Market Wrap: Obama to Name Geithner Successor; The Herbalife Battle Rages; AIG Says 'No Thanks' to Lawsuit
Tweet Send to a Friend
Get Alerts HLF Hot Sheet
Up)
Trade HLF Now!
Market wrap-up for January 9th
End of the Day: S&P 500 up 3.9 to 1,461.02; Dow Jones up 61.7 to 13,390.51; Nasdaq up 14.0 to 3,105.81
The following is a brief summary of events moving markets today:
* President Obama announced that he planned to name White House Chief of Staff Jack Lew as his choice to succeed Tim Geithner as Treasury Secretary. The news comes as Geithner said he doesn't plan to serve for a second term.
Many will ponder what the shift will mean in negotiations over raising the debt ceiling, which the U.S. hit on December 31st.
* The battle over Herbalife (NYSE: HLF) heated up today as Dan Loeb's Third Point disclosed a large 8.24 percent stake in the company. Peer Bill Ackman of Pershing Square has been actively trying to destroy Herbalife, claiming the company is basically a sham.
Notably, Herbalife will be holding an investor event on January 10th. Click here for more color on the meeting.
* Backing up its promise to thank the American taxpayer, American International Group, Inc. (NYSE: AIG) said it wouldn't join in a lawsuit contesting certain terms of the U.S. Government’s rescue of AIG in September 2008. The suit was filed by former CEO Hank Greenberg in 2011.
For more on the decision, click here.
* SEC enforcement chief Robert Khuzami will step down from the agency later in January. The move comes following former Chairperson Mary Schapiro exiting last month.
Khuzami was credited with overhauled the SEC's enforcement department after missing the huge Ponzi scheme run by Bernie Madoff.
Khuzami was on a four-year tenure into the announcement today. He plans to take some time off upon departure.
* Boeing (NYSE: BA) saw a third 787 Dreamliner incident in as many days with a new electrical system problem hitting the brakes on an All Nippon Airways jet. The company issued a response today, reaffirming its confidence in the aircraft and lithium-ion batteries that run it.
* Morgan Stanley (NYSE: MS) joined back into the job-cutting parade with speculation that 1,600 more might be packing their bags within the coming weeks. For more color, Click here for more color.
* Microsoft (Nasdaq: MSFT) shares got a little boost today amid new claims that Windows 8 may be on the same sales path as Windows 7. CFO Tami Reller said that about 60 million licenses had been sold since launch.
Click here to go to Streetinsider's Full News Feed and never miss a beat!
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
End of the Day: S&P 500 up 3.9 to 1,461.02; Dow Jones up 61.7 to 13,390.51; Nasdaq up 14.0 to 3,105.81
The following is a brief summary of events moving markets today:
* President Obama announced that he planned to name White House Chief of Staff Jack Lew as his choice to succeed Tim Geithner as Treasury Secretary. The news comes as Geithner said he doesn't plan to serve for a second term.
Many will ponder what the shift will mean in negotiations over raising the debt ceiling, which the U.S. hit on December 31st.
* The battle over Herbalife (NYSE: HLF) heated up today as Dan Loeb's Third Point disclosed a large 8.24 percent stake in the company. Peer Bill Ackman of Pershing Square has been actively trying to destroy Herbalife, claiming the company is basically a sham.
Notably, Herbalife will be holding an investor event on January 10th. Click here for more color on the meeting.
* Backing up its promise to thank the American taxpayer, American International Group, Inc. (NYSE: AIG) said it wouldn't join in a lawsuit contesting certain terms of the U.S. Government’s rescue of AIG in September 2008. The suit was filed by former CEO Hank Greenberg in 2011.
For more on the decision, click here.
* SEC enforcement chief Robert Khuzami will step down from the agency later in January. The move comes following former Chairperson Mary Schapiro exiting last month.
Khuzami was credited with overhauled the SEC's enforcement department after missing the huge Ponzi scheme run by Bernie Madoff.
Khuzami was on a four-year tenure into the announcement today. He plans to take some time off upon departure.
* Boeing (NYSE: BA) saw a third 787 Dreamliner incident in as many days with a new electrical system problem hitting the brakes on an All Nippon Airways jet. The company issued a response today, reaffirming its confidence in the aircraft and lithium-ion batteries that run it.
* Morgan Stanley (NYSE: MS) joined back into the job-cutting parade with speculation that 1,600 more might be packing their bags within the coming weeks. For more color, Click here for more color.
* Microsoft (Nasdaq: MSFT) shares got a little boost today amid new claims that Windows 8 may be on the same sales path as Windows 7. CFO Tami Reller said that about 60 million licenses had been sold since launch.
Click here to go to Streetinsider's Full News Feed and never miss a beat!
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
Create E-mail Alert Related Categories
Special ReportsRelated Entities
Daniel Loeb, William Ackman, Pershing Square Capital, Maurice R. "Hank" Greenberg, Morgan Stanley, Third Point LLC, Standard & Poor's, Bernard Madoff, Timothy Geithner, Mary Schapiro, Barack Obama
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
