On Tuesday, European governments made attempts to expedite their plans to help Spanish banks, but Spanish bond yields decreased minimally. The euro fell to a two-year low against the dollar. US stocks dropped lower with Nasdaq off by 1 percent after a cautious outlook given by tech companies and reports of low sales from AMD (AMD) and cut estimates for Applied Materials (AMAT). Coca-Cola (KO) announced a two-for-one stock split that will double the company’s common stock shares to 11.2 billion. Resarch in Motion (RIMM) has re-elected its board of directors and vows to turn the company around with the release of new Blackberry devices this coming fall.
Word on the Street
- Iowa-based broker Peregrine Financial Group (PFG) accused of misusing over $200 million in customer funds.
- Research in Motion’s (RIMM) new CEO vows to turn the company around with new Blackberry devices.
- EU governments announced their plan to speed up the lending of $123 billion in aid for Spanish banks.
- The US housing market may not have bottomed yet despite growth in home prices in the spring.
- Coca-Cola (KO) announces their shareowner-approved two-for-one stock split, doubling common stock shares.
- The euro hits a two-year low against the US dollar and oil prices extend losses.
- Comcast’s (CMCSA) NBCUniversal sells A&E to Disney (DIS) and Hearst, its partners in the joint venture, for $3.03 billion.
- What Apple’s (AAPL) Upcoming Tablet Means for Competitors.