Stocks Fall Again on Libyan Turmoil (WDC, MCD)

Another day, more losses on Wall Street. Continued unrest in Libya continues to worry investors and send oil prices upward, with no apparent end in sight. The largest culprits to bring down stocks were various technology companies who suffered downgrades from a series of analyst. In corporate news, Western Digital (WDC) agreed to purchase rival Hitachi Storage for roughly $4.3 billion. McDonald’s (MCD) is no longer the world’s largest restaurant chain, in terms of stores that is. The fast food giant was passed by Subway today.

Word on the Street

• Oil rises to over $107 a barrel and stocks fall again due to continued Libyan unrest.
• Western Digital (WDC) agreed to purchase rival Hitachi Global Storage Technologies for $4.3 billion.
• Google’s (GOOG) Android passed Research in Motion’s (RIMM) Blackberry as the most common cell phone operating system.
• Subway has passed McDonald’s (MCD) for the largest fast food restaurant in respect to store units.
• Safety recalls hit Toyota (TM), General Motors (GM) and Honda (HMC).
• The increase in consumer borrowing is largely attributable to more car buying.
• Parent company of Ray-ban and Oakley Luxottica (LUX) makes moves into emerging markets.

Interesting Tidbits

• How can you tell which companies are a dime a dozen and which one’s deserve admiration?
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