Market Wrap: Berlusconi Cedes; Activision Answers Q3 Call (of Duty); Targacept's Bad Day; McDonald's Sizzles in October

Market wrap-up for November 8th

End of the Day: Dow Jones up 101.79 to 12,170.18; Nasdaq up 32 to 2,727.49; S&P 500 up 14.8 to 1,275.92

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

• When in Rome...: Silvio Berlusconi, Italy's Prime Minister, said he'll resign the position following clearance of Italy's 2012 budget. The move comes as his party failed to win a majority vote, and will clear the way for further elections or Italy to form a national unity government.
  
  Berlusconi's party got only 308 votes in the vote, just shy of the 315 needed for a majority win.
  
  
• Answering the Call (of Duty): Activision Blizzard, Inc. (Nasdaq: ATVI) moving higher following third-quarter results. Earnings in the quarter were 7 cents per share on revenue of $627 million, versus Street views calling for earnings of 2 cents per share and revenue of $558.4 million. Looking ahead, Activision sees fourth-quarter 2011 earnings of 55 cents per share, versus the consensus of 53 cents, and boosted fiscal 2011 earnings guidance from 77 cents to 85 cents per share. The Street sees 2011 EPS of 79 cents.
  
  Click here for more color on the results.
  
  
• Scandal erupts Olympus: Japan's Olympus got caught up in a scandal whereby certain executives admitted to covering up losses realized in the 1990s by overpaying for several M&A transactions, and then writing off the losses over subsequent quarters. Trading lower on U.S. markets following the story was Nomura Holdings, Inc. (NYSE: NMR), which ended the session 12.3 percent lower Tuesday on reports it might be involved in the scandal somehow.
  
  
• Yelp looks to go public: Not wanting to rest on its heels following Groupon's (Nasdaq: GRPN) recent IPO, online review website Yelp is said to be eying a $2 billion IPO. The company has tapped Goldman Sachs and Citigroup, according to sources.
  
  
• This ain't Michaelangelo's renaissance: Targacept, Inc. (Nasdaq: TRGT), got slammed following reports that the first of four RENAISSANCE Phase 3 studies investigating the efficacy and tolerability of TC-5214 missed its primary endpoint. The studies were done in collaboration with AstraZeneca (NYSE: AZN). Targacept ended up closing 60 percent lower Tuesday.
  
  
• Mmm...double quarter pounders...: McDonald's Corp. (NYSE: MCD) reported global comps increased 5.5 percent in October, possibly reinforcing consumers still stretching funds as economic uncertainty continues.

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