Top 10 News Items 11/1-11/4: Major Issues in Greece Remain; MF Global Goes Bust; Groupon IPO Hits Wall Street
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Here is a recap of the top news items from this week on Wall Street:
1. Greek Prime Minister George Papandreou called for referendum on the latest bailout package proposed by the EU, seeking a public consensus on whether the measure should be accepted. As a number of EU officials said Greece doesn't have a choice, rumors of Papandreou's resignation began circling. Rumors of the referendum's go ahead or calling off went back and forth over the week. The referendum was eventually turned down. Heading into the weekend, Papandreou still has his job.
2. MF Global officially filed for bankruptcy this week. The SIPC began liquidating the company's assets, and also named James Giddens as the Trustee. MF reportedly admitted to using client money for operations. Soon the DoJ joined an FBI probe of the company. Jon Corzine resigned from all positions at MF. Numerous firms released their exposures to the company, and, as expected rumors began flying related to this. Rumors of "missing funds" were heard on the Street.
3. The IPO for Groupon (Nasdaq: GRPN) began trading Friday. The stock opened at $28 per share after pricing at $20, above the expected range of $16-$18. The stock was volatile over the entire session but closed at $26.11.
4. The always-anticipated jobs report was issued this Friday, showing job additions of 80,000 in the nonfarm sector, 104,000 in the private sector, and 5,000 in the manufacturing sector. Also a welcome surprise, the prior readings for September were revised sharply higher.
5. The FOMC met this week, keeping the status quo and also cutting growth estimates for this year through 2013. Charles Evans was the lone dissenter. Click here to see the full statement.
6. Shares of Jefferies (NYSE: JEF) had a wild week -- even a flash crash-type scenario -- amid concerns related to the company's sovereign exposure to the Eurozone. Doing a pretty good job to stop the spiral, management issued a release with details of all the exposure. Also, the company's largest holder Leucadia bought about 1.5 million shares of the stock over the week.
7. On the earnings front: Pfizer (NYSE: PFE), Time Warner (NYSE: TWX), MasterCard (NYSE: MA), QUALCOMM (Nasdaq: QCOM), Kraft (NYSE: KFT) and Kellogg (NYSE: K) reported.
8. ISM manufacturing index for the month of October came in at 50.8, vs. the economist estimate of 52.0. The prior month reading was at 51.6. ISM prices paid index was 41.0, vs. the Street estimate of 55.0.
9. In contrast to the above data point, manufacturing in the Dallas area was much better-than-expected: the index came rose to 2.3, up sharply from a reading of -14.4 in September and versus the economist estimate of -5.
10. Shares of interCLICK (Nasdaq: ICLK) jumped more than 20 percent on Tuesday following news of a $9 per share bid from Yahoo! (Nasdaq: YHOO). Many traders suggested this could mean a deal for Yahoo! could be off the table.
1. Greek Prime Minister George Papandreou called for referendum on the latest bailout package proposed by the EU, seeking a public consensus on whether the measure should be accepted. As a number of EU officials said Greece doesn't have a choice, rumors of Papandreou's resignation began circling. Rumors of the referendum's go ahead or calling off went back and forth over the week. The referendum was eventually turned down. Heading into the weekend, Papandreou still has his job.
2. MF Global officially filed for bankruptcy this week. The SIPC began liquidating the company's assets, and also named James Giddens as the Trustee. MF reportedly admitted to using client money for operations. Soon the DoJ joined an FBI probe of the company. Jon Corzine resigned from all positions at MF. Numerous firms released their exposures to the company, and, as expected rumors began flying related to this. Rumors of "missing funds" were heard on the Street.
3. The IPO for Groupon (Nasdaq: GRPN) began trading Friday. The stock opened at $28 per share after pricing at $20, above the expected range of $16-$18. The stock was volatile over the entire session but closed at $26.11.
4. The always-anticipated jobs report was issued this Friday, showing job additions of 80,000 in the nonfarm sector, 104,000 in the private sector, and 5,000 in the manufacturing sector. Also a welcome surprise, the prior readings for September were revised sharply higher.
5. The FOMC met this week, keeping the status quo and also cutting growth estimates for this year through 2013. Charles Evans was the lone dissenter. Click here to see the full statement.
6. Shares of Jefferies (NYSE: JEF) had a wild week -- even a flash crash-type scenario -- amid concerns related to the company's sovereign exposure to the Eurozone. Doing a pretty good job to stop the spiral, management issued a release with details of all the exposure. Also, the company's largest holder Leucadia bought about 1.5 million shares of the stock over the week.
7. On the earnings front: Pfizer (NYSE: PFE), Time Warner (NYSE: TWX), MasterCard (NYSE: MA), QUALCOMM (Nasdaq: QCOM), Kraft (NYSE: KFT) and Kellogg (NYSE: K) reported.
8. ISM manufacturing index for the month of October came in at 50.8, vs. the economist estimate of 52.0. The prior month reading was at 51.6. ISM prices paid index was 41.0, vs. the Street estimate of 55.0.
9. In contrast to the above data point, manufacturing in the Dallas area was much better-than-expected: the index came rose to 2.3, up sharply from a reading of -14.4 in September and versus the economist estimate of -5.
10. Shares of interCLICK (Nasdaq: ICLK) jumped more than 20 percent on Tuesday following news of a $9 per share bid from Yahoo! (Nasdaq: YHOO). Many traders suggested this could mean a deal for Yahoo! could be off the table.
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