Market Wrap: SEC's Schapiro Says Sayonara!; McGraw-Hill's Education Sale; Cyber Monday Takes Shape; Fan Saved by Giants Player

Market wrap-up for November 26th

End of the Day: S&P 500 down 2.9 to 1,406.29; Dow Jones down 42.3 to 12,967.37; Nasdaq up 9.9 to 2,976.78

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

• Oh, just recession and high unemployment? Nevermind then: U.S. stocks ended lower Monday following a light Friday session sandwiched between a long Thanksgiving weekend. Most of the downside could be attributed to a little more volatility stemming from chatter over the looming fiscal cliff. Lawmakers are expected to meet this week to go over plans to avert tax increases to businesses and individuals which could top $607 billion starting in 2013.
  
  Bloomberg noted today that the Congressional Budget Office warned of possible recession and 9 percent jobless rate if nothing is done.
  
  Elsewhere, European finance ministers met for a third time this month in order to work out a deal aimed at releasing more aid for Greece. The ministers are deliberating on how to fill a €10 billion financing gap when Greece was granted two additional years to meet deficit-reduction targets.
  
  
• Schapiro steps down: U.S. Securities and Exchange Commission (SEC) chairman Mary Schapiro is expected to step down from the role within a month, the New York Times reports Monday.
  
  According to the NY Times, Schapiro will depart on December 14th following speculation she might make the move soon after the election. Both the White House and Treasury Department were informed of the move by the SEC, becoming the first major appointment to leave the Obama administration.
  
  Elisse Walters was appointed by President Obama to serve out Schapiro's term. For more color on the move, click here.
  
  
• Barclays (NYSE: BCS) is breathing a little easier: Equity Residential (NYSE: EQR) and AvalonBay Communities, Inc. (NYSE: AVB) entered an agreement to acquire Archstone Enterprise LP from Lehman Brothers. The cash and stock consideration in the deal is $6.5 billion, with the assumption of $9.5 billion in debt and $330 million of preferred equity bringing gross value of the deal up to $16 billion.
  
  For more on the transaction, click here.
  
  
• No drop in prices expected: The McGraw-Hill Companies (NYSE: MHP) announced entering an agreement to sell its Education business in a $2.5 billion deal with Apollo Global Management (NYSE: APO). As part of this transaction, McGraw-Hill will receive $250 million in senior unsecured notes issued by the purchaser at an annual interest rate of 8.5%.
  
  Astute investors might mull what Apple's (Nasdaq: AAPL) moves in the education textbook market will be and if this might have any affect.
  
  For more on the deal, click here.
  
  
• H-P's terrible, horrible, no good, very bad month: Hewlett-Packard (NYSE: HPQ) was hit with a civil suit today over losses tied to the acquisition of Autonomy, according to Retuers. The proposed class action suit, filed in San Francisco, alleges that H-P knew statements from Autonomy were misleading and H-P went ahead with the deal anyway.
  
  
• Product is just flying off the...shelves?: Amazon.com (Nasdaq: AMZN) is moving to the debt market, according to a mixed shelf filing and the WSJ today. Speculation surrounds why Amazon might need to raise the cash through a $3 billion debt offering, though some see Amazon bolstering its distribution locations around the U.S. to offer even faster shipping.
  
  The three-, five-, and 10-year bonds are being sold at 0.38, 0.63, and 0.93 points over comparable Treasury rates, the WSJ noted.
  
  
• Bank of England's new 'king': Replacing Mervyn King at the Bank of England will be Mark Carney, current governor of the Bank of Canada. The appointment, effective July 1, 2013, was approved by Her Majesty the Queen, according to a statement on the Bank of Canada website. The position runs five years from appointment.
  
  In a statement today, King said, "He represents a new generation of leadership for the Bank of England, and is an outstanding choice to succeed me."
  
  
• No flag on the play: Giants tight end Martellus Bennett made four catches Sunday night. Though three were during the 38 - 10 win over the Green Bay Packers, the fourth was of a 52-year-old New York man who toppled over the railing of the stands following conclusion of the game.
  
  The man, whose name we're not going to reprint, said he was pushed over the protective barrier as the Giants exited the field. No one was hurt in the event, though the fan said cuffs were placed on "rather quickly," so he didn't see who actually stopped gravity's full fury. Charges have not been filed.
  
  Curiously, no alcohol was involved and Bennett didn't do a little end-zone dance after the catch.

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