Research In Motion Skyrockets on a Boring Day
Today's financial recap and tomorrow's financial outlook.
Overseas in Japan, the stimulus efforts continued. New Prime Minister Shinzo Abe announced a new $116 billion fiscal stimulus package that will coincide with the Bank of Japan's new effort to embrace a 2% inflation target. The Finance Ministry also noted that the Japanese government would also stand ready to intervene in the currency markets should the yen begin to appreciate meaningfully.
Research In Motion (Nasdaq:RIMM) dipped in early trading, but rallied back after leaked images of BB10 phones showed six different models of the handset. There was also speculation that the new platform would debut on all of the major carriers. RIM's stock finished the day up more than 13%.
Treasuries rallied in the afternoon and into the close as the Commitment of Traders report showed a continued exodus of speculative traders. 10-year Treasury yields reached a high of 1.92% intraday before Treasuries sparked a rally and yields declined to 1.86% by the equity close.
Pre-market, Wells Fargo (NYSE:WFC) released its earnings, reporting earnings per share of $0.94, which was better than analyst estimates of $0.89. More troubling was the sharp decline in mortgage origination and tightening in the bank's net interest margin (NIM) to 3.56% from 3.66%. The stock fell 1% on the day to $35.04.
Monday's Financial Outlook
On Monday, there will be no major economic reports or earnings released in the US, so the only major news item of note is Federal Reserve Chairman Ben Bernanke's speech at market close in Ann Arbor, Michigan. Chairman Bernanke will speak to students at the University of Michigan about monetary policy and the US economy.
Globally, the eurozone will release industrial production figures and Australia will release data on home loans.
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter