Market Wrap: RIM's Balsillie, Lazaridis Cede Powers; Chesapeake to Halve Nat Gas Production; BofA Aims for More Savings

Market wrap-up for January 23rd

End of the Day: Dow Jones down 11.7 to 12,708.82; Nasdaq down 2.5 to 2,784.17; S&P 500 up 0.6 to 1,316.00

The following is a brief summary of events moving markets today:

• Seems a little sunnier, warmer in Waterloo: Research In Motion Limited (Nasdaq: RIMM) said Mike Lazaridis and Jim Balsillie would step down from their positions as co-CEOs and Chairmen. Taking over is former Chief Operating Officer. For more color on the move, click here. Analysts also issued some comments today, click here.
  
  After trading up as much as 4 percent ahead of this morning's opening bell, RIM shares closed down more than 8 percent on the news. Downside was attributed to comments from Heins he didn't see any significant changes needing to be made at the Company. He also leaned more toward keeping RIM as a whole.
  
  
• Nat gas stinks: Chesapeake Energy Corporation (NYSE: CHK) said it would further reduce its operated dry gas drilling activity by 50 percent to approximately 24 rigs by the 2012 second quarter from 47 dry gas rigs currently in use and by 67 percent from an average of approximately 75 dry gas rigs used during 2011. The move was in response to the dramatic decline in nat gas prices stemming from light demand. For more color on the move, click here.
  
  Chesapeake shares closed up more than 6 percent. The news had the entire nat gas sector buzzing today.
  
  
• Because $5 billion per year just isn't good enough: Bank of America (NYSE: BAC) CEO Brian Moynihan is aiming for more savings for the bank in its next round of cost-cutting measures. According to reports Monday, Moynihan plans to save an additional $1 to $3 billion per year after implementation of new measures in its investment and commercial banking, trading, and wealth management units. In total, up to $8 billion annually is expected to be saved. For more color on the move, click here.
  
  BofA shares closed 2.6 percent better Monday, but are lower in late trading.
  
  
• No more Iranian oil for EU: In an effort to thwart Iran's development of nuclear technology, the EU is making a move to cut off imports of crude oil. Current contracts will still be honored, but the ban will take place beginning in July 2012. With Iran garnering about 50 percent of GDP from crude sales, the move will be yet another blow in addition to tougher sanctions being implemented by the U.S. For more on the decision by the EU, click here.

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