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VIDEOMarket Round-Up: Dow Dives, Oracle Jumps
By
Nick Gwiazda Sep 08, 2010 8:10 am
Stocks were largely sold off yesterday as investors feared European debt crisis.
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Gold settled at a new high yesterday, up 0.8% to $1,258.90, as silver crept down to $19.89 and copper fell more than 1% to $3.4575.
In an effort to assuage the likelihood of another flash crash, the SEC is considering new regulations for high-frequency traders.
In Australia, Prime Minister Julia Gillard has opted to form a minority government on behalf of the Labor Party. Promises of an all-encompassing broadband network and initiatives to extend spending to rural areas helped secure Gillard’s second term. Australia was the only country to sidestep a recession, with GDP growth of 3.3% last year and unemployment of 5.3%.
Former Hewlett-Packard (HPQ) CEO Mark Hurd will officially lead the herd at Oracle (ORCL) as CEO, after Oracle CEO Charles Phillip’s resignation.
In related news, HP has decided to sue Hurd for accepting the CEO post at Oracle. HP claims that Hurd’s new position imperils HP’s trade secrets.
In telco news, pre-paid titan MetroPCS (PCS) announced a $500 million debt offering to raise cash. The senior notes will be due in 2018. MetroPCS is number 100 on Fortune’s top 100 fastest-growing companies.
GM has opted to have its IPO on November 18 in an effort to make some last-minute improvements to its balance sheet, aiming to raise between $15 billion and $20 billion dollars. It could be the beginning of Detroit’s revival and perhaps a shot in the arm US employment needs.
No positions in stocks mentioned.
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