STOCKS TANK, JP MORGAN AND APPLE GET HAMMERED: Here's What You Need To Know

hammer

Photo: endbradley via flickr

Stocks fell and headlines about Greece continued to dominate the news flow. But first, your scoreboard:Dow : 12,442; -156 pts, -1.24%
NASDAQ: 2,814; -60 pts, -2.10%
S&P 500: 1,305, -20 pts, -1.51%

These were the day’s top stories:

  • European shares fell once again, after concerns about Greek and Spanish banks battered the markets. The DAX and CAC both dropped 1.2 per cent, the FTSE MIB ended off 1.5 per cent, and the IBEX closed down 1.1 per cent. This Is Why Germany Has Zero Desire To Fix Anything In Europe >
  • Warren Buffett purchased 63 newspapers owned by Media General for $142 million. In a separate agreement, he also purchased a 19.9 per cent stake in the company and extended it both a $400 million loan and a $45 million revolving credit line.
  • Initial claims rose to 370K, slightly missing expectations for 367K. Markets barely responded to the announcement, and traders speculated about another round of quantitative easing from the Federal Reserve. The 10 Most Distressed Cities In America >
  • The Philadelphia Fed Index of regional economic activity plunged unexpectedly to -5.8, missing analyst expectations of 10.0. The worst declines came from the employment sector, although most of the business components measured appeared to suffer. Check Out The Gory Details Behind The Philly Fed Manufacturing Report >
  • Fitch cut Greece’s credit rating on rising concerns that the country will leave the euro. It also said that a Greek exit from the eurozone would “break a fundamental tenet underpinning Fitch’s sovereign and other ratings in the eurozone,” signaling that such a development could bring more downgrades across the euro area. GET READY: This is What Happens If Greece Leaves The Euro >
  • The Wall Street Journal reported that shares of Facebook will sell for about $38, at the top of its $34-38 range, at the company’s long-awaited IPO on tomorrow. AGENCY BOSS: Facebook Ads Are ‘Some Of The Worst Performing Ad Units On The Web’ >
  • 25,000 job cuts will be coming to HP, as the company attempts to reduce costs and deal with declining demand for computers. NOW READ: The 7 Biggest Ways Meg Whitman Is Struggling At HP >
  • J.P. Morgan CEO Jamie Dimon agreed to testify before the Senate Banking Committee after the company reported a $2 billion trading loss. Shares of $JPM fell 4.2 per cent.
  • BONUS: The Truth About The Fiscal Cliff >

 

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