Service Sector Grows While Apple Holds Down the Dow (AAPL, C)
On Wednesday the major indices saw some gains as the service sector reported a rise in activity during the month of November, beating economists' forecasts. Apple (AAPL) continued to slump today as several clearing firms prepare to raise its margin requirement. The company is gearing up for a post-trial hearing with Samsung Electronics tomorrow. Citigroup (C) also made headlines after announcing plans to trim its workforce by 11,000. After announcing its restructuring actions, both Bank of America (BAC) and Morgan Stanley (MS) ended the day sharply higher.Some focus was drawn back to the struggling euro zone after Spain had a weak debt auction today and caused the euro to retreat further against the US dollar. Obama made statements that the fiscal cliff should not affect the debt ceiling and that a deal could be reached possibly by the end of the week depending on how Republicans accept the idea of higher taxes.
Word on the Street
- Citigroup (C) announces plans to cut 4% of its workforce and take a $1 billion charge.
- Over the next five years Starbucks (SBUX) will add 3,000 stores, at least half in the US.
- Bank of America (BAC) tops $10 a share since July of 2011.
- $1.92 billion antitrust penalty hits six electronics makers including LG Electronics and Panasonic Corp. (PC).
- Freeport-McMoRan (FCX) falls ahead of its Plains Exploration Co. (PXP) acquisition.
- Amidst another sellof, Apple (AAPL) has dropped 7% this week alone.
- Treasurys rise on Wednesday as worries continue over Washington's lack of progress.
- The Top Ten Market Themes that are sure to dominate the markets in 2013.
- Home values are up in the US, but does that mean you should sell?
Published on Dec 5, 2012By InvestorGuide Staff