G20 Meeting Convenes in South Korea as Cisco’s Dissapoint Sales Drag Down Market (CSCO, WMT)

Stock markets continued an unpleasant week Thursday as all exchanges suffered losses. The downfall was led by an announcement by Cisco System’s (CSCO) that the tech company had disappointing sales last quarter, showing the impact on a decrease in government spending for the industry. Worries also mounted as the G20 meeting in South Korea convened as word leaders discuss economic struggles and monetary policies moving forward. Hot topics include currency manipulation by Asian nations, specifically China, as well as concerns over the Federal Reserve’s $600 billion plan to buy back US treasures.

Markets results are as of 4:00 PM on Thursday, November 11, 2010

Word on the Street

• Cisco System’s (CSCO) announces disappointing sales and cutbacks as the impact on government spending shows relevant on economy.
• QE2 has helped push mortgage rates lower over the past week to set another all time record as the housing market continues to struggle to bounce back.
• Investors still back Republicans and do not credit President Obama for recent strides despite the huge up tick in stocks since his inauguration in 2009.
• Walmart (WMT) sales may miss forecasts this holiday season, intend to offer free shipping for online purchases help boost revenues.
• General Electric (GE) plans to buy 25,000 electric cars by 2015 with aim to be the “Exxon of electric.”
• Activision Blizzard’s (ATVI) popular war game Call of Duty: Black Ops smashes one day sales record eclipsing $560 million within the first 24 hours in the US and UK.
• Dean Foods’ (DF) net income plummets 51% on higher commodity prices – is this a temporary blip or a sign of issues to come?

Interesting Tidbits

• Have children going to college? Check out the top business schools of 2010.
• Savings for retirement is difficult in a turmultuous economy, not to mention the differences between our current situation and you’re grandparent’s economy.
• Need to curb your spending? Try avoiding these seven deadly sins of spending and you’ll be amazed how much you can save.

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