Markets Lose Early Gains to End Mixed as Irish Debt Fears Continue (LOW, ATVI)

Stocks began the week heading upward as a report of rising consumer spending in October boosted investor optimism. Those gains slowly diminished as the day proceeded as the dollar edged upward on concerns Irish debt may be unmanageable and require a bailout. A report released by the Federal Reserve of Philadelphia stating forecasters predict a slower than expected growth rate for the US economy also hampered gains today. Markets finished the day mixed. In corporate news, Lowe’s Companies (LOW) reported a 19% increase in profits due to cost control measures, but still missed expectations. Retailers Urban Outfitters (URBN) and Nordstrom (JWN) will report after the markets close.

Word on the Street

• The Philadelphia Federal Reserve announces a survey reporting forecasters see a reduced rate of growth for the US economy.
• Facebook announces a new messaging system that will integrate email, IM, and SMS into the social network.
• Caterpillar (CAT) agrees to purchase Bucyrus (BUCY) in an attempt to boost mining range – a bet on emerging markets and commodities.
• As fear of Irish debt continues to rise, the troubled nation with meet with the European Union tomorrow to discuss banks.
• Lowe’s Companies (LOW) reported an increase in earnings but miss expectations as shares stay relatively flat.
• Comcast (CMCSA) releases the Infinity TV App for iOS systems, at this point described as a “glorified TV guide” or a “remote.”
• Sales of Activision Blizzard’s (ATVI) Call of Duty: Black Ops and Microsoft’s (MSFT) XBOX Kinect help lead to the highest weekly UK video game sales of all time.
• Despite a suffering industry, Activision Blizzard is able to top earnings ahead of big game releases. How does this company stay afloat when the competitors seem doomed?

Interesting Tidbits

• Feel like nothing goes your way? The easiest thing to do is blame others, but the more accurate assessment may to be look in the mirror at the common denominator.
• The Federal Trade Commission exists to help (or force) keep businesses honest – but that’s not always a simple task. Here’s a few tips on how to tell whether a business is being truthful.
• Traditional brick and mortar banks allow convenience but choosing an online bank with a higher interest rate may be worth the effort.

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