Market Wrap: The Ja's Have It; Netflix Net-falls; GM Looking Shiny; Less Firing, More Production; BofA Charges

Market wrap-up for September 29th.

End of the Day: Dow Jones up 143 to 11,153.98; Nasdaq down 10.8 to 2,480.76; S&P 500 up 9 to 1,160.40

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

• But will Greece ever develop a taste for schnitzel?: Germany's parliament Thursday approved reform of the European Financial Stability Facility (EFSF) by a vote of 523 to 85. The vote allows for the expansion of EFSF, with funds growing from €250 billion to €440 billion.
  
  
• Netflix continues being unbelievable: If someone said Netflix was going to drop 62 percent over the next two months, would you believe them? Well, you might now, but back in July that was a different story. Back before Netflix alienated customers by lopping off DVDs from streaming, and charging more if you wanted both. So, Netflix ended Thursday nearly 11 percent lower on the session, to $113.19. Prospects that Telefonica (NYSE: TEF) is going to add pressure in the LatAm market isn't helping the cause out either.
  
  Other momentum stocks ("Momo stocks") trending lower include:
  
  • Sina Corp. (Nasdaq: SINA) ended 9.7% lower;
    Fossil, Inc. (Nasdaq: FOSL) ended 7.1% lower;
    Baidu, Inc. (Nasdaq: BIDU) ended 9.2% lower; and
    Travelzoo Inc. (Nasdaq: TZOO) finished 5.8% lower.
• GM now safe to invest in... hang on Ford-folks!: Possibly an overlooked headline today, S&P raised its investment rating on General Motors (NYSE: GM) from BB- to BB+; outlook to Stable. The WSJ noted that S&P said it may also boost Ford (NYSE: F) should UAW negotiations pan out well.
  
  GM ratified it's contract with the UAW Wednesday, while Ford and Chrysler LLC are still talking to reps.
  
  
• USA! USA! USA!: Second-quarter gross domestic product (GDP) in the U.S. was revised higher, from 1.0 percent to a more robust 1.3 percent. The Street had been looking for an increase to 1.2 percent.
  
  
• Bring on the seasonal adjustments: Speaking of economic data, initial jobless claims for the weekend ended September 24th came in at the lowest level since April. Applications for first-time jobless benefits fell 37,000 to 391,000, compared with the forecast of 420,000.
  
  
• Pristine looking to get pristine-r: Bank of America (NYSE: BAC) will begin charging debit card users a $5 monthly fee starting in early 2012. The fee won't apply for ATM transactions or if you don't use the debit card. Also, the fee isn't based on how many transactions are made each month with the debit card.
  
  It's just a plain vanilla, straight-forward fee. No way to skirt it unless you opt for a credit card or cash. BofA: keepin' it real, keepin' it simple. No tricks, just banking.
  
  

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