Obama Meets with Congress on Cliff; Stocks See Fifth Day of Losses (BKS, PSO)
Stocks fell for the fifth session in a row on Friday as many continue to wait for a cliff deal. President Obama met with Congressional leaders this afternoon while the GOP is not meeting again until Sunday evening. The Standard & Poor's Ratings Services stated that budget talks are not expected to have an effect on the current ratings of the US government. Pearson (PSO) announced they will be investing $89.5 million in Barnes & Noble's (BKS) Nook unit that includes Microsoft (MSFT). Investors are calling this joint venture an "Online Education Dream Team." Advanced Micro Devices Inc. (AMD) fell almost 4%, leading the S&P 500 lower.Oil futures gave up earlier gains and ended lower for the day on Friday.
Word on the Street
- Expectations remain low for Sunday's fiscal cliff talk in Washington.
- Hewlett-Packard (HPQ) cooperates with with the Department of Justice over Autonomy probe.
- Barnes & Noble (BKS) receives $89.5 million investment from Pearson (PSO) in its Nook Media unit.
- Newly constructed home sales rise 4.4% during the month of November.
- Synchronoss Technologies Inc. (SNCR) pays $55.5 million cash to acquire Research in Motion's (RIMM) NewBay.
- Unless a fix is legislated soon, milk prices will double without a new farm bill.
- CEO of MagicJack VocalTec Ltd. (CALL) announces resignation and shares rally.
- William Ackman Vows to Take Down Herbalife (HLF).
- Looking for someone to blame for the fiscal cliff? It may be you.
- "ETFs aren't just here to stay, they are here to conquer."
Published on Dec 28, 2012By InvestorGuide Staff