STOCKS DO NOTHING ON NO NEWS: Here's What You Need To Know

Sam Ro | Dec. 16, 2011, 4:00 PM | 267 | 2

Fitch attempts to take Europe hostage.

First, the scoreboard:

Dow: 11,866.4, -2.4, -0.0%
S&P 500: 1,219.7, +3.9, +0.3%
NASDAQ: 2,555.3, +14.3, +0.6%

And now, the top stories:

Fitch decided to flex its muscle. Last night, the credit rating agency downgraded eight big banks including Bank of America, Barclays, BNP Paribas, Goldman Sachs, Credit Suisse, Deutsche Bank, Societe Generale. These Are The 29 Massive Banks That Could Take Down The Global Economy >
This morning, Fitch fired a warning shot at Europe, placing the ratings of Belgium, Spain, Italy, Cyprus, Slovenia, and Ireland on creditwatch negative. From its note: "Fitch has concluded that a 'comprehensive solution' to the eurozone crisis is technically and politically beyond reach." See Also: Did The ECB Just Pull Off A Back-Door Bailout That Will End The Crisis?
November CPI came in at 0.0%, which was much cooler than the 0.1% expected. However, core CPI came in at 0.2%, which was modestly higher than the 0.1% expected.
Adobe surprised investors last night by announcing better-than-expected quarterly financial results. Net sales jumped 14% to $1.15 billion, and EPS came in at $0.67. This beat the Street's consensus estimate of $1.09 billion and $0.60, respectively. The stock jumped 6.6%.
Research In Motion managed to disappoint investors yet again with another terrible earnings announcement. Q3 revenue came up short, but EPS beat estimates. Q4 guidance, however, was awful. Management projects $4.6-$4.9 billion in nets sales and EPS of $0.80-$0.95. Analysts were expecting $5.2 billion and $1.24 respectively. The stock plunged 11.2%. CITI: Here Are The 20 Best Stocks That The Rest Of The Street Hates >
Zynga, the programmer of FarmVille, IPO'd today. The stock was priced at $10 per share, but opened at $11. However, the stock quickly saw some selling action. It closed at $9.50.
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