Market Wrap: Apple's Reign Expands; GE Looks to Slim Banking; Spain Supported, Needs Plan

Market wrap-up for June 11th

End of the Day: Dow Jones down 143.0 to 12,411.23; S&P 500 down 16.7 to 1,308.93; Nasdaq down 48.7 to 2,809.73

The following is a brief summary of events moving markets today:

• Like kicking a can..: Spain's €100 billion bailout request was granted over the weekend by the EU, but traders and investors looked deeper into the country's underlying problems, some expecting more reform for Spain's banks as it looks to settle the turmoil. In addition, the "troika" - the European Commission, the International Monetary Fund, and the European Central Bank -- vowed to watch over disbursement to ensure the proper funds went to the proper places.
  
  Yields on 10-year Spanish government bonds popped 38 basis points to 6.508 percent as the country positioned itself as a little more risky. Former Greek Prime Minister George Panandreou said Greece was weeks away from running out of money.
  
  Many are still mulling upcoming Greek elections, expected to take place on Sunday, following last elections failure to form a cohesive government.
  
  
• App-hungry developers satiated at conference: At WWDC 2012 on Monday, Apple (Nasdaq: AAPL) unveiled its new iOS 6 platform, a brand-new Macbook Pro, as well as Mountain Lion OS, a new, updated Maps, FaceTime over cellular networks, and more. Facebook (Nasdaq: FB) will also be more fully integrated with iOS 6 and there will also be significant enhancements and integration for Siri.
  
  For more news from Apple's WWDC 2012, click here.
  
  
• GEC is larger than you think...and that makes investors nervous: General Electric (NYSE: GE) was said to be mulling cuts to its GE Capital lending unit. According to the WSJ, the move comes from investors getting nervous over GE controlling one of the nation's largest banks.
  
  Though it tried to make cuts in the past, GE might look to divest something like its private-label credit-card portfolio and/or showroom financing, which might slim the unit down by an additional 16 percent.
  
  It would be a big move for GE, as the Capital unit amounted to half of GE's earnings in the first quarter. Even GE Capital's commercial lending unit is back to being profitable.
  
  
• At Apple, make a left. Continue downhill until it road splits. Take one most traveled: Garmin Ltd. (Nasdaq: GRMN) ended Monday's session just over 8.6 percent lower on speculation from one analyst that Apple's new map app -- which will have turn-by-turn navigation -- will all but eliminate the need for Garmin devices.
  
  This seems a little ridiculous given that Garmin still has a formidable presence in the aviation and commercial segment, where reliability is paramount. Plus, Google (Nasdaq: GOOG) has been doing the same thing for over a year now, and Garmin stock is well above 52-week lows.
  
  Then again, Research In Motion (Nasdaq: RIMM) BlackBerry devices were the go-to for many governments due to their security and reliability.
  
  
• Goldman to un-hedge its heding unit: Speaking of sales, Goldman Sachs may look to off its hedge fund division to State Street Corp. (NYSE: STT). The unit provides valuation, accounting, and risk-management services for hedge funds.
  
  One Mediobanca SpA analyst cited by Bloomberg said the move was smart given increased oversight and regulation from the SEC on the "unglamourous" business. Goldman ended the session down 1.8 points.
  
  In other news, Goldman was said to hire its first morally-straight human being, who is not out to gain gobs of profit at the cost of human decency.
  
  
• You can still pawn the medal though, right?: According to reports out Monday, the Nobel Foundation will cut the payout to its award winners by 20 percent from $1.4 million last year to $1.1 million. Our advice? If you're holding out on the Nobel for a bigger pay day...don't.

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