Market Wrap: Alcoa Stubs Toe; Slovakia Delays Inevitable; European Problems Getting Worse; Get the Balsillie Out


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October 11, 2011 5:52 PM EDT Send to a Friend
Market wrap-up for October 11th

End of the Day: Dow Jones down 16.8 to 11,416.30; Nasdaq up 16.98 to 2,583.03; S&P 500 up 0.65 to 1,195.54

The following is a brief summary of events moving markets today:
  • Alcoa stubs its toe: Alcoa (NYSE: AA) reported better overall results, revenue increasing 21 percent and net income popping 180 percent, but earnings of 15 cents per share missed views calling for a more robust 22 cents per share. Alcoa cited lower metal prices and European drag as two primary reasons. Click here for more color on the quarter.

  • We really don't want to do this, but we're already on the euro, so...: Slovakia's parliament rejected its initial vote to pass expansion of EFSF. Though lawmakers said Slovakia would pass the motion eventually, officials need to gain support of the people first. Slovakia is the second-poorest of the euro area countries, and the only one of 17 that has not approved the measure yet. It's citizens are questioning why they are left subsidizing a Greek bailout, which could be a good question. It's not clear what Slovakia's contribution to the bailout would be.

  • What happens when it gets to the planetary realm?: Speaking of Europe, finance champ and ECB President Jean-Claude Trichet let it out today, saying the crisis in the Eurozone may have now moved into the "systemic" realm. Trichet pressed that issues affecting smaller countries are now moving into the larger ones.

  • Get the Balsillie out: Research In Motion (Nasdaq: RIMM) shareholder Jaguar Financial is making a move to see that RIM is either split, sold, or merged. Atop it all, Jaguar wants the co-CEO and co-Chairman roles to go the way of the dodo and instead adopt a more formal heirarchy arrangement. Click here to read more on that proposal.

  • 'Iran' into a roadblock: The U.S. foiled a plan to assassinate Saudi Arabia's ambassador to the U.S., Adel Al-Jubeir. Other targets by the would-be assassins included "foreign government facilities associated with Saudi Arabia and with another country."

    U.S. prosecutors called the attempt the work of the Iranian Islamic Revolutionary Guard Corps. U.S. Attorney General Eric Holder also noted the U.S. is going to hold Iran responsible for any terrorist activities tied to the plot.

  • Roar!....?: Not financially related, but a sign that 2011 is shaping up to be an unusual one: the Detroit Lions are undefeated. Feels funny to type actually, as if a squiggily red line will appear below "undefeated" to replace it with "in last place." It's said that once a Lions team goes undefeated, earth no longer exists and is instead replaced with a beautiful utopia, where plump grapes are always in season, BBQ is both savory and sweet, baldness is eradicated, the temperature is a low-humid 82 Fahrenheit all year round (except December holidays), and we all ride unicorns. So... let's hope for that.
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