Market Wrap: First Solar Switches CEOs, So Does IBM; Less Confidence Abounds; One of Two EU Meetings to Happen

Market wrap-up for October 25th

End of the Day: Dow Jones down 207 to 11,706.62; Nasdaq down 61 to 2,638.42; S&P 500 down 25 to 1,229.05

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

• Arrivederci, Signore Gillette!: First Solar (Nasdaq: FSLR) reported Rob Gillette will no longer hold the title of CEO at the Company, nor will he hold any other title. Earlier in the session, First Solar issued a release saying Chair Mike Ahearn will be it's CEO on an interim basis.
  
  Shares got smacked, and ended 25.3 percent lower Tuesday.
  
  
• IBM shifts CEO responsibilities: At the other end of the spectrum, IBM (NYSE: IBM) announced Virginia Rometty has been named the company's President and CEO, and current CEO Samuel Palmisano will continue as Chairman. Rometty as also elected a member of the board of directors. The effective date will be January 1, 2012.
  
  According to the release: "Rometty is responsible for IBM's worldwide results, which exceeded $99 billion in 2010. She also is responsible for leading IBM’s global strategy, marketing and communications functions. Previously, Ms. Rometty was senior vice president of IBM Global Business Services."
  
  She joined IBM in 1981 as a systems engineer. She holds a Bachelor of Science degree with high honors in computer science and electrical engineering from Northwestern University.
  
  
• Yep, Netflix got slammed: Netflix (Nasdaq: NFLX) did end up getting slammed Tuesday, following grim fourth-quarter guidance after the market Monday. Click here for more color on that. Netflix ended 34.9 percent lower.
  
  
• Confidence is down at both ends of the spectrum: Consumer confidence fell from 46.4 in September to 39.8 in October, it's lowest point since March 2009. Overall, the outlook is dire, with 53.4 percent of those surveyed seeing stock prices lower in one year. Jobs topped the list of issues, with 47.1 percent saying one was "hard to get." Notably, those with larger incomes reported the most extreme drop in confidence from a peak in February.
  
  
• EU is having a meeting... for something: Headlines earlier in the session had a meeting of European finance ministers, originally scheduled for tomorrow, cancelled. However, a meeting of leaders is still set to take place.
  
  However, leaders are still at ends on what to do about distressed debt and bank recapitalizations in Europe, with particular focus on Greece. With no firm plans or even some agreements being reached, it makes you wonder why the meeting is even being held.
  
  Maybe they're having Nutella as a snack at the event. Now, that that would definitely be worth attending!

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