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Market Wrap: Bankia - Putting the 'Pain' in Spain; Economic Juices Evaporating; Insert Coin, Use iPhone

May 31, 2012 5:43 PM EDT Send to a Friend
Market wrap-up for May 31st

End of the Day: Dow Jones down 26.4 to 12,393.45; S&P 500 down 3.0 to 1,310.33; Nasdaq down 10.0 to 2,827.34

The following is a brief summary of events moving markets today:
  • Not quite like shaking mom and pop down for gas money after all: Reports out late Thursday suggested the International Monetary Fund (IMF) is in talks with Spain over contingency plans as well as a potential rescue loan should the ailing country need to bailout its third largest bank, Bankia.

    Sources speaking to the WSJ said the IMF and European Union (EU) want to avoid bailing out Spain, but talks are underway after Spain has come across some difficulty in raising €10 billion for the institution.

    The IMF is said to begin reviewing the Spanish economy on June 4th. No official word on the IMFs plans has been mentioned.

  • Economic insanity: First-time jobless filings rose for the fourth week, according to new data released by the Labor Department on Thursday. Claims rose 10 thousand to 383 thousand for the week ended May 26th. Economists were looking for 370 thousand, down from an upwardly revised 373 thousand the prior week. The jump was the largest since the first week of April, data showed.

    For more color, click here.

    In other economic data, the Chicago PMI report on production and new orders came in at its lowest level since 2009, down from 56.8 the prior month to 52.7 in May. For more, click here.

  • Now you can pay before FaceTime. Just don't do it in a back alley: Leap Wireless (Nasdaq: LEAP) unit Cricket Communications said it will be the first pre-paid carrier in the US to offer Apple's (Nasdaq: AAPL) iPhone to its customers.

    Beginning on Friday, June 22, Cricket will offer iPhone 4S and iPhone 4 with its $55 per-month, all-inclusive unlimited talk, text and data plan.

    For more color on the deal, including how much Leap committed to Apple to get it done, click here.

  • All joking aside, Liberty is still gunning for premium radio: Liberty Media Corporation (Nasdaq: LMCA) filed an amended 13D late Wednesday, highlighting its plans to takeover Sirius XM (Nasdaq: SIRI) as well as filing a petition with the Federal Communications Commission (FCC) Reconsideration of the Dismissal.

    Some of the plans include converting nearly one-half of B-1 Preferred Stock as well as nominating people to Sirius' Board of Directors. For more color, click here.

  • Can you imagine the possibility of taxiing pets to and from space?: SpaceX's Dragon capsule, the first unmanned pod from a privately-funded company to dock with the ISS, landed following a nine-day trip. Though it was a test flight, the capsule carried 1,100 pounds of goods with it and brought back just over 1,300 pounds of lab tests, equipment, and other items for study.
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