StreetInsider.com Top 10 News Items 8/11-8/15; Commodities Lower on Dollar Strength, CVS Buying Longs, Deere Flops, More..
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StreetInsider.com Top 10 News Items of the Week August 11 - August 15. This is a recap of this week's major news on Wall Street.
1. Oil continued to show weakness and other commodities, including precious metals, sold off aggressivly. Fears of a global slowdown and strength in the U.S. dollar contributed to the moves.
2. CVS Caremark Corporation (NYSE: CVS) agreed to acquire Longs Drug Stores Corporation (NYSE: LDG) for $71.50 per share in cash.
3. On Wednesday, Deere (NYSE: DE) reported weaker than expected Q3 results and gave a cautious outlook, citing escalating raw material costs.
4. On Wednesay, the Import Price Index showed an increase of 1.7% (MoM), versus the consensus of +1%. The yearly tally showed a 21.6% increase.
5. On Thursday, the U.S. government's consumer inflation gauge, CPI, came in hotter than expected at +0.8%, versus the consensus of +0.4%. Core-CPI came in at +0.3%, versus the consensus of +0.2%
6. The Federal Reserve said banks are tightening consumer and business lending standards.
7. On Thursday, Wal-Mart (NYSE: WMT) reported strong quarterly results and gave a modestly upbeat outlook, as bargain shoppers flocked to the large discount retailer.
8. More large brokerage firms settled with state and federal regulators on auction rate securities. This week, JP Morgan (NYSE: JPM), Morgan Stanley (NYSE: MS) and Wachovia (NYSE: WB) settled.
9. Merrill Lynch chief investment strategist Richard Bernstein said the credit crisis is "far from over" and investors are "significantly underestimating both the scope and the extent of the credit bubble."
10. On Monday, Google Inc. (Nasdaq: GOOG) crossed the $500 level for the first time since reporting disappointing results on July 17th.
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