Daily Market Wrap: November 9, 2011 Wednesday, November 9, 4:13 PM ET
Fears over the debt crisis in Europe are continuing to have an impact on US markets today, sending the Dow down over 400 points.
Italy's 10 year bond yield shot up above 7 percent, a record for the euro era, and alarmingly, a level at which other EU members, most notably Ireland, Portugal and Greece, have required bailouts.
In earnings news, Anheuser-Busch Inbev (NYSE:
BUD) reported a gain in third quarter earnings with a 3.6 percent increase in revenue.
Results were ahead of analyst expectations, helped by strength in emerging markets.
General Motors (NYSE:
GM) reported a decline in third quarter earnings today. However, the company reported an increase in revenue and results beat analyst expectations.
More bad news for Toyota (NYSE:
TM) today. The automaker is recalling more than half a million vehicles worldwide due to steering problems.
Last year, the company lost market share after recalling vehicles for gas pedal problems.
Adobe Systems (NASDAQ:
ADBE) shares are trading down about 11 percent today, after the company announced late yesterday, it is cutting 750 jobs.
The company said the cuts are mainly in North America and Europe.
Tomorrow, we'll take a look at the numbers for jobless claims as well as earnings from Kohl's (NYSE:
KSS), Disney (NYSE: DIS) and Nordstrom (NYSE: JWN).
For Marketnewsvideo.com, I'm Sayoko Murase.
Thursday Sector Leaders: Communications Services, Agriculture & Farm Products
Related symbols: ETAK, CRCM, GRO, CRESY
Thursday Sector Laggards: Music & Electronics Stores, General Contractors & Builders
Related symbols: RSH, CONN, HXM, MHO
Wednesday Sector Leaders: Biotechnology, Rubber & Plastics
Related symbols: APRI, IMGN, CXDC, KRA
Thursday's ETF with Unusual Volume: PXE
Related symbols: PXE, SD, VLO, CRK
Thursday's ETF Movers: FCG, ITB
Related symbols: KWK, UPL, UFPI, MHO, ITB, FCG
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Daily Dividend Report: MS, PPG, DFS, SLB, GS
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Daily Market Wrap: November 9, 2011
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