Market Wrap: Europe Mulls Massive Bailout; Buffett Buys Back; Apple's Rotten Day; Amazon, Netflix Content Battle Heats Up

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Market wrap-up for September 26th, 2011.

End of the Day: Dow Jones up 272 to 11,043.86; Nasdaq up 33 to 2,516.69; S&P 500 up 27 to 1,162.95

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

In Europe, it's not TARP. But it's like TARP: Reports earlier in the session had European finance ministers planning an aggressive bailout, not unlike TARP that was carried out in the States three-years ago. CNBC reported that some EFSF funds would be used to shore up European bank capital. Additional money would be used to set-up a European investment bank (EIB), and a special purposed vehicle which would lever-up EFSF funds, issue bonds, and buy sovereign debt. CNBC also said talks for using the EFSF funds are in advanced stages. Germany is expected to vote on the measure September 29th.

Last week, Fox Businesses Charles Gasparino reported that Blackrock (NYSE: BLK), amongst other financials, were pushing for a TARP-like bailout in Europe.
Classic Buffett: Berkshire Hathaway (NYSE: BRK-A) said it would commence a stock buyback, which would put a 10 premium to book value cap on the stock. Click here to see a summary of what prices might be paid by Buffett's Berkshire to retire stock.
Rotten Apple Day 2011: J.P. Morgan said Apple (Nasdaq: AAPL) cut supply chain orders for it's new iPad by as much as 25 percent. The analyst said sources connected to iPad production (Foxconn) hinted that orders have been reduced over the past two weeks. No other supply chain sources were named in the report. Apple ended Monday's session 0.3 percent lower.

Further, Verizon (NYSE: VZ) is said to be poo-pooing Apple's infringement suit against Samsung, saying Samsung plays a key role in the roll out of Verizon's 4G network. This revelation comes less than a year after Verizon landed Apple's iPhone. Our advice for Verizon? Don't bite the hand that feeds you.
SEC is not in the 'Moody's,' investigates S&P instead: The McGraw-Hill Companies, Inc. (NYSE: MHP), received a "Wells Notice" from the Commission Staff stating that the Staff is considering recommending that the Commission institute a civil injunctive action against Standard & Poor's Ratings Services, alleging violations of federal securities laws with respect to S&P's ratings for a particular 2007 offering of collateralized debt obligations, known as "Delphinus CDO 2007-1." The filing led to an initial drop in McGraw-Hill stock price Monday, but it climbed it's way back throughout the session, ending in positive territory.

The SEC may seek "civil money penalties, disgorgement of fees and other appropriate equitable relief."
Amazon and Netflix - Modern day Hatfield and McCoys: Amazon (Nasdaq: AMZN) entered a streaming partnership with Fox, of News Corp. (Nasdaq NWSA), according a news release and homepage post earlier Monday. Not to be outdone, Netflix (Nasdaq: NFLX) partnered-up with DreamWorks Animation (NYSE: DWA) in a new multi-year licensing agreement.

Who got the better-end of the deal? Well, we like "Shrek," but we also like "Married With Children." So it's a draw...for now.