Markets Manage to Move Off Lows to End Slightly Down (GOOG, WMT)

Markets were able to end off early lows to achieve only slight losses. In surprising news out of the housing market, existing home sales jumped over 13% in December, one bright spot among many dark outlooks for the industry. Year ended 2010 was the worst year for real estate since 1997. Oil futures fell after OPEC decreased estimates of demand out of Asia. In corporate news, Google (GOOG) reported a 25% increase in profit while announcing a corporate shake-up. Co-founder Larry Paige will take the CEO reigns from current head Eric Schmidt.

Word on the Street

• Google’s (GOOG) profit jumps over 25% as the search engine giant appoints co-founder Larry Paige CEO.
• Existing home sales jumped in December after the housing market experiences it’s worst year since 1997.
• Hewlett Packard (HPQ) announced four new members of their board of directors in the wake of fallout from Sam Hurd firing.
• Warren Buffett is leaving the Washington Post’s (WPO) board of directors after multiple stints.
• First Lady Michelle Obama enlists the aide of Walmart (WMT) in fighting obesity.
• OPEC decreases export estimates due to lowered Asian demand.
• Intel (INTC) was once a dominant force in the tech industry, but some see them falling from grace much like Microsoft (MSFT) seems destined to do.

Interesting Tidbits

• Check out these lessons learned from one of the richest men in the world and a tech pioneer – Bill Gates.
• The First Lady + Walmart vs. Obesity = why?
• Considering investing in residential real estate? Make sure you don’t buy a home in one of these 13 cities.

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