Morning Market Roundup: Best Buy’s Downward Spiral, Tremors in Singapore
- Posted on April 11, 2012 at 10:36am by
Becket Adams
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Here’s what’s important in the financial world this morning:
The highly anticipated Alcoa first quarter earnings surprised Wall Street with its $0.10 earnings per share profit while net income dropped from the previous year. Revenue beat expectations with a $6.01 billion increase amid slumping aluminum prices. Alcoa was upbeat about China and its “pretty phenomenal” global demand forecast of 7 percent.
Tuesday’s sudden resignation from Best Buy’s CEO Brian Dunn resulted from a “personal misconduct” investigation. The company didn’t provide any details but said in a statement, “Certain issues were brought to the board’s attention regarding Mr. Dunn’s personal conduct, unrelated to the company’s operations or financial controls, and an audit committee investigation was initiated. Prior to the completion of the investigation, Mr. Dunn chose to resign.”
Best Buy’s stock dropped six percent and closed at $21.32.
At Germany’s 10-year Bund auction, weak demand only moved EUR 3.87 billion of paper, coming in below its EUR 5 billion target. With a 1.77 percent priced to yield, this represented a record low for the auction but above the current trading yield of 1.64 percent for the Bund in Tuesday’s trading.
Over in Italy, yields rose in the auction of EUR 11 billion for12 and three-month paper as Spain’s budget woes affected weak countries. Yields for Italian 10-year paper in the secondary market dove, dropping 15 basis points to 5.54 percent in premarket trading while Spanish paper was -13 basis points at 5.85 percent after remarks by ECB’s Benoit Coeure suggested the return of bond purchases.
Earthquakes with magnitudes of 8.7 and 8.8 off the coast of Aceh hit Indonesia and prompted a tsunami warning across the Indian Ocean.
Tremors had been felt in Singapore, Thailand, Malaysia and India. The event quickly brought back memories of the 2004 tsunami in the area that came from a 9.1 earthquake.
[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]
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Stephen Markovich
Posted on April 11, 2012 at 1:39pmlet best buy fail or succeed at the will of consumers n free market
Report Post »The_Almighty_Creestof
Posted on April 11, 2012 at 11:47amIf they want to remain open for business…maybe they should try opening for business. They sell a lot of things businesses need…yet the one in my area never opens its doors until 10AM, sometimes 10:30AM and on sunday not until 11AM. My job has ne either getting off at 9AM or going to work at 9AM and I’m not waiting or coming back. I’ll just go to Staples or someone else for my items. Or buy from them online, when they ARE open when I want to make a purchase.
Report Post »00gabooga
Posted on April 11, 2012 at 11:40amI go to Best Buy to take a look at a product first-hand, and then go home and buy it from Amazon for a better price.
Report Post »bankerpapaw
Posted on April 11, 2012 at 11:26amObama is celebrating. One more American business going down the tubes.
Report Post »Darmok and Jalad at Tanagra
Posted on April 11, 2012 at 11:11amBest Buy’s decline? That is the only place I buy my movies, games, and electronics.
Whoa is the day when ruffians can willfully say Nee to poor old ladies.
Report Post »mymissusisanutter
Posted on April 11, 2012 at 10:56amHere’s a story that the MSM(Beck included) don’t want you to know about.
http://revolutioninmedia.com/2012/04/11/are-the-new-black-panthers-run-by-the-feds/
Stop following these distractions and wake up to what’s really going on. It’s bigger than all of us.
Report Post »cessna152
Posted on April 11, 2012 at 1:06pmGlenn has talked about this. Honestly, these radical groups are rarely embraced by society. Do they tick me off…yes! Should they be prosecuted? Yes! Will it happen? Nope! The more these dopes pull this crap the more they are alienated and that will stop them. I have faith in God and the guidance of his people. These people are full of pride and anger… they are huge weaknesses. Follow God for direction regardless.
Report Post »jerryod1627
Posted on April 11, 2012 at 10:50amAbout one year ago Best Buy touted a muslim holiday in their Sunday sale ad in the Kansas City paper! I called the manager of a local store and got the run around. I have not been back in a Best Buy store since! I am sure that the muslim community will come forward and offer help to Best Buy during this bad time for them? Or better yet the will go broke!
Report Post »Mark0331
Posted on April 11, 2012 at 10:46amIn other news, the US Justice Department moved to sue APPLE computer for anti-trust issues…..Eric Holder and Barry O lashing out at anything/anyone percieved to be doing well…I could care less about APPLE or its products, I’m just watching this Administration sow chaos in the market place.
Report Post »jerryod1627
Posted on April 11, 2012 at 10:53amThey have also gone after Toyoto motors several times in the last three years! These people are total failures and they hate anything that is successful and will put them out of business if they can!
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