S&P, Dow Continue Rally, US Productivity Rebounds (HPQ, SBUX)
PUBLISHED ON: Aug 8, 2012
On Wednesday, both the Dow and S&P 500 continued their positive streak while Nasdaq dropped slightly. Despite growing expectations for ECB action, European shares were down. Hewlett-Packard (HPQ) led the Dow after increasing its third-quarter forecast and Disney (DIS) gained as well after higher than expected earnings in the second quarter. Bloomin' Brands (BLMN) made its market debut today and Starbucks (SBUX) ended higher after talks of plans for their mobile payment option stemmed from its recent acquisition of Square.Standard Chartered tumbled after a New York regulator made allegations that the bank hid $250 billion in transactions tied to Iran. Oil prices gained and US treasury prices fell after the sale of $24 billion in 10-year notes.
Word on the Street
- Visa (V) and Mastercard (MA) settle the largest private antitrust settlement in history.
- Starbucks (SBUX) partners up with Square and looks towards a mobile payments feature.
- Announcements of restructuring and an $8 billion writedown from Hewlett-Packard (HPQ) lead to a third quarter forecast boost.
- London Bank Standard Chartered accused by a New York regulator of laundering schemes with Iran.
- Bloomin' Brands (BLMN) debuts on Wednesday as the first of two edible IPOs this week.
- US Labor department data shows an increase in nonfarm productivity during the second quarter.
- The NYTimes (NYT) plans to sell About.com for $270 million and sees shares rise.
- Fossil (FOSL) Rockets on Improved Earnings.
- The lack of risk taking by the "one percenters" may be greatly hindering the US economy.
- Shared beliefs and perspectives by several remarkably successful people.
Posted in ...Daily Market Commentary