A news update on issues affecting your portfolio. Find out the latest.
U.S. Stock Futures Climb
U.S. stock futures erased earlier losses on hopes that Greece will cancel a referendum to approve an austerity package, Bloomberg News reports. European leaders yesterday said they will withhold bailout funds until the debt-strapped nation agrees to the terms of the aid.
Standard & Poor’s added 0.4 percent on contracts expiring in December, while comparable futures for the Dow Jones Industrial Average rose 0.4 percent.
Asia Stocks Fall, Euro Weakens, Oil Futures Slide
The euro fell 0.5 percent in early trading in Hong Kong this morning on concerns over the political situation in Greece, which may become the first nation to leave the European Union, Bloomberg News Reports.
Stock market indices in Australia and South Korea fell 0.7 percent. Meanwhile, Greek Prime Minister George Panpandreou faces a confidence vote in Parliament today.
Oil futures fell as much as 0.6 percent yesterday, Bloomberg News reports. Crude for December delivery fell as much as 58 cents to $91.93 a barrel on the New York Mercantile Exchange. Yesterday, the trade closed at $92.51.
RIM Falls Below Book Value
Stock for BlackBerry Maker Research in Motion fell below its book value yesterday - the first time in nine years, Bloomberg News reports. Share prices fell 2 percent to $18.91 at the close of trading in a sign that investors consider the company to be worth less than the net value of its property, patents and other assets.
Research in Motion helped to create the smartphone market a decade ago, but is losing market share to mobile devices by Apple and those than run on Android software.
Syms and Filene’s File for Bankruptcy
Discount retailer Syms and its subsidiary Filene’s basement filed for Chapter 11 bankruptcy yesterday and plan to liquidate its 46 stores, USA Today Reports. The stores employ about 2,450 people mainly in the Eastern United States.
Discount retailers benefitted from bargain conscious consumers during the economic downturn, but have seen sales slow as some shoppers return to luxury goods.
Yahoo Unveils Apps
In an effort to better engage mobile technology users drifting away from traditional PCs, Yahoo yesterday introduced new apps for tablet computers and smartphones, The Chicago Tribune reports. The struggling Internet company fired its CEO in September and, in failing to name a successor, raised speculation that it would be sold and broken apart. The company also unveiled new technologies to attract third-party publishers and advertisers to an iPad-based media service.
A weather app for Android-based devices and a multi-media newsstand for tablets were among the products announced yesterday.
Groupon Could Begin Trading on Friday
Unnamed investors, who said they spoke to the lead underwriters for the Groupon initial public offering, said the internet coupon service could price its shares $1 or $2 above the current range of $16 to $18 a share, the Chicago Tribune Reports.
Groupon has filed with the U.S. Securities and Exchange Commission to sell 30 million shares, and trading is expected to begin on the Nasdaq on Friday. A $19 share price would value Groupon at $12.02 billion, while a $20 share price would put the company at $12.7 billion. Groupon and the lead underwriters, Morgan Stanley, Goldman Sachs and Credit Suisse, declined to comment.
Elder Financial Abuse Hotline
A special one-day hotline will be set up next week to enable the elderly to report suspected cases of financial fraud, Bloomberg News reports. The hotline is being cosponsored by the Washington-based nonprofit Investor Protection Trust. One out of five Americans older than 65 – more than 7.3 million people – have been the victims of investment scammers, according to a June 2010 survey by the nonprofit. Financial abuse questions can be directed to 888-227-1776 from 9 a.m. to 6 p.m. eastern time on November 10.
Occupy Wall Street Supporters Smash Bank Windows, Shut Down Port
A crowd of about 3,000 Occupy Wall Street protesters gathered at the Port of Oakland yesterday evening and effectively shut down operations at the nation’s fifth busiest port, the Chicago Tribune reports.
Protesters in Philadelphia were arrested earlier yesterday during a sit-in at the corporate headquarters of Comcast, while veterans marched in uniform in New York City to protest their dim job prospects. Protesters in Los Angeles and other cities demonstrated in support of a call for a “general strike” against the City of Oakland, which has become a focal point of the Occupy Wall Street movement after an Iraq War veteran received a serious head injury last week in a clash with police.
Earlier yesterday in Oakland, protesters targeted banks, smashing the windows of a Wells Fargo branch while chanting, “Banks got bailed out. We got sold out,” USA Today reports. A nearby group of demonstrators sat in front of a Citibank branch, blocking an entrance while singing “We’ve got the 99 percent in our hands.”