Market Wrap: Warren Ripe for Senate Seat; Rochdale's Miller Gets Nabbed; Baxter Bets on Dialysis

December 4, 2012 5:42 PM EST
Market wrap-up for December 4th

End of the Day: S&P 500 down 2.4 to 1,407.05; Dow Jones down 13.8 to 12,951.78; Nasdaq down 5.5 to 2,996.69

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

* Try a little "reverse psychology" next time, banks: Elizabeth Warren, the Junior Senator from Massachusetts and notorious bank critic, is likely to get a seat on the Senate Banking Committee, the WSJ reported today, citing three Senate Democratic aides on the information. The mews might be good for Main Street, but Wall Street banks have been putting bucks behind keeping Warren off the committee.

* Simply holding Apple is also a good method: Former Rochdale Securities trader David Miller got into some serious hot water today. The man which performed $1 billion in unauthorized Apple trades found handcuffs being administered today, as he was charged with fraud in a federal criminal complaint. Miller was said to have conducted the trades in a "get-rich-quick" scheme.

* 'Flub' Stepping: Pandora Media (NYSE P) reported solid third-quarter 2013 results, but cut 2013 expectations and expectations for a fourth-quarter loss had investors running the opposite direction. For more, click here.

* Clean blood is priceless: Baxter International Inc. (NYSE: BAX) entered into a definitive agreement to acquire Gambro AB, a privately held dialysis product company based in Lund, Sweden, for total consideration of approximately $4.0 billion.

* The most magical deal of the day: Netflix Inc. (Nasdaq: NFLX) and The Walt Disney Company (NYSE: DIS) entered a new multi-year licensing agreement that will make Netflix the exclusive U.S. subscription television service for first-run live-action and animated feature films from The Walt Disney Studios. The news is a positive for Netflix and a negative for rivals like Coinstar (Nasdaq: CSTR), (Nasdaq: AMZN), Liberty Media's (Nasdaq: LMCA) Starz, Hulu, and others.

* Tough, but fair: According to reports, it's best to agree with John Boehner...or at least fake it for a while. Bloomberg said that four Republicans opposing Boehner's fiscal cliff proposals won't be rejoining the Budget or Financial Services committees when Congress starts in January. Missing will be Sens. David Schweikert, Walter Jones (from Financial Services Committee), Tim Huelskamp, and Justin Arnash (from House Budget Committee).

* Take that, OPEC!: U.S. crude output hit a 15-year high in September, the EIA said today. Average output was nearly 6.5 million barrels per day. Hydraulic fracturing, though still mysterious to many, was responsible for the boost in output. The largest producers were the Bakken Shale region in North Carolina and Eagle Ford in Texas.

* Another prince on the docket: Prince William George and Duchess/Princess Kate are having a baby. Now you're up to date.

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