Market Wrap: Boehner Gets Tough; Q3 GDP Rises Higher; Facebook Unchained; Microsoft's Xbox Plans

November 29, 2012 5:37 PM EST Send to a Friend
Market wrap-up for November 29th

End of the Day: S&P 500 up 6.0 to 1,415.95; Dow Jones up 36.7 to 13,021.82; Nasdaq up 20.3 to 3,012.03

The following is a brief summary of events moving markets today:
  • Both agree, something needs to be done: House Speaker John Boehner fired more shots today, saying President Obama & Co should "get serious" about fiscal cliff talks moving forward, though he noted he was hopeful that the two sides will ultimately reach according to avert more than $600 billion in tax increases and spending cuts that are expected to take hold at the start of 2013.

    Comments came following a meeting with Treasury Secretary Tim Geithner today and phone conversation with President Obama last night.

  • Growing, growing...gone?: According to data from the U.S Department of Commerce, GDP rose by 2.7 percent in the third quarter, shy of the 2.8 percent expected on the Street. The number was up from growth of 2.0 percent in the second quarter.

    Current production was up 8.7 percent in the period, indicating strong corporate profit growth. Post-tax profits which were unadjusted for inventories and capital consumption rose 18.6 percent from last year and 5.2 percent sequentially.

    For more on the data, click here.

  • Quit sending us mixed signals: Microsoft (Nasdaq: MSFT) was weaker on the session today following reports of shabby Surface RT tablet sales as well as lagging Windows 8 license sales. However, some late news may have given investors hope.

    After markets closed, Bloomberg said that the software giant plans to release its next iteration of the Xbox gaming console by 2013's holiday shopping season. With more than 70 million units sold and 40 million Xbox Live subscriptions currently in effect, Xbox has become arguably one of the powerhouse gaming consoles ever released.

    The question becomes whether or not Microsoft will be able to compete on the same level with more and more people turning to mobile gaming via Apple (Nasdaq: AAPL) and Google (Nasdaq: GOOG) platforms.

  • "Likes with Friends": Facebook (Nasdaq: FB) is free to start making its own games, according to an amended agreement filed between it and Zynga (Nasdaq: ZNGA) today. Fr more color, click here.

  • Diamonds are looking less solid right now: Tiffany's (NYSE: TIF) was a little rusty today following third-quarter results and lowered expectations for full-year 2012. In FY12, the Company said EPS is expected to be $3.20 to $3.40, down from prior expectation of $3.55 to $3.70 and the Street consensus of $3.60. Global sales outlook is lowered from 6 percent to 7 percent growth down to 5 percent to 6 percent growth.

    For more, click here.

  • Freeing-up HR's time by the bucketload: Citigroup (NYSE: C), still trying to wrangle with macro pressures, is said to be cutting 150 more jobs and reducing bonuses by as much as 10 percent this year. The move come as revenue in its trading and underwriting units have performed sub-par through the first three quarters of 2012.

    The bonus cut is narrower than the 30 percent drop at the end of last year, sources said.

    For more on the move, click here.

  • Best wishes for a speedy recovery: Number 41 is currently in the hospital to treat a bout with bronchitis. Reports out Thursday have George H.W. Bush, the 41st U.S. President and father of George W. Bush, in the Texas Medical Center in Houston undergoing treatment. Bush is expected to be released from the hospital within 72 hours, according to a spokesperson.

  • Should rename dipping sauce to "Touchdown Sauce": McDonald's (NYSE: MCD) USA is entering a multi-year sponsorship with the NFL. Which makes sense. Our favorite part? The $4.99 20-piece Chicken McNugget deal. Click here for the release.
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