Market Wrap: RadioShack Sacks Gooch; SAC's Fifth Insider; Spain Feeling Less Rajoy-ful; Refs Running Rampant!


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September 26, 2012 5:19 PM EDT Send to a Friend
Market wrap-up for September 26th

End of the Day: S&P 500 down 8.3 to 1,433.32; Dow Jones down 44.0 to 13,413.51; Nasdaq down 24.0 to 3,093.70

The following is a brief summary of events moving markets today:
  • Should have gotten the three-year warranty plan..: After just about one-and-a-half years at the helm, RadioShack (NYSE: RSH) CEO James Gooch went the way of the dodo bird today, calling it quits as "The Shack" continues to experience revenue problems. Shares fell about 82 percent under Gooch's eye.

    In a statement, RadioShack said, "In its discretion, the board the decided the timing was right. Moving forward with the decision sooner rather than later will help establish the right leadership to address the company's challenges and capitalize on its opportunities"

    For more color on the loss, click here.

  • The Cinco: According to reports out Wednesday, a fifth hedge fund manager at Steven Cohen's SAC Capital has been unearthed in a $62 million insider trading scheme. Bloomberg said the name of the co-conspirator in the trades was Michael Steinberg, who was a former tech analyst at SAC.

  • Yields on Spanish bonds rose today on worries that Spain would delay request of bailout funds from the ECB. Spanish Prime Minister Mariano Rajoy said he'll ask for a rescue package if borrowing costs remain too high for too long.

    Spanish 10-year yields were up 26 basis points to 5.98 percent, the highest levels in a week.

    Later this week, Spanish leaders will announced 2013 budget plans and other changes for improving the economy.

  • New home sales slip, but at least they cost more: According to the US Commerce Dept. HUD, sales of new homes rose to a seasonally adjusted annual rate (SAAR) of 373,000 units in August, which was down 0.3 percent from a revised SAAR of 374,000 unts in July and up 27.7 percent (+/- 18.8 percent) from August 2011.

  • It's not easy being black and white: The NFL and refs are back in talks today following arguably one of the most exciting weekends in football. Fantasy football fans are still holding their breath, but listen for a collective sigh of relief worldwide one day. That's how you know talks will have worked out.

    Not to get too deep into it, but football is a tough game and calls can come down to inches and timing. They're not easy to make, hence the use of several high-speed cameras in replays. Additionally, players might feel they can get away with more, causing unnecessary injury to their peers. It's a bad situation all around.

  • Berry Crush!: Traders are prepping for Research In Motion (Nasdaq: RIMM) earnings tomorrow. This week, the BlackBerry maker got a little boost following disclosure of metrics that it was adding BlackBerry users, sending the stock up a little.

    For some suggestions on how to play the report, click here.
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