Bears Hear About iPhone 5 Concerns, Make Applesauce for Dinner
Today's financial recap and tomorrow's financial outlook.
However, the Dow Jones Industrial Average (INDEXDJX:.DJI), which does not count Apple as a component, was modestly higher on the day.
The big news of the day was M&A activity. Clothing giant VF Corp. (NYSE:VFC) offered to buy apparel brand Billabong (ASX:BBG) for $556 million, while Swatch Group (PINK:SWGAY) said it was buying the luxury goods operation of diamond dealer Harry Winston (NYSE:HWD) for $1 billion. Additionally, shares of embattled computer-maker Dell (NASDAQ:DELL) rose sharply on rumors that the company was set to go private.
And in the "unrequited love" category, UPS's (NYSE:UPS) attempted takeover of TNT Express (AMS:TNTE) fell apart due to antitrust concerns in Europe.
Over in the financial sector, Bloomberg reported that Morgan Stanley (NYSE:MS) is planning to cut 15% of its investment banking positions in Asia, while the Wall Street Journal said that US regulators were set to serve JPMorgan (NYSE:JPM) with two formal enforcement actions regarding risk management and money laundering controls
In commodities, following an early slump, crude oil rose sharply to close in positive territory at $94.16. Gold was also up as the dollar fell.
There were no economic reports today.
Tomorrow's Financial Outlook
Tomorrow morning, we will see a host of notable economic reports, namely December retail sales and PPI, the January Empire Manufacturing index, and November business inventories.
In earnings, tomorrow's big name is homebuilder Lennar (NYSE:LEN), which reports before the open. Analysts expect the company to report a profit of $0.45 per share on $1.319 billion in revenue.
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