ll be delivered to them, via their various screens, based on where they are, who is nearby, and what they might like and need to know. Click here to read the full article
Tablets Trump Smartphones for Ecommerce–Are PCs Next?
Retailers tend to lump tablets and smartphones into the same category called “mobile,” but that might not be wise, according to the results of a new study by online marketing technology company Monetate.The company has studied more than 100 million online shopping experiences and the results make it clear that tablets and smartphones should be separated out as separate audience segments or retailers risk alienating customers. What’s more, as other studies have found, tablets are a much more valuable device for ecommerce than smartphones. Click here to read the full article

Your Money

How to Start a Business Without Really Trying
Threadless co-founder Jake Nickell didn’t aim to build a wildly popular online T-shirt shop. But that’s what he did–by thinking of the community first and the business second. Click here to read the full article
How LinkedIn Has Turned Your Resume Into A Cash Machine
LinkedIn’s chief executive, Jeff Weiner, doesn’t want to talk about Facebook. No, no, no. “I’m not going to get into comparisons with them,” he declares. And yet a few minutes later Weiner rises from his chair, walks over to a whiteboard and energetically sketches a diagram that the world’s other giant social network can’t match. Click here to read the full article
This article was brought to you by the InvestorGuide Staff Writers and Editors.

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