Stocks ended a low-volume session flat, as investors await the next step after Slovakia rejected a plan to expand the European bailout fund. Tech stocks also ended mixed, while Apple, Juniper and Research in Motion posted solid gains. RIM jumped 5.1% after an activist shareholder issued a release claiming additional support in its campaign against the company’s current management team. Also, European Commission President Jose Manuel Barroso said he would unveil a proposal for recapitalizing European banks on Wednesday. In the evening trade Alcoa dropped 5% after the co. announced a quarterly profit of $0.15 a share, which was short of estimates of $0.22 a share and affirmed a forecast for a growth rate of 12% for 2011. Implied volatility inched lower on light trading volumes.
Wednesday, October 12, 2011
Ended mixed on uncertainty over European bailout fund
Stocks ended a low-volume session flat, as investors await the next step after Slovakia rejected a plan to expand the European bailout fund. Tech stocks also ended mixed, while Apple, Juniper and Research in Motion posted solid gains. RIM jumped 5.1% after an activist shareholder issued a release claiming additional support in its campaign against the company’s current management team. Also, European Commission President Jose Manuel Barroso said he would unveil a proposal for recapitalizing European banks on Wednesday. In the evening trade Alcoa dropped 5% after the co. announced a quarterly profit of $0.15 a share, which was short of estimates of $0.22 a share and affirmed a forecast for a growth rate of 12% for 2011. Implied volatility inched lower on light trading volumes.
