Top 10 News Items 11/14-11/18: Will the Euromadness Ever End?; Where's the Inflation?; Buffett Unveils Massive Investment in IBM
Here is a recap of the top news items from this week on Wall Street:
1. This week making the fourth consecutive appearance at StreetInsider.com's Top 10 List: Euro crisis! Following 10-year yields which pushed over 7 percent in Italy last week, traders calmed over the beginning of this week. Renewed concerns, however, sparked bond selling across much of the Eurozone, pushing 2-year yields in both Italy and now Spain over the 7 percent mark. Mario Monti was named as Italy's new chief, while the nation's UniCredit dealt with issues as CEO Ghizzoni looked to the ECB for broader borrowing. Earlier in the week, Fitch warned the Eurozone might pose a threat to the U.S. credit rating. Fitch mainly alluded to banks' exposure to European debt, and said the U.S. rating was under pressure if issues aren't resolved.
2. Both PPI and CPI for October came in below expectations on Tuesday and Wednesday, respectively. Producer prices fell 0.3%, vs. the economist estimate of 0.1%, while consumer prices fell 0.08%, also better than the consensus of flat.
3. On Monday, The Oracle of Omaha Warren Buffett unveiled a new position ahead of the release of Berkshire Hathaway's 13F. On CNBC's Squawk Box, welcoming back Becky Quick, Buffett divulged he purchased 64 million shares of IBM (NYSE: IBM) over the last quarter. Buffett said his average price was about $170 per share. Although shares opened sharply higher following the early-morning news, IBM closed lower on Monday. The stock only closed higher one day this week, on Tuesday.
4. Crude oil crossed the $100/barrel level for the first time since July this week, marking a recent high over $103. Liquid gold made the move amid news Enbridge said it would reverse the direction of the Seaway pipeline, effectively allowing for crude flow from the central US to Canada.
5. On the earnings front, the following companies reported: Home Depot (NYSE: HD), Wal-Mart (NYSE: WMT), Dell (Nasdaq: DELL), Target (NYSE: TGT) and Salesforce.com (NYSE: CRM).
6. The Street's top hedge funds issued their 13F for the last quarter this week. Some of the more notable filings: David Tepper's Appaloosa, Einhorn's Greenlight, obviously Buffett's Berkshire, JAT Capital and Bill Ackman's Pershing Square.
7. Shares of Rambus (Nasdaq: RMBS) plunged a jaw-dropping 60 percent on Wednesday following news the company lost its antitrust case against Hynix and Micron (NYSE: MU). Shares of Micron rose 23 percent on Wednesday. Notably, Rambus shares bounced by more than 20 percent on Thursday.
8. Shares of Jefferies (NYSE: JEF) had another rough week despite calmed fears earlier this month. The stock closed the week down about 10 percent as fears continue to surround the investment bank with inaccurate comparisons to defunct MF Global (OTC: MFGLQ) dominating markets.
9. After pricing at the high end of the $11-$13 range, shares of Angie's List (Nasdaq: ANGI) opened for trade on Thursday at $18. The stock closed the week about 12 percent lower just under $16.
10. Bill Miller will be finally stepping down as investment lead on one of Legg Mason's (NYSE: LM) most notable funds. Though Miller beat the S&P 500 for 15 years through 2005, his performance since saw him losing four of the last five years, save for a notable 41 percent gain in 2009 as markets rebounded from the financial crises. Succeeding Miller at Legg's Capital Management Value Trust will be Sam Peters.
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1. This week making the fourth consecutive appearance at StreetInsider.com's Top 10 List: Euro crisis! Following 10-year yields which pushed over 7 percent in Italy last week, traders calmed over the beginning of this week. Renewed concerns, however, sparked bond selling across much of the Eurozone, pushing 2-year yields in both Italy and now Spain over the 7 percent mark. Mario Monti was named as Italy's new chief, while the nation's UniCredit dealt with issues as CEO Ghizzoni looked to the ECB for broader borrowing. Earlier in the week, Fitch warned the Eurozone might pose a threat to the U.S. credit rating. Fitch mainly alluded to banks' exposure to European debt, and said the U.S. rating was under pressure if issues aren't resolved.
2. Both PPI and CPI for October came in below expectations on Tuesday and Wednesday, respectively. Producer prices fell 0.3%, vs. the economist estimate of 0.1%, while consumer prices fell 0.08%, also better than the consensus of flat.
3. On Monday, The Oracle of Omaha Warren Buffett unveiled a new position ahead of the release of Berkshire Hathaway's 13F. On CNBC's Squawk Box, welcoming back Becky Quick, Buffett divulged he purchased 64 million shares of IBM (NYSE: IBM) over the last quarter. Buffett said his average price was about $170 per share. Although shares opened sharply higher following the early-morning news, IBM closed lower on Monday. The stock only closed higher one day this week, on Tuesday.
4. Crude oil crossed the $100/barrel level for the first time since July this week, marking a recent high over $103. Liquid gold made the move amid news Enbridge said it would reverse the direction of the Seaway pipeline, effectively allowing for crude flow from the central US to Canada.
5. On the earnings front, the following companies reported: Home Depot (NYSE: HD), Wal-Mart (NYSE: WMT), Dell (Nasdaq: DELL), Target (NYSE: TGT) and Salesforce.com (NYSE: CRM).
6. The Street's top hedge funds issued their 13F for the last quarter this week. Some of the more notable filings: David Tepper's Appaloosa, Einhorn's Greenlight, obviously Buffett's Berkshire, JAT Capital and Bill Ackman's Pershing Square.
7. Shares of Rambus (Nasdaq: RMBS) plunged a jaw-dropping 60 percent on Wednesday following news the company lost its antitrust case against Hynix and Micron (NYSE: MU). Shares of Micron rose 23 percent on Wednesday. Notably, Rambus shares bounced by more than 20 percent on Thursday.
8. Shares of Jefferies (NYSE: JEF) had another rough week despite calmed fears earlier this month. The stock closed the week down about 10 percent as fears continue to surround the investment bank with inaccurate comparisons to defunct MF Global (OTC: MFGLQ) dominating markets.
9. After pricing at the high end of the $11-$13 range, shares of Angie's List (Nasdaq: ANGI) opened for trade on Thursday at $18. The stock closed the week about 12 percent lower just under $16.
10. Bill Miller will be finally stepping down as investment lead on one of Legg Mason's (NYSE: LM) most notable funds. Though Miller beat the S&P 500 for 15 years through 2005, his performance since saw him losing four of the last five years, save for a notable 41 percent gain in 2009 as markets rebounded from the financial crises. Succeeding Miller at Legg's Capital Management Value Trust will be Sam Peters.
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