Market Wrap: The RIM Lovefest; Yahoo! Gives Alibaba Early Gift; BofA Loves All Borrowers

Market wrap-up for December 21st

End of the Day: Dow Jones up 4.2 to 12,107.74; Nasdaq down 25.8 to 2,577.97 ; S&P 500 up 2.4 to 1,243.72

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

• RIM, do you like us? [ ] Yes or [ ] No - ♥♥♥Microsoft:/Nokia♥♥♥: According to reports Wednesday, Research In Motion (Nasdaq: RIMM) was the target of an unadulterated like-fest from Microsoft (Nasdaq: MSFT) and Nokia (NYSE: NOK). Obviously, nothing surmised from the talks, but RIM shares rose today nonetheless as any sign of hope or concern causes a shift in RIM's matrix.
  
  RIM ended the session Wednesday up nearly 10 percent, and is still slightly positive in late trading. For more on RIM M&S talks, click here.
  
  
• Jack Ma gets a leg-up: Yahoo! (Nasdaq: YHOO) saw some late-day action Wednesday, following reports that it might be in talks to trim it's Alibaba stake from about 40 percent to just 15 percent. The deal could bring in $17 to $18 billion as a tax-free transaction.
  
  To execute the "double cash-rich split-off," Alibaba would create an subsidiary, fill it with cash and an asset of Yahoo!'s choosing, then swap shares of the subsidiary for two-third's of Yahoo!'s Alibaba holdings. Click here for more color.
  
  
• What can money buy? Integrity: Bank of America (NYSE: BAC) is said to be in a Countrywide settlement with the U.S. Department of Justice, in which BofA will pay $335 million to settle allegations that Countrywide discriminated against minorities with its lending practices.
  
  Allegations have Countrywide alleged of charging higher fees to minorities on prime and subprime loans that could have qualified for a prime mortgage.
  
  
• Should see revision: Data from the National Association of Realtors (NAR) Wednesday showed existing sales in November grew 4 percent from a revised 4.25 million annual rate in October, to 4.42 million. The number missed views calling for an increase to 5.03 million.
  
  
• Whoa-bama!: President Obama phoned up speaker John Boehner in an effort to get a two-month tax reprieve passed. Obama has said he'll be open to talks on a longer extension of the tax break in the new year, but doesn't want a tax increase to kick-in on January 1st, 2012.
  
  Boehner has said Obama should speak with Senate Democrats to enter another round of negotiations before the end of the year.
  
  Also, Little Suzy said Johnny called her a "poo-poo head."

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