Market Wrap: BoE Adds Eurozone Support; Nokia's New Diet Plan; Green Mountain Loses Steam; The 110-Year Sentance

June 14, 2012 5:32 PM EDT Send to a Friend
Market wrap-up for June 14th

End of the Day: Dow Jones up 155.5 to 12,651.91; S&P 500 up 14.2 to 1,329.10; Nasdaq up 17.7 to 2,836.33

The following is a brief summary of events moving markets today:
  • BoE says, "Enough fooling around!': Stocks saw a late-day rally following word the Bank of England will support the U.K. central bank in efforts to stabilize the deteriorating Eurozone. According to headlines, the central bank will utilize an unused plan to inject £5 billion (about $7.8 billion) per month into the financial system.

    In addition, lenders will be able to swap assets for money to be lent to companies and households, of which the Treasury will indemnify the bank for any losses.

    The plan was originally set up last December. Click here for more color.

  • 1-800-4-A-LUMIA: Nokia (NYSE: NOK) had a mess of news today. Traders were mainly focused on word of 10,000 jobs to be cut, asset divestitures, and an outline of continued trouble for its Devices & Services unit. Shares fell about 15.8 percent on the session.

    This isn't the first indication that Nokia has hit the skids. In April, ahead of its first-quarter 2012 results announcement, the Finnish-mobile giant suggested ough times were coming, cutting its outlook for the quarter and issuing dire guidance for the balance of the year. It's Devices & Services division has been at the heart of Nokia's woes. Nokia is shifting management around in marketing and mobile units, possibly one of the few glimmers of hope investors have until the launch of Windows 8 later in 2012.

    For more color, click here.

  • OPEC firm on output stance: Crude prices kept a moderate gain on the session, following news OPEC will keep production flat at 30 million barrels per day. The move comes amid declining crude prices and as Saudi Arabia is putting in extra effort to make up from the disruption in Libya late last year. For more on the call, click here.

    United States Oil (NYSE: USO) ended 2 percent better while iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL) finished up about 2.2 percent.

  • Coffee roaster gets roasted: Green Mountain Coffee Roasters (Nasdaq: GMCR) shares were looking like they could use a shot of espresso Thursday following a report from Detwiler Fenton suggesting sluggish sales in at least one segment. According to the firm, sales in the key office coffee service segment slowed last month as office distributors may be tapping non-licensed K-Cup wholesalers. For more on the story, click here.

  • We hear Taco Bell will be big then: R. Allen Stanford will find himself in prison until, oh, about 2122. A federal judge all but slapped the book at the former financier who was accused of running a Ponzi scheme for years. Stanford will have to serve 110 years in prison, amounting to a life sentence for the 62 year old.

    Reports said Stanford delivered a 30-minute closing speech, calling government actions "Gestapo tactics" in the process.
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