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Top 10 News Items 6/11-6/15: All Eyes on Greece Ahead of Elections; Coordinated Central Bank Action Adds New Hope; Nokia's Troubles Worsening

June 15, 2012 4:32 PM EDT Send to a Friend
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Here is a recap of the top news items from this week on Wall Street:

1. Europe remained on the top of everyone's watch lists this week, a trend which will likely continue indefinitely. Greece will hold elections this weekend, with the democratic candidate currently looking like the frontrunner. The outcome of the election could very well determine if the embattled nation stays in the euro group. Despite news Spanish banks received aid last week, Spanish yields moved sharply higher. Italy is also drawing concern more frequently now, and yields also rose there. To make a long story short, traders are preparing for the worst in Europe.

2. US stocks rallied sharply Thursday afternoon following word of coordinated central bank action in order to prevent a steepening crisis in Europe. While the UK's Treasury and Bank of England vowed to step in to bolster global liquidity, the ECB or Federal Reserve have yet to comment. Among other steps, the BoE said it will launch a previously unused program to provide at least £5 billion per month into the global financial system.

3. Nokia (NYSE: NOK) shares were walloped this week as prospects seem to, somehow, have gotten dimmer for the mobile phone manufacturer. On Monday, Samsung reassured it is not looking to do a deal with the company. Shares fell 8 percent. On Thursday morning the company announced a plan to streamline operations, including the laying off of about 10,000 employees. Nokia said it is expecting continued weakness related to its devices and services. The stock fell another 15 percent that day.

4. Apple's (Nasdaq: AAPL) World Wide Developers Conference had the attention of fan boys across the globe on Monday. Highlights were a new MacBook Pro (described as "without doubt the very best computer that we've ever built" by Phill Schiller) and iOS 6. Click here to see a full rundown of the headlines we issued while the conference was going on.

5. JPMorgan's (NYSE: JPM) Jamie Dimon testified in front of a Senate Banking Committee this week related to the company's CIO losses. The testimony was rather anti-climatic, with belittling from regulators near a minimum. JPMorgan shares rose more than 3 percent this week.

6. Microsoft (Nasdaq: MSFT) shares were very modestly higher this week as traders responded to rumors the company has purchased business social networking company Yammer for about $1 billion. The company also said a "major" announcement will be coming on Monday, however, most of the Street is stumped as to just what this could be.

7. Investors cheered news Dell (Nasdaq: DELL) has decided to initiate a quarter dividend this week. The company will pay an 8 cent per share quarterly dividend for a yield of about 2.60 percent. Shares rose 2.6 percent on Wednesday.

8. Also turning on dividend investors this week: Caterpillar (NYSE: CAT) boosted its dividend to 52 cents, Target (NYSE: TGT) raised its to 36 cents and United Technologies (NYSE: UTX) will now pay a 53.5 cent dividend.

9. CPI for the month of May was down 0.3%, which compares to the economist estimate of down 0.2%. Core CPI was up 0.2%. PPI for the month fell 1.0 percent, cooler than the 0.6 percent decline expected by economists. Core PPI was up 0.2 percent.

10. Manufacturing activity in the New York region plunged very sharply from 17.09 in May to just 2.29. Economists were expecting a reading of 12.50.




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