Wednesday, June 8, 2011

Bernanke Speech

After opening higher Wall Street finished in the red following the Fed chairman's remarks.The markets opened higher today with the possibility of a turnaround after four straight days of losses. Banks led the wayearly, but gains from the likes of JPMorgan Chase (JPM - news - people ),Barclays and Bank of America dwindled into the closing bell.
The late-day dip came leading into remarks from Federal Reserve Chairman Ben Bernanke, who reiterated his expectation of a better second half for the U.S. economy while acknowledging that the recovery to date has been weaker than hoped. (See"Bernanke Says Slow Recovery Frustrating.")
In M&A news, General Electric (GE - news - people ) and Capital One Financial ( COF - news -people ) are reportedly in a race to acquire ING ( ING - news - people)'s U.S. online bank, according toBloomberg. The deal is worth about $9 billion.
International Paper ( IP - news -people ) announced it has made an unsolicited proposal to acquire rival Temple-Inland for $30.60 per share in cash. Previous offers from International Paper were rejected.
Disney ( DIS - news - people ) is reportedly set to cut 200 jobs from it's film studio business, that's about 5% of it's workforce. According to Bloomberg, Disney is realigning distribution and relying more on production from Marvel and Dreamworks.
Wednesday, we'll take a look at the weekly mortgage applications, as well as sales data from McDonalds ( MCD -news- people ).