OECD Cuts Global Forecasts; Consumer Confidence Hits Post-Recession Best in the US
Despite reports of positive consumer confidence and increasing home prices, fiscal cliff worries continued to drag stocks down on Tuesday. Talks continued in Washington among leaders but so far little progress has been made. Durable goods orders also increased for the month of October, showing the most growth since May. European finance officials agreed to release bailout loans for Greece, reducing the country's debt. The Organization for Economic Cooperation and Development lowered forecasts for many economies and estimated a contraction of 0.1% for the euro zone in 2013. ConAgra (CAG) saw shares rise after announcing their acquisition of Ralcorp Holdings Inc. (RAH) for $90 a share.Google (GOOG) was up on Tuesday on rumors from Taiwan that it will be launching a self-branded Chromebook. Green Mountain Coffee (CMCR) announced strong K-Cup sales that helped improve their Q4 profit by 22%. The Treasury market in the US rose after the first of three rounds of government debt auctions today.
Word on the Street
- Both capital goods and consumer confidence reportedly up during the recent months.
- ConAgra (CAG) finally seals their deal with Ralcorp Holdings Inc. (RAH) for $5 billion.
- Finance ministers agree to release another bailout package for Greece, avoiding bankruptcy.
- Amazon Inc. (AMZN) sees strong Kindle sales and is expected to be a strong tablet contender.
- Green Mountain Coffee (GMCR) announces gains after the bell, shares up 22%.
- The OECD urges the ECB and People's Bank of China to ease monetary policy and cuts economic forecasts.
- Another high-level executive is fired over the disappointing mapping app from Apple (AAPL).
- Deckers (DECK) rallies over 5% on fresh takeover rumors.
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Published on Nov 27, 2012By InvestorGuide Staff