Positive Housing Reports Lift Stocks on Wednesday (ADBE, WMT)
Both global and US markets gained after the Bank of Japan announced easing of its monetary policy and US home sales increased to a rate higher than any during the last two years. The housing reports are encouraging but investors wonder if the recovery is sustainable. Oil prices dropped for a third day in a row on further comments from Saudi Arabia, ending at a six-week low. In after hours trading, Adobe Systems (ADBE) reported higher profits but also an outlook that appears weak. Questcor Pharmaceuticals (QCOR) saw a large decline after Aetna Inc. (AET) decided to limit coverage of a main product.The dollar gained slightly against the euro but decreased to the Japanese yen.
Word on the Street
- Oil prices drop for the third day in a row, slumping about $4 on Wednesday.
- Despite Groupon's (GRPN) recent troubles, the company makes moves to launch a new payment business.
- Bank of Japan eases spending policy more than expected, stocks recover from early losses.
- Wal-Mart (WMT) is teaming up with Humana Inc. to offer discounts for healthy food.
- The housing market is sending signs of revival, but will this recovery be sustainable?
- Goldman Sachs Group (GS) announces new CFO Schwartz will receive $1.85 million in annual salary.
- General Mills' (GIS) net revenues jumped 35% when compared to the same quarter one year ago.
- Energizer (ENR) Rockets After Announcing Workforce Reduction Plan.
- Pinterest has had huge success thus far, but can CEO Ben Silberman turn it into the greatest selling engine?
- A list of ten of the best mobile apps for entrepreneurs to help save time and get more done.
Published on Sep 19, 2012By InvestorGuide Staff