Top 10 News Items 6/25-6/29: Market Likes Eurozone's New Plan, Obamacare Victory, RIM is 6-Feet Under
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Here is a recap of the top news items from Wall Street this week:
1. Stocks rallied to end the week and the 1st-half of the year after positive developments in Europe. In a surprise move, leaders in the Eurozone agreed to create a single supervisory body for euro zone banks by the end of this year. Also, bailout funds can be used to directly recapitalize banks and the loans won't be ranked superior to those of private investors.
2. President Obama's health are bill was upheld in a landmark Supreme Court decision. In a 5-4 vote, the top court in the land ruled that law is constitutional as a financial penalty for not obtaining health insurance "may reasonably be characterized as a tax".
3. Research In Motion (Nasdaq: RIMM) collapsed 20 percent Friday after posting a much-wider-than-expected first quarter loss. To make matters worse, the company is delaying its BlackBerry 10 until the first quarter of 2013, which will put the beleaguered smartphone maker further behind of the competition.
4. Nike Inc. (NYSE: NKE) surprised investors will very weak fourth quarter results and outlook due to FX headwinds and a slowdown overseas. Shares fell over 9 percent on Friday.
5. Arena Pharmaceuticals' (Nasdaq: ARNA) announced that the FDA approved its obesity drug Belviq on Wednesday. It was the first time in 13 years the FDA approved a weight-loss drug. After running up into the approval, shares sold off.
6. News Corporation (NASDAQ: NWSA) announced that it intends to pursue the separation of its publishing and media and entertainment businesses into two distinct publicly traded companies.
7. Anheuser-Busch InBev (NYSE: BUD) bought the remaining stake in Grupo Modelo that it does not already own for USD 9.15 per share in cash in a transaction valued at USD 20.1 billion.
8. Barclays (NYSE: BCS) shares were slammed this week after the company was ordered to pay $450 million penalties to settle the LIBOR case.
9. Facebook's (Nasdaq: FB) IPO quiet period ended, which allowed underwriters to release their recommendations on the stock Wednesday. Ratings came in mixed, with some seeing large upside from current levels, and others seeing shares as overvalued.
10. Philip Falcone and his Harbinger hedge fund have been sued by the SEC amid allegations of securities fraud.
1. Stocks rallied to end the week and the 1st-half of the year after positive developments in Europe. In a surprise move, leaders in the Eurozone agreed to create a single supervisory body for euro zone banks by the end of this year. Also, bailout funds can be used to directly recapitalize banks and the loans won't be ranked superior to those of private investors.
2. President Obama's health are bill was upheld in a landmark Supreme Court decision. In a 5-4 vote, the top court in the land ruled that law is constitutional as a financial penalty for not obtaining health insurance "may reasonably be characterized as a tax".
3. Research In Motion (Nasdaq: RIMM) collapsed 20 percent Friday after posting a much-wider-than-expected first quarter loss. To make matters worse, the company is delaying its BlackBerry 10 until the first quarter of 2013, which will put the beleaguered smartphone maker further behind of the competition.
4. Nike Inc. (NYSE: NKE) surprised investors will very weak fourth quarter results and outlook due to FX headwinds and a slowdown overseas. Shares fell over 9 percent on Friday.
5. Arena Pharmaceuticals' (Nasdaq: ARNA) announced that the FDA approved its obesity drug Belviq on Wednesday. It was the first time in 13 years the FDA approved a weight-loss drug. After running up into the approval, shares sold off.
6. News Corporation (NASDAQ: NWSA) announced that it intends to pursue the separation of its publishing and media and entertainment businesses into two distinct publicly traded companies.
7. Anheuser-Busch InBev (NYSE: BUD) bought the remaining stake in Grupo Modelo that it does not already own for USD 9.15 per share in cash in a transaction valued at USD 20.1 billion.
8. Barclays (NYSE: BCS) shares were slammed this week after the company was ordered to pay $450 million penalties to settle the LIBOR case.
9. Facebook's (Nasdaq: FB) IPO quiet period ended, which allowed underwriters to release their recommendations on the stock Wednesday. Ratings came in mixed, with some seeing large upside from current levels, and others seeing shares as overvalued.
10. Philip Falcone and his Harbinger hedge fund have been sued by the SEC amid allegations of securities fraud.
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