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Market Wrap: Man Up, Europe!; Turmoil in Mobile Payments; Netflix Hastings Snubs Verizon; Ford Forges Ahead

December 6, 2011 6:26 PM EST
Market wrap-up for December 6th

End of the Day: Dow Jones up 52.3 to 12,150.13; Nasdaq down 6.2 to 2,649.56; S&P 500 up 1.4 to 1,258.47

The following is a brief summary of events moving markets today:
  • Markets okay as S&P snaps on Europe: Two out of three U.S markets finished higher following a late downgrade by the S&P of all 17 euro area nations Monday, and reports it placed the European Financial Stability Facility (EFSF) long-term 'AAA' rating on CreditWatch Negative: Click here for more color on the call.

    Markets are looking toward Friday, when the EU will hold a summit and the potential fate of the current euro zone makeup may be at stake. The latest rumor suggests the size of the EFSF could be doubled moving ahead.

  • Goodbye savings: In an effort to push its own offering, Verizon is said to have blocked Google's (Nasdaq: GOOG) mobile payment platform, Google Wallet. With Verizon expected to begin selling the upcoming Samsung Galaxy Nexus phone, which is loaded with Google's latest Android offering, it claims the two companies are still in negotiations over Wallet.

    Somewhat related, Starbucks Coffee Company (Nasdaq: SBUX) reported it's mobile apps have conducted 26 million mobile payments to date.

    With mobile payments becoming easier and (as far as we know) safer, you can wave bye-bye to any retirement savings you were planning!

  • Cool Hand Hastings: Netflix (Nasdaq: NFLX) shares saw some weakness Tuesday following reports Verizon is hatching plans to enter the streaming media market. Verizon is going to target households outside it's FiOS market, amounts=ing to about 85 million according to Reuters data. Click here for more color.

    At an event today, Netflix CEO Reed Hastings said he sees Time Warner's (NYSE: TWX) HBO Go services as it's biggest competitor, downplaying Amazon (Nasdaq: AMZN), and potentials DISH (Nasdaq: DISH) and Verizon, amongst others.

  • Dust off that CV, America! Ford (NYSE: F) is said to have begun a two-year search for it's next CEO, to replace current top-dog Alan Mulally. Several candidates, both in- and external, will be considered by the Dearborn, MI-based automaker. Click here for more color.

    If you think you have the stuff, go to for Ford's career website!

  • The final chapter of a tragic event: Alpha Natural Resources, Inc. (NYSE: ANR), entered into a settlement to the tune of about $210 million in closing the Upper Big Branch mine incident at a Massey Energy mine last year. Included in the settlement, Alpha will spend $80 million on improvements in safety measures at legacy Massey mines and Alpha mines.

    Alpha recently acquired Massey. Click here for more color.
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