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| | | | | | STOCKS GO NOWHERE AND BANK OF AMERICA TANKS: Here's What You Need To Know Sam Ro | Nov. 29, 2011, 4:00 PM | 1,283 | Advertisement
 Europe was somewhat quiet and U.S. economic data was mixed. There was also a ton of corporate news. First, the scoreboard: Dow: +32.6 pts, +0.3%
S&P 500: +2.7 pts, +0.2%
NASDAQ: -11.8 pts, -0.5% And now, the top stories: - A quick update on Europe: things are still awful. Italy had another horrible bond auction this morning where demand was weak and yields shot north of 7%. A French newspaper (via Reuters) said S&P could make a negative rating action on France within ten days. This Is What The Euro Economy Will Do In 2012 And 2013 >
- On the domestic front, last night Fitch lowered its U.S. credit outlook to negative, blaming the Super Committee's failure to agree on a plan to reduce the budget deficit by $1.2 trillion. The negative outlook implies a 50% chance of a downgrade within two years. This Is What Will Happen To Government Deficits Over The Next Two Years >
- After months of speculation, AMR Corp, the parent of American Airlines, filed for Chapter 11 bankruptcy this morning. The stock dived 80.9% to 33 cents per share. For now, the airline will continue to operate as usual, and it will also be honoring frequent flyer miles. Here Are The 11 Largest Bankruptcies In American History >
- The September Case-Shiller Home Price Index number fell 3.6%, which was worse than the 3.0% decline expected by economists. However, the midwest including Detroit, Chicago, and Minneapolis, has seen sharp gains.
- November Consumer Confidence jumped to 56 from 39.8 in October. Economists were expecting an increase to just 44.
- However, two consumer related stocks sank today. Tiffany's reported strong Q3 financial results that beat expectations. However, the high-end jewelry retailer warned of slowing sales in Q4 pointing to "weaknesses in Europe and in the eastern part of the U.S." Shares fell 8.7%.
- Corning fell 10.8% after lowering Q4 guidance. The maker of high-tech glass for LCD TVs and computers said a major customer did "not expect to honor the contract for the remainder of the quarter." On the other hand, Best Buy, a major retailer of those TVs and computers, jumped today.
- Research In Motion, the maker of BlackBerry smartphones, rose 5.4% today. A Bernstein analyst upgraded RIMM. saying that at the current price, the stock
- Yahoo! shares climbed 2.3% on a Reuters report that private equity firm Thomas H. Lee Partners was considering offering $5 billion for the the online search company.
- Meanwhile, Bank of America is inching lower towards $5 per share. Its 52-week low is $5.03.
- Don't Miss: The Ultimate Tale Of The Economy's Collapse, Recovery, Slowdown And Then Recovery
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