Top 10 2/28-3/4: Jobs Rise But Miss Whispers, Oil Surges, Steve Jobs Debuts iPad 2, Buffett's Going Elephant Hunting
StreetInsider.com's Top 10 News Items on Wall Street this week.
1. On Friday, the U.S. Bureau of Labor Statistics reported that the U.S. added 192,000 jobs in February and the unemployment rate ticked lower to 8.9 percent. The number was essentially in-line with what economists had expected of 196,000 and 9.1 percent, respectively. Stocks sold off on the news as some had been expecting a number well north of 200,000.
2. With the tension in the middle east still elevated, oil surged to near $105 per barrel and was a major market driver this week. Investors are concerned that the rising oil prices will dampen consumer spending.
3. Apple's (Nasdaq: AAPL) iPad 2 was unveiled this week by iconic CEO Steve Jobs, who has been on medical leave with rumors about his deteriorating health driving action in the stock. Investors were relieved to see Jobs and Wall Street went gaga over the device, raising estimates across the board as it is sure to be another instant hit.
4. Warren Buffett indicated in his annual shareholder letter that his Berkshire Hathaway (NYSE: BRK/A) (NYSE: BRK/B) is on the prowl for another major takeover, after last year's Burlington Northern deal. "Our elephant gun has been reloaded, and my trigger finger is itchy," he said.
5. Gold is back to record high levels as tension in the Middle East has money moving into the safety of precious metals. In addition, Fed Chairman Ben Bernanke gave no indication that he was going to pull the reigns back on QE2. Gold traded to a high of $1432.80 per ounce on Friday. Silver also had a very strong week, trading as high as $35.54 on Friday.
6. There was a big deal in the REIT space with Ventas, Inc. (NYSE: VTR) announcing an agreement to acquire Nationwide Health Properties, Inc. (NYSE: NHP) in a stock-for-stock transaction valued at $7.4 billion, creating one of the largest publicly traded REITs and the leading healthcare REIT by equity value.
7. Auto sales were strong in February this year, versus a weak month last year. GM (NYSE: GM) - up 49% to 207,028 units; Ford (NYSE: F) - up 14% to 156,626 units; Toyota (NYSE: TM) - up 41.8% to 141,846 vehicles; Honda (NYSE: HMC) - up 22% to 98,059 vehicles; Chrysler - up 13% to 95,102 units; Nissan (OTC: NSANY) - up 32% to 92,370 units
8. The new short sale rule was implemented on Monday. Under the rule, when a stock drops 10% on the session the new rule restricts short sales only following an uptick.
9. On Monday, the US approved the first deepwater oil drilling permit since the BP oil spill.
10. Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) and Alkermes, Inc. (Nasdaq: ALKS) shares were taken to the woodshed after a Bydureon trial failed to meet its primary endpoint.
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1. On Friday, the U.S. Bureau of Labor Statistics reported that the U.S. added 192,000 jobs in February and the unemployment rate ticked lower to 8.9 percent. The number was essentially in-line with what economists had expected of 196,000 and 9.1 percent, respectively. Stocks sold off on the news as some had been expecting a number well north of 200,000.
2. With the tension in the middle east still elevated, oil surged to near $105 per barrel and was a major market driver this week. Investors are concerned that the rising oil prices will dampen consumer spending.
3. Apple's (Nasdaq: AAPL) iPad 2 was unveiled this week by iconic CEO Steve Jobs, who has been on medical leave with rumors about his deteriorating health driving action in the stock. Investors were relieved to see Jobs and Wall Street went gaga over the device, raising estimates across the board as it is sure to be another instant hit.
4. Warren Buffett indicated in his annual shareholder letter that his Berkshire Hathaway (NYSE: BRK/A) (NYSE: BRK/B) is on the prowl for another major takeover, after last year's Burlington Northern deal. "Our elephant gun has been reloaded, and my trigger finger is itchy," he said.
5. Gold is back to record high levels as tension in the Middle East has money moving into the safety of precious metals. In addition, Fed Chairman Ben Bernanke gave no indication that he was going to pull the reigns back on QE2. Gold traded to a high of $1432.80 per ounce on Friday. Silver also had a very strong week, trading as high as $35.54 on Friday.
6. There was a big deal in the REIT space with Ventas, Inc. (NYSE: VTR) announcing an agreement to acquire Nationwide Health Properties, Inc. (NYSE: NHP) in a stock-for-stock transaction valued at $7.4 billion, creating one of the largest publicly traded REITs and the leading healthcare REIT by equity value.
7. Auto sales were strong in February this year, versus a weak month last year. GM (NYSE: GM) - up 49% to 207,028 units; Ford (NYSE: F) - up 14% to 156,626 units; Toyota (NYSE: TM) - up 41.8% to 141,846 vehicles; Honda (NYSE: HMC) - up 22% to 98,059 vehicles; Chrysler - up 13% to 95,102 units; Nissan (OTC: NSANY) - up 32% to 92,370 units
8. The new short sale rule was implemented on Monday. Under the rule, when a stock drops 10% on the session the new rule restricts short sales only following an uptick.
9. On Monday, the US approved the first deepwater oil drilling permit since the BP oil spill.
10. Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) and Alkermes, Inc. (Nasdaq: ALKS) shares were taken to the woodshed after a Bydureon trial failed to meet its primary endpoint.
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